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 DUBAI COMPANY CAN HOLD A BANK ACCOUNT IN THE UAE FOR THE PURPOSE OF CONDUCTING ROUTINE OPERATIONAL TRANSACTIONS AND CAN ALSO MAINTAIN PROFESSIONAL RELATIONS WITH LEGAL CONSULTANTS, ACCOUNTANTS AND OTHER SIMILAR PERSONS CARRYING OUT BUSINESS WITHIN THE UAE.
The offshore companies are restricted from carrying out activities in the UAE.
The offshore company cannot carry on a banking business or undertake the business of an insurance or reinsurance company, insurance agent or an insurance broker.
The offshore company cannot carry on any business which may be restricted by the relevant authority and its regulations under which the offshore company is established.
ADVANTAGES OF SETTING UP AN OFFSHORE DUBAI COMPANY
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 local 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.
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.
Required documents for directors, secretary and shareholders
Original bank reference letter in English
Original utility bill (electricity, telephone, water, etc), not older than 3 months