Dubai Offshore

Dubai Offshore | 8 Must Know Dubai Offshore Facts

Dubai offshore: 4 offshore jurisdictions, KYC, time, bank account, tax, prices, agents, info sources

1. Dubai offshore: 4 offshore jurisdictions

The United Arab Emirates (UAE) consists of seven emirates or states:

  • Abu Dhabi
  • Dubai
  • Sharjah
  • Ajman
  • Umm Al Quwain
  • Ras Al Khaimah
  • Fujairah

There are 4 offshore jurisdictions in the UAE:

  • Jebel Ali Free Zone Authority (JAFZA) offshore, Dubai
  • Ajman Free Zone Authority (AFZA) offshore, Ajman
  • Ras Al Khaimah Investment Authority (RAKIA) offshore, Ras Al Khaimah
  • Ras Al Khaimah Free Trade Zone (RAKFTZ), Ras Al Khaimah

Often all UAE offshore companies are referred to as Dubai offshore.

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2. Dubai offshore: Know Your Client (KYC) documents

Ajman and Ras Al Khaimah (RAK) offshore companies are relatively easy to incorporate. For each director and shareholder Know Your Client documents required are:

  • Passport copy
  • Proof of address
  • Bank reference letter

Both RAKIA and RAKFTZ offshore companies incorporation documents can be signed in your offshore company registration agent’s offices. For AFZA offshore you will need to visit their offices for signatures.

The process of a JAFZA offshore company is more tedious. For each director and shareholder Know Your Client (KYC) documents required are:

  • Passport copy
  • Proof of address
  • Bank reference letter
  • CV

These documents will be submitted to Dubai CID police for approval which may take 10 days.

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3. Dubai offshore: Time taken for incorporation

RAKIA, RAKFTZ, AFZA offshore companies take 3 to 4 days after documents are submitted.

JAFZA offshore companies are subject to CID approval. Once this is received incorporation takes 1 day.

4. Dubai offshore: Bank accounts

Several banks will open bank accounts for UAE offshore companies. It helps if you already have a relationship with them. If not, your offshore registration agent will be able to help you open a bank account.

5. Dubai offshore: Taxation

All UAE offshore companies are tax free. There are no taxes levied for personal, company, wealth or capital gains.

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6. Dubai offshore: Prices

Seychelles is one of the offshore jurisdictions that have a lower price. UAE offshore company prices compare well with other tax haven. Summary prices are on the right.

7. Dubai offshore: Company registration agents

By law an offshore company can only be incorporated in a jurisdiction only through an agent registered by it.

Incorporation firms:

These are agents registered with at least one of the 4 offshore authorities. Often one is enough as their isn’t much to differentiate the 4 centers.

The people heading these firms may not be MBAs, lawyers or accountants but will have a good grasps of the procedures.They will have the lowest service charges.

Law firms:

Incorporation through law firms becomes a good idea when you are dealing with multi-country situations. Also they are your best bet when contractual obligations are involved.

Accounting firms:

Accounting firms are best for international tax situations. Many of them are networked with counter parts in other countries. You will benefit from their multi-national advise.

Both law firms and accounting firms will be more expensive. So if your aren’t looking for complex structures a simple offshore company registration agent may fit your needs better.

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8. Dubai offshore: Knowledge sources

Books:

There are thousands of books on offshore companies and tax havens. It would be a good idea to browse through availability in your local book shop or amazon.com.

Websites:

Increasingly websites are focused on in-depth content. Check them out. Many of them will be able to provide you with answers to your questions.

This will also help you identify the type of offshore company registration agent you wish to deal with.

Templates and forms:

Your internet search will also show you examples of the type of application forms used to incorporate offshore.

However many times these may be outdated. But they will give you an idea of what information you need to have on hand.

Of course your agent will give you what you need.

Government brochures:

Offshore jurisdiction websites will also give you basic information about their jurisdiction. Unfortunately websites are not always updated regularly.

Often your offshore registration agent will have knowledge of current laws and procedures. And will be your best bet.

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Dubai Offshore was last modified: June 8th, 2019 by Manu Raj

Manu Raj

Has a positive attitude towards the job, is friendly and a team player.

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