Starting a business can be difficult, and expanding one already running business can be even more difficult considering all the things that you have to take care of. Businesses can be shifted and taken to operate somewhere else as an expansion project.
Depending on the kind of operation your business performs, you have to choose the expanding location and plan the switch accordingly, and when moving to another country, one can almost always consider making an offshore company.
Why register an offshore company
An offshore company is a kind of entity that does business in one country but performs most of its operations in another country. One can easily register a company in UAE anonymously and operate it, and creating registering an offshore company anonymously also has its advantages, some of them are;
- Complete tax and duty exemptions
- Company director does not have to be a UAE resident
- Audit financials are not required for IBC
- Offshore companies’ registry is not accessible by the public
- No obligation required to deposit share capital in the bank
- The share capital can be in any currency
- 100% foreign ownership is allowed
These are some of the reasons why choosing offshore company business in Dubai can prove to be beneficial for whoever wants to remain anonymous. There is no obligation to deposit capital in the bank, also total tax exemption from both import and export taxes, also exemption from income tax.
100% foreign ownership is allowed as anyone sitting anywhere in the world can own the company, there is no obligation to partner with any local or anything as such. Audit financials are also not required for IBC. It is also not compulsory for the director to be a UAE resident.
How to set up an offshore company in UAE
There are many advantages to registering an offshore company anonymously in UAE, but before you start carrying out your business activities, you have to go through certain processes to register your offshore company.
The name of your offshore company shall reflect its corporate activities, but should not include the words such as banking, insurance, reinsurance, and similar. The name can also not use the names of cities of the United Arab Emirates, such as Dubai, Abu Dhabi, and etcetera. The name cannot be the name of a firm already registered or operating by the same name already.
The express registration process when you have already submitted your paperwork, takes only 2 working days, while the express registration costs a bit more than a regular registration. You visit, to register your offshore company in UAE anonymously, is not required as the registration can be done without visiting the UAE, but you have to visit in order to open a bank account. The time required to open a bank account is only one day.
However, a residency visa is not part of registering an offshore company anonymously. In order to obtain a residency visa, you have to register your company in either free zone or the mainland.
