Registration of offshore in the UAE in 2019
Previously, the UAE was not required to register new companies. This is due to special legal requirements. According to the conditions, more than half of the company's share must belong to the UAE resident. However, the requirements have changed, local authorities have introduced preferential treatment for international organizations that may be completely owned by foreigners.
There are several reasons why registering a company in Dubai is relevant. So, in the jurisdiction a large choice of banks is offered, where companies can open an account. English is common in the Emirates - corporate documentation can be drawn up in this language.
• Exemption from income tax in the UAE;
• The possibility of quick registration for a few days;
• Relatively low cost of registration;
• One shareholder and director is enough;
• The director of the company may be a non-resident.
Recently, the growth of the economy in the Emirates has been particularly noticeable. The country is distinguished by the stability of banking operations, is respectable, has strong legislation. In the UAE, you can establish different types of companies in a short time.
Despite the many advantages, there are also disadvantages to opening a company in the UAE. So, the cost of registration is quite high, then you will need to invest in the development of the company. For the implementation of activities may require a special permit (license), which must be regularly renewed.
IBC cannot use double taxation avoidance agreements. Information about the beneficiaries is available to the authorities, the company must be audited and submit reports.
Stages of company registration in the UAE
The registration procedure is quite fast. The list of required documents may vary depending on the circumstances.
Individual shareholders must provide the following:
• Passport copies;
• Confirmation of residence;
• Reference letter from the bank;
• Name of the organization.
Corporate shareholders will need to provide information on the absence of tax debts, information about directors, extracts and a reference letter from the bank.
When compiling a name for an offshore company, it is important to remember that the name must reflect the activity. There are no restrictions on the choice of a name, however, the words associated with insurance, cities of the Emirates, and names of government agencies should not be used.
After registration, you will need to open a bank account. Banks in a jurisdiction are distinguished by a high level of service, prices for services are relatively small. To open an account, you need to collect documents about the company - those that were needed during registration, as well as additional ones (at the request of the bank).
To clarify the features of express registration of offshore in the UAE, contact our specialists in IT - OFFSHORE. We will help you collect the necessary documents and answer all your questions.