If you’re thinking of undergoing offshore company registration in Dubai, then there are certain steps you have to follow. These steps are the factors that ensure whether the offshore areas of Emirates are suitable for your business activities or not.
Once you undergo the entire procedure, it becomes a matter of a few weeks to form an offshore company in Dubai. Let’s explore all the steps to establish an offshore company in the UAE.
Step-by-step Guide For Offshore Company Registration in Dubai
Incorporating an offshore company in Dubai is a hassle-free process. All you need to do is to follow certain steps. Here are they:
1- Choose A Company Name
The first step is to decide on your company name according to your business activities. Make sure you are initially verifying the name of your company with the registrar. Don’t forget to include Ltd. or Incorporated in the end. Also, avoid using the following words in your company name:
1. Insurance Bank
2. building society
6. Chamber of Commerce
11. Mutual fund
13. and Emirates.
Also Read: The Ultimate Fact Sheet About Dubai Offshore Company Incorporation (Pros & Cons)
2. Fill Up The Application Form
Once you choose the respective company name, the next requirement is to fill up the application form. Submit the relevant documents, including:
1. Documents proving the identity of the directors and shareholders
2. Proof of the address of the shareholders and directors
3. CV of the shareholders and directors
4. An effective business plan
5. Photographs of the directors and shareholders
These document requirements are slightly different for individuals and corporate business entities. Scroll down to know about them in the next step.
3. Submit the Required Documents
After the collection of required documents, make sure you are submitting them to the concerned authorities. These authorities will review the submitted documents and issue approvals.
Suppose you are an individual shareholder, provide the enlisted documents:
1. Shareholder’s attested passport copy
2. Residential Proof
3. Document of original bank reference
4. Information about the shareholder/owner
5. Company’s name preference
6. Newly formed offshore company’s business activities
7. Arrangement of beneficiaries according to their hierarchy
In the case of Corporate Shareholders
1. Resolution adopted by the Board
2. A Memorandum of Association
3. Parent company certificate that mentions the name of shareholders/directors, and it should be duly attested.
4. Hierarchy of beneficiaries
4. Prepare the MOA and AOA
Moving ahead after obtaining the approvals, the next procedure is to draft the Memorandum of Association (MOA) and the Articles of Association (AOA). Prepare each of them in the English language which is a practical language for international business.
These drafted documents will be reviewed by the relevant authorities. Once they approve these documents, you can officially incorporate your offshore company in UAE.
5. Establish an offshore account
The full and final step for ensuring Offshore Company Registration in Dubai is to open an offshore bank account. This bank account will allow business owners to carry out business transactions effortlessly.
Furthermore, the offshore jurisdictions also assist the business owners in opening offshore companies and offshore bank accounts in various locations across the UAE.
You also need to remember that an offshore company can’t carry out any business activities on the territory of the UAE. Offshore entities are just allowed to open offshore bank accounts in Dubai and buy real estate.
Summing it up:
Without a doubt, this blog post covers all the essential steps and documentation processes required to incorporate a Dubai offshore company. You just have to undergo these step-by-step methods for Offshore Company Registration in Dubai.
Are you finding this process complicated due to your unawareness of legal regulations? Well, it’s always a constructive thought to seek advice from professional business consultants in that case. We can help you in establishing your offshore company across the UAE without any hassle. Feel free to reach us.