Offshore Company Meaning
An offshore company is sometimes referred to as an international business company. It is a form of legal entity that allows a company to benefit from low tax or no-tax environment. Offshore companies provide an excellent system for business and wealth management, smart investment strategies, freedom and ease of business operation. Registered offshore companies in Dubai are allowed to open multi-currency accounts in the UAE and execute business internationally. Offshore companies are not allowed to carry out business with the residents or have physical structures in Dubai.
Offshore Company in Dubai and Other Emirates
The true definition of an offshore company is mostly confused or misunderstood. More times than often, foreign investors confuse offshore companies in Dubai with free zone companies. Offshore companies are business establishments which are registered in Dubai but setup and operated in an offshore location away from Dubai’s jurisdiction. Many factors are put into consideration in the selection of the location for an offshore company. Dubai offshore companies can be limited companies, limited liability Companies (LLC) or limited partnership.
JAFZA Offshore Company Formation
JAFZA is one of the largest Free zones in Dubai, JAFZA offshore was incorporated in 2003, this allows the formation of a non-resident offshore Companies by individuals or corporates in Dubai, the JAFZA offshore company should have at least one shareholder, a minimum of two directors and a secretary, no minimum share capital, the company must keep accounting records for several years. The advantages of Forming a JAFZA offshore company that it can own a real estate property or a company in Dubai mainland, it can also open a bank account inside and outside UAE, the JAFZA offshore company is not issued with a business license, it only receives a certificate of incorporation.
RAK Offshore Company Formation
RAK International Corporate Centre (RAKICC) is a Corporate Registry operating in Ras Al Khaimah, it was formed as per the Decree No.12 of 2015 and as amended by Decree No.4 of 2016, RAKICC is responsible for the registration and incorporation of International Business Companies (IBCs), as well as providing a full suite of Registry services related to International Business company activity, it is a modern, world-class Company Registry operating in full compliance with international standards and best practices in the International Business company formation industry, the RAK offshore company should have at least one shareholder, a minimum of one director and a secretary, no minimum share capital, the company must keep accounting records for several years, the RAK offshore is one of the cheapest offshore company formations in UAE.
Ajman Offshore Company Formation
Ajman offshore is part of Ajman Free zone, which opened the offshore registration in 2014, the benefits of registering Ajman offshore company is the global recognition, law setup cost, privacy, tax free, no VAT, flexible and has low operational costs, 100% ownership, does not require an actual office, can open a bank account, no paid share capital and the company is registered without the presence of the shareholders, plus many more features, all these features made Ajman offshore a very attractive option for investors and businessmen.
International Business Company (IBC)
BVI Company Formation
What is a BVI Company? The BVI company is an offshore company located in the British Virgin Islands (BVI), the islands located in the Caribbean Sea east of Puerto Rico.
The legal system is based on English common law, no taxes applied to the BVI companies, a registered agent is required to submit the documents, it should have minimum of one shareholder and one director, no secretary is required, annual reports or meetings or financial records are not required, these features make BVI companies a top choice for international investors.
Cayman Islands company formation
The Cayman Islands also located in the Caribbean Sea, the legal system is based on English common law, there are no taxes, it requires one shareholder and one director, no secretary is required, meeting reports or financial records are also not required, to register a Cayman Island company you must have a registered agent.
There are other offshore Jurisdictions which are great for international investors such as Seychelles, Bahamas, Mauritius, Anguilla, Singapore, Hong Kong … etc.
Offshore Bank Account in Dubai
Most of the offshore Jurisdictions can open a bank account inside and outside UAE, the banks will review the documents upon completing all the requirements, opening a bank account is relatively easy, we recommend opening the bank account inside UAE, there are no account opening fees, but local banks may require an initial deposit to open a company account, all banks in UAE have an online services to manage the bank account and for online money transfer.
Benefits of Offshore Companies
Disadvantages of Offshore Companies
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Documents Required for an Offshore Company Registration
For individual Shareholders:
For Corporate Shareholders:
Offshore companies are very important for our client’s assets protection, privacy, flexibility and as holding companies, it opens the door of international investments and assets transfer around the world. Paso specialize in the offshore company formations which are registered in Dubai or abroad. Our experts are well-familiar with the processes involved in the setup of offshore companies and all documentation required by concerned departments. We set up your offshore company with ease.