Setting up an offshore company in the UAE is one of the best options for e-commerce businesses as these companies have to cater to international clients. An offshore company can help businesses obtain a bank account in any of the local banks in the country.
An offshore company is also one of the easiest forms to set up and only takes up four days to do so. The main requirements needed by the business is a passport copy, utility bill from no longer than the last six months that has the business owners address and a banks reference letter from the owners current bank. If a business is not able to provide a utility bill in the owner’s name then they can get an address confirmation letter from a police station of municipality.
During the offshore company formation, it is not required for the owner of the business to psychically be present. Any and all documents that require signatures will be couriered to the company by the consultation agency. The owner may be required to visit the country once a letter of incorporation is issued for opening a bank account as they need to be present for the signatures.
Leading consultancy agency, Peninsula Business Solutions (PBS) can help when all the procedural process mentioned above for company formation as well as assist these companies in choosing a bank depending on their requirements.
UAE banks offer several benefits which include:
- Multi-currency banking
- All transactions will be tax free
- Bank representatives that can help address every inquiry business owners may have
- Line of credit facility
- Maximum transaction facilities
- Allow companies to open an account without a hassle
Advantages being an offshore company owner in UAE:
- 100% foreign ownership
- No corporate tax
- No trade barriers or foreign exchange controls
- Capital repatriation has no restrictions
- Transfer of share is an easy process
- A UAE resident can hold shares in an offshore company
- Compared to company formation in the mainland and free zone companies, offshore companies are a lot more cost effective.
- Yachts can be registered in the UAE under an offshore company
- Legalization of documents is not as costly as other jurisdictions
- A banks account can be opened and held in the UAE and outside the country as well in order to conduct regular operational transactions.
- Owning and leasing property in the UAE and anywhere else is allowed for offshore companies as long as it is approved by the offshore authorities