How to register an offshore company in Dubai
The Dubai company registration process needn’t be difficult or time consuming. If incorrect information is provided to the Dubai government, it will take longer than expected to incorporate an offshore company in this jurisdiction. When an offshore company is incorporated, no tax will have to be paid on profits and salary. Tax isn’t applied to dividends either that are issued to staff. Before an organisation can start to feel the benefits, here’s how to register a Dubai offshore company:
Acquire a Registered Address
A Registered Address is the same as a Registered Agent’s. With an address in Dubai, a Registered Agent is one of the most important individuals for an offshore company because, without them, it cannot exist. A Registered Agent that has helped plenty of other organisations should be chosen. This is because testimonials from their former clients can be obtained on request.
Complete the relevant documents
In order to incorporate an offshore company, a Memorandum of Association and Articles of Association have to be filled in. By entering the relevant information, such as making sure that its name ends with ‘Incorporated’ or ‘Limited’, these items of paperwork can then be processed by the registrar of companies.
Issue Share Capital
Approximately £2,000 ($1,300) has to be raised by a potential offshore company and it can be issued to one shareholder. This is a small figure in comparison to what governments in other tax havens have set as the minimum Share Capital.
Appoint a director
As secrecy is guaranteed, many people might want to be a director of an offshore company. Only one director, who can hold any nationality, has to be in place and there are no restrictions about the number of people that can be on a board of directors.
Register a bank account
The money which is in a Dubai bank account is what’s subject to zero taxation. An offshore company has to register a bank account before incorporation by law. It doesn’t necessarily take ages and by doing this long before the incorporation process begins, an application won’t be delayed because of this reason. It is important to know that a bank account must be able to accept various currencies. Although an incorporation can still proceed, a bank can set restrictions about the currencies that can be accepted. By choosing a bank account which accepts all currencies, money can be deposited into it hassle-free.
Pay government fees
How high government fees are depends on what an offshore company’s Share Capital is. When the minimum Share Capital of £2,000 is issued by an offshore company, around £55 has to be paid to the Dubai government which does exclude taxation. If an offshore company issues higher Share Capital, government fees will be more albeit a slight increase.
By following this advice, it will take no more than five days for the Dubai company registration process to be completed. When it does exist, a Registered Agent will confirm. It is at this point that an offshore company can be used to trade with.
For more advice and assistance on Dubai company registration, visit dubai.offshoreformations247.com. They incorporate companies and businesses across 23 jurisdictions offering full support throughout the offshore company formation process.