Offshore Company UAE, Several Opportunities For Investors Wanting To Shield Their Resources.
The main objective of this article is to educate investors by first enumerating the characteristics of offshore companies and then mentioning the practical uses of offshore companies in UAE. The last paragraph showing that upon the decision to open offshore companies, Varal LLC can offer services related to company formation.
Main characteristics of offshore companies in the UAE:
- 100% ownership by foreign shareholders – legal and physical persons.
- Complete tax exemption/ Tax Avoidance
- No requirements for minimum share capital.
- No restrictions on capital and profits expatriation.
- Reliable regulations on confidentiality (non-criminal)
- International trading, especially where the owner has no fixed residence
- Asset protection
- Captive insurance
- Yacht registration
- Protection of intellectual property
- Succession planning
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The Practical Uses Of Offshore Companies In UAE Are: Offshore companies are beneficial for many purposes including at least some of the following:
- Employment of Expatriate Staff – attractive for expatriates working in politically unstable countries. It can minimize tax and avoid exchange control difficulties in the country of temporary residence.
- Investment Companies – Offshore jurisdictions are typically less invasive allowing for aggressive and unrestrained Free Enterprise.
- Privacy – Many jurisdictions require company accounting records to be published, but jurisdictions can offer privacy if they do not require offshore companies to publish accounting records, and the name and details of their shareholders.
- Protection – To protect retirement funds from possible bankruptcy. To provide for the transfer of assets for the next generation in an efficient and discreet fashion.
- Copyrights, Patents and Trademarks – Offshore companies can purchase or be assigned the right to use copyright, patent or trademark.
- Consultancy, Professional Services, Agency – Professionals, consultants, artists and many self-employed individuals decide to incorporate a business representing their services to gain substantial advantages by working as employees or external consultants of offshore companies of which they may be the sole shareholders and, if they want to, the sole directors.
- Property Owning Companies – Using an offshore holding company for the purpose of holding property have advantages like avoidance of inheritance tax, capital gains tax and the ease of sale which can be achieved by transferring the property owned by the company and reduction of property purchase costs to the onward purchasers.
Get more information on Why Offshore UAE Companies Help You Secure Your Wealth & Bequeath It Easily Why Offshore UAE Companies
Information & Documents Required For Incorporation Of An Offshore Company UAE :
United Arab Emirates have long-standing reputation of a solid and tax-free jurisdiction. Due to the compliance with all international requirements on anti-money laundering, the UAE have never been black listed as a country failing to comply with such regulations. In spite of the absence of taxes, they were never considered by international anti-money laundering organizations as an offshore jurisdiction.
Offshore companies registered in UAE today are ones of the most effective protection instruments of confidentiality and investors rights. Also, UAE has solid and stable banking system.
Time required for offshore company incorporation in UAE is around 2 business days.
Account opening takes between 1 to 3 weeks including the time required for a bank to activate internet banking access.
Company name – name of the company must be initially verified with the Registrar. The company name must not include the following words: insurance, bank, building society, cooperative, fund, Municipal, Chamber of Commerce, trust, Royal, chartered, finance, mutual fund, Emirate and Emirates.
Shareholders and directors of the company can be physical persons as well as legal entities without any limitations on residency or citizenship.
Companies’ registry with the data on directors and shareholders is not public.
Memorandum and Articles are provided in English language.
Restrictions on offshore company in UAE: offshore company cannot carry out any business activities on the territory of UAE except opening a bank account and purchase of real estate. An offshore company, in distinction to an onshore company in Free Trade Zone, does not give the right to receive the residency visa in the UAE.
Main documents required for incorporation of an offshore company in UAE.
- Passport copies of shareholders and directors.
- Bank recommendation letter.
- Confirmation on resident address of shareholder and director – utility bills, statement from account with residential address.
Varal LLC can help you form your own offshore company here in UAE, Please Contact Us.