What is an Offshore Company
Offshore companies are used for a variety of business purposes, ranging from owning overseas financial and real estate assets, inheritance planning, setting up holding companies and special purpose vehicles, ship registration and tax optimisation.
An offshore company in Dubai provides businesses with a number of distinct advantages, both in terms of taxation, capital requirements and privacy.
Advantages of Setting Up an Offshore Company in Dubai
- UAE is a “real” country with a “real” economy
- UAE is not a dependent or “overseas” territory of another country and is white-listed
- UAE has Double Taxation Avoidance Agreements with several countries, nowadays more than 47
- Absolute privacy, confidentiality and protection of assets and information
- 100% foreign ownership. No need for a UAE national shareholder or sponsor
- A single person can act as a director, secretary and shareholder
- RAK offshore companies are exempt from all corporate and income taxes
- No filing or Annual General Meeting (AGM) requirements
- No foreign currency restrictions
- Full repatriation of profits and capital allowed
- No requirement for an onshore office, employees or related costs
- Ability to maintain bank accounts in Dubai
- Ability to own real estate assets in Dubai and the UAE
- Ability to own intellectual property, such as patents, trademarks and copyright
- No capital requirements
- Ability of re-domiciliation into or out of RAK jurisdiction
All offshore Dubai companies are required to have:
- A registered agent – The registered agent will have to be one that is approved by the authority under which the offshore company is set up and the agent will have to be located either in the free zone itself or in the UAE.
- PrimePlus Consulting DMCC is an approved registered agent for the incorporation of offshore RAK companies with a local office in Dubai at the Jumeirah Lake Towers.
- A registered office – The registered office of the RAK company will be the office of the registered agent. The registered office is where all the offshore company’s notices and correspondence will be addressed.
- PrimePlus Consulting DMCC is an approved registered agent for the incorporation of offshore RAK companies with several years of experience of company formation in Dubai.
Required documents for directors, secretary and shareholders
- Passport copies
- Original bank reference letter in English
- Original utility bill (electricity, telephone, water, etc), not older than 3 months
- Curriculum Vitae for each shareholder
PrimePlus Consulting DMCC will assist you during the entire process as you set up your company in Dubai.
RAK Offshore Companies
The cost of establishing a RAK offshore company will be about €3,000 to €5,000 depending on the services required.
The annual maintenance fees of a RAK offshore company will be about €1,500 to €2,500 depending on the services provided.
For more information on the cost of company registration in Dubai and for details specific to your business requirements, please do not hesitate to contact us.