Things Required for Setting Up an Offshore Company in Dubai
When setting up a RAK offshore company, there are many things to consider. The first step is obtaining a certificate of registration from the UAE Embassy. The document must be valid and state that the offshore company is registered in the country. It should also have a bank reference letter. Once you have obtained this, you must appoint a board resolution calling for the establishment of the offshore company. The next step is to appoint directors and a legal representative:
The next step is to register the offshore company:
This requires a lot of documentation and is a mandatory step to set up an offshore company. The company name must represent its business activities and must not contain any words related to insurance or banking. Another critical factor in choosing a name for an offshore company is ensuring that it is not similar to another firm. When registering an offshore company in Dubai, you must ensure that all the details are correct and that the name does not deter the local authorities.
Choose the name carefully:
It would help if you also considered the name of your company. This is important because you will need to register the offshore company’s name before you can even register it. The company’s name must reflect the nature of the business it is running. For example, it cannot include words related to banking or insurance. It cannot use the name of a UAE city or another firm. This is a critical decision for the success of your offshore company.
Consider the cost:
Another important thing you should consider is the total cost of the Company setup. An offshore company is a legal entity that is not subject to taxes. Its liability is limited to its share of capital, and there is no exchange control or public disclosure requirement. Moreover, the costs of setting up an offshore company in the UAE are much lower than those of any other free-zone entity. Furthermore, the legalities involved in creating an offshore company are very favorable, as the costs for setting up an offshore company in Dubai are much cheaper than those of other entities.
The benefit of setting up an offshore company in the UAE is that it can maintain anonymity. An offshore company can have as many as fifty shareholders and is entirely anonymous. It is not permitted to have an office in the country of origin, but it does not require an actual physical entity. However, you can use the local firm’s name as a virtual office for the business to avoid this legal problem.