How To Start An Offshore Company?
- - Category: Accounting
- - 22 Jan, 2023
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An Offshore company is instituted or incorporated in a foreign country as compared to the head office.
An Offshore company is instituted or incorporated in a foreign country as compared to the head office. The expansion of a business to a foreign country will be treated as an offshore company. It just needs to be different from the head office of the company.
The offshore company follows the rules and regulations of the foreign country in which the office is established or the country where its founders and investors reside. There are many benefits to establishing an offshore company, which is why many owners prefer an offshore business.
Offshore Company Setup In Dubai is pretty straightforward and has lots of advantages. It provides excellent flexibility to the owners, and the UAE free zone provides lots of Tax Advantages from which owners can benefit.
How To Start A Offshore Business In UAE
The process to start an Offshore Business in UAE is simple and straightforward. You can start an Offshore business in UAE with just a few simple steps.
Company Name
The first thing you have to decide is the name of the company. Make sure your company's name does not infringe any kind of copyright law of UAE. It also must not involve certain words as stated by UAE laws: insurance, bank, building society, cooperative, fund, Municipal, Chamber of Commerce, trust, Royal, chartered, finance, mutual fund, Emirate, and Emirates. In the end, the company name shall have Ltd. or Incorporated.
Application
Once you have decided on the name, you must fill out the application and submit certain documents.
- Business plan
- Original Bank reference letter or 6 monthly bank statements
- Proof of Address
- CV of the shareholders.
- Passport copies to the shareholders.
- 3 options for name reservation.
- Business Activity
MOA AND AOA
After you have filled up the documents and submitted them, you must draft the Memorandum of Association (MOA) and the Articles of Association (AOA). After the documents are drafted, they will be reviewed by the higher authorities, and if the review is successful, you can start your business.
Offshore Bank Account
The last step towards Offshore Company Setup In UAE is to open an offshore bank account so that you can easily carry out business transactions. You can take help from the jurisdiction authority to open a bank account.
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