Offshore Company Formation

Have you always dreamed of starting or expanding your business? Well, the best way on how to make that possible is an offshore company formation in Dubai.

1. What You Need to Know About an Offshore Company

This type of Dubai company setup can be owned by corporate bodies or individuals and is a business entity which does not conduct any considerable activity in the country it originated from. Also referred to as a non-resident company, this type of business is not required to have any office space in the UAE.

2. Key Features of Offshore Company Formation in the UAE

  • Flexibility to maintain bank accounts and deposits in the UAE or internationally
  • Flexibility to have a UAE, non-UAE, or corporate resident as its shareholder or director
  • No responsibility or commitment to maintain its records and books
  • Require a special license to conduct insurance and banking business
  • The physical presence of the director or shareholder is not required in the UAE for company incorporation
  • Obtaining a UAE residency visa is not required

3. Business Activities That Can Be Conducted by an Offshore Company in Dubai

If you are planning to have this Dubai offshore company setup, keep in mind that you can only carry out the below activities:

  • Ship management and shipping
  • Owning property
  • Investments and joint investments
  • International and professional services
  • General trading activities
  • Consulting services
  • Intermediary brokers or commission agents
  • Holding, selling, or buying stakes of companies
  • Advisory services

4. Setting Up an Offshore Company

Company Registration: Required Documents for Shareholders

The first step is to make an application by providing a number of required documents. These include the following:

  • Preferred name of the firm being established
  • Proof of residency
  • The hierarchy of beneficiaries
  • Attested passport copy of the individual shareholders
  • Details of the business activities to be conducted by the newly established firm

Company Registration: Required Documents for Corporate Shareholders

If you are a corporate shareholder, you will be required to provide the following:

  • Reference letter from your bank and a bank statement
  • Documents on corporate shareholder directors
  • Resolution to become the shareholder in the offshore firm
  • Certificate of good standing with the most recent date
  • Complete set of incorporation ICC/ IBC documents such as incorporation certificate, memorandum, etc.

Incorporation: The name of the offshore firm in Dubai must reflect its corporate activities whereby, when selecting a name, there are few limitations. These include the following:

  • Using the words reinsurance, insurance, and banking
  • Using the names of any city in the UAE and the country itself
  • The name’s association with any type of government entity in the country
  • The name of the offshore firm cannot be the same as of a company which is already inaugurated and available in the registry
  • At the end of the name, the ICC / IBC firm must have the “Ltd.” abbreviation

Opening a Bank Account: Banking in the UAE is a great solution for an offshore company formation given that it offers a high level of service and reliability. Internet banking is a common feature which enables you to easily open an account and access it online. Moreover, the rates of bank services are reasonable so you will experience nothing but ease and convenience.

Certain documents are required to open an account. Basically, these are the same documents provided for the registration of the ICC / IBC offshore company. Additional documents may also be requested by the bank on the case to case basis.