Over the years, more and more companies, including large conglomerates and individual entrepreneurs have chosen to set up their businesses in Dubai owing to its transparent tax policies, privacy benefits, and ease of setting up a business.
There are several ways to set up your operations in Dubai, you can go with a Freezone company, an offshore company, or a mainland company, depending on your particular requirements.
A business that is registered in the UAE only for tax purposes while carrying on its business activities outside the country is called an offshore company. Offshore companies in Dubai do not need to pay any corporate tax in the UAE on profits generated elsewhere, and being limited liability companies, their finances are well protected.
One of the main things to keep in mind while setting up a business base in Dubai is that offshore companies in Dubai are not allowed to carry on any part of their business in Dubai including trading goods and services or hiring people residing in Dubai.
Certain Businesses like aviation, media, or insurance, can set up an offshore company in Dubai. All businesses planning to set up an offshore company in Dubai are required to go through a stringent KYC procedure to ensure the legality of their operations.
Many international businesses choose to set up their base in Dubai to avoid unnecessary and often complex paperwork and tax filings in the different countries in which they operate. Setting up an offshore company in Dubai allows them to operate internationally without any tax liability in Dubai.
However, tax benefits are not the only reason that drives people to Dubai. Political volatility in their home country, geographical proximity to business partners, and ease of conducting an offshore business in Dubai are some of the other reasons why SMEs, entrepreneurs, and large enterprises choose to set up an offshore business in Dubai.
• Property holding firms;
• IP (intellectual property) holding companies;
• Shipping firms
• General trading companies
• Online advertising companies
• Distribution and logistics firms
• General (international) trading companies
• Professional services and consulting
• Various types of brokers
The process of setting up an offshore company in Dubai is quite straightforward.
Jafza- Dubai
Ajman Offshore- Ajman
Rak Offshore- Rak
The first step is to select a name for your company while adhering to the guideline laid down by the UAE government in this regard.
Applicants must complete an application form and submit it with supporting documents including identity proof, proof of residence, a well-drafted business plan, copies of passports, and professional resumes.
Once the application is approved the applicant can start their operations and open a corporate bank account to facilitate international transactions.
An offshore company can be formed by an individual or an existing overseas corporate entity.
Bisdesk is a registered agent with all the offshore authorities in the UAE and your one-stop shop for opening offshore companies in the UAE and assisting you in the bank account opening process. Bisdesk has been helping clients with offshore company formation in UAE for the past several years. With their years of experience working with individuals and companies of all sizes, our team of experts will assist you.
Contact Bisdesk today for setting up an offshore business in Dubai, UAE!