Transferring Business to the UAE: what you should know
If you want to move your business to another country, consider the UAE. It is a stable and wealthy jurisdiction allowing you to register a company in so-called "free zones," many of which are exempt from VAT, corporate, and other taxes. Transferring a business to the UAE can be performed in different ways. The easiest way is to register a company from scratch.
What to consider before transferring a business to the UAE
Before moving your business to the UAE, contact our consultant to discuss the following aspects:
- Budget - how much does it cost to move your business to the UAE, and do you have the right amount of money;
- Where to set up the business - free zone location (offshore) or mainland enterprise;
- Commercial activities - which UAE free zone gives benefits for your specific industry of business;
- Peculiarities of office location - do you need access to the port, airport, warehouses, etc.;
- Visa requirements - how to get a visa and residence permit for yourself, family members, and employees;
- Corporate and personal account - which bank in the UAE works with non-residents at favorable rates;
- What business obligations you will have after business registration.
Free trade zones are special zones in the UAE with unique customs, tax, and import conditions. A company can only operate within its own and other free zones, as well as engage in international activities. If your company needs access to the local market, you can either use the services of an intermediary or register a company on the mainland.
Transferring a company: registration from scratch
If you have decided to move your business to the UAE, the easiest way to register a company from scratch in the UAE is to get in touch with our professionals. You will need to apply to the regulator and provide a detailed business plan. The application must be accompanied by:
- Passports of the real owner, beneficiary, shareholder, CEO and director, and copies of their utility bills.
- Copies of the company documents - articles of association, memorandum, etc.
- Statement from each shareholder's bank.
- Portfolios and work experience of the key executives (it can be optional depending on the type of business).
- Name of business - it's necessary to pre-agree it with our experts to make sure that it is unique. The name should also not contain religious or state provocations, etc.
You may also need additional documents. The papers need to be translated into Arabic and English, notarized if necessary, and apostilled.
Once the business is registered, a bank account must be opened, and an application for a residence permit must be submitted. When the owner of the company receives a residence permit, you will be able to proceed to the registration of visas for your family members and employees.
Opening a bank account in the UAE
Opening a bank account in the UAE requires the presence of the shareholder, CEO, or another authorized person. The company must provide all necessary documents, including the following ones:
- Certificate of incorporation of the company in your country and the UAE.
- Information about shareholders and ultimate beneficiaries - copies of passports, visas, bank accounts, utility bills, etc.
- Business plan.
Having a residence permit for a person who represents the company at the bank, opens up more opportunities and flexibility for working with a bank account. For some financial institutions, this requirement is mandatory. If you are not planning to obtain a residence permit, our company representatives can find the right bank and help you with further actions.
How to register a business in the UAE
Contact IT-OFFSHORE consultants quickly move your business to the UAE in 2022.