The UAE has become a popular investment destination for the world in recent years. The country is poised with multiple opportunities in different sectors. In such a scenario, it is obvious for many businesses to invest in this country. The UAE government encourages the investors to develop offshore companies in the country by offering various taxation relaxation and other facilities. However, you should know the meaning of offshore company before investing your money in the UAE. In the following section, find seven important things about offshore company formation in the UAE.
1. Decide Your Company Name
The most crucial thing for setting up an offshore company in the UAE is finding a suitable company name. The company name is more important than funding, as setting up an offshore company involves minimal expenses. The company name should end with Limited. Otherwise, the company name will not be approved by the authority. Moreover, you need to find a unique company name, as it prevents brand name copyright violation.
2. Share Capital
Registering a company through the jurisdictions of the UAE does not require details of the share capital. The company owners or investors can keep the share capital data confidential. However, it is important to keep the share capital in place for setting up the company without facing financial hassles. Before starting an offshore business in the UAE, the company should estimate the capital with precision. Choosing the right share capital is essential for the success of the business.
You need to find a shareholder for an offshore company setup in the UAE. Most jurisdictions ask to have a minimum of one shareholder for the offshore company. However, some jurisdictions may ask for having a minimum of two shareholders. So, you need to find the company shareholders according to the guidelines of the jurisdiction of the UAE.
You can start an offshore company with only one director. A shareholder can also be the director of the company. Thus, offshore businesses do not find many hassles in selecting the right director for the company. According to the jurisdictions’ policies, the name of the director should appear on the company’s corporate documents.
5. Bank Account
Opening a bank account is optional for offshore businesses in the UAE. You can open a bank account and make a transaction in desired currencies. The UAE government does not impose any restrictions on bank account opening for offshore companies.
6. Office Space
A company can operate in the UAE without having office space. For example, you can run your business online after setting up an offshore company in Dubai. Therefore, it brings more convenience for offshore investors in Dubai.
7. Time Required for Registration
Typically, it takes three to seven working days for offshore company registration in Dubai. The process happens quickly, and thus setting up a business in Dubai is a hassle-free affair.
Visit Emirabiz if you want to know more about offshore business setup in the UAE. The website delivers useful information on the meaning of offshore company and other crucial information.