An off-shore company offers a multitude of benefits to existing businesses or individuals. Some benchmark advantages of forming an off-shore company are asset protection, privacy, discretion, tax saving, and the growth of a business outside of the country. In 2003, the government of the UAE introduced an off-shore company formation platform. Since then, the UAE has become an attractive business hub for large organizations to form off-shore companies. In literal terms, an off-shore company is owned by individuals or organizations. It is a legal entity that conducts no business activities in the country of its origin. Large enterprises use off-shore entities to manage their revenue and tax obligations efficiently. An off-shore corporation also provides confidentiality and enhanced privacy to businesses. For business setup in the UAE, there are mainly three off-shore areas which are Ajman Off-shore, Ras Al Khaimah International Corporate Center (RAK ICC) , and Jebel Ali Free Zone Area.
We have shortlisted a list of off-shore company formation advantages that make the UAE stand out from the rest of the world:
Possession Protection
The safety of your property and possessions is one of the greatest and frequently used advantage of an offshore corporation. An offshore company’s establishment with the appropriate business structure creates an effective legal barrier. This legal barrier protects your assets from frivolous claims that one could often experience in traditional mainland authorities as a result of the possessions’ greater visibility. One of the greatest offshore jurisdictions in the world to establish an offshore business for asset protection is the United Arab Emirates.
Confidentiality
For an foreign company to be established in the UAE, there is no regulation exposing the names of the shareholders, employers, and directors as well as their financial details. In addition, in some jurisdictions, there is no law requiring the carrying out of an audit every year. The business is also free from having to file financial accounts. The financial and private information stays hidden unless there are criminal or terrorist stipulations by the law enforcement authorities. Therefore, having an offshore business is highly private and confidential in the country.
Tax-Free
Businesspersons looking forward to integrating an off-shore business can easily take advantage of the no tax policy on off-shore company setup in UAE. All offshore corporations are exempted from corporate taxes with no restriction on capital repatriation. So the owners get to keep 100% of their revenues.
Banking Facility
The facilities in the UAE to form an offshore company are unlimited. To complete a business venture, you get access to many leading banks in the country. Plus, you also get access to international banks.
Simple Administration Process
The process of registering an offshore company in the UAE is relatively hassle-free and takes only a few working days. Furthermore, an offshore enterprise does not require a physical presence. All you need is the registered address of the agent. Other beneficial paradigms of forming an off-shore company in the UAE include the need for no minimum share capital and attested corporate documentation.
Affordable Company Set Up
Another significant benefit of off-shore company formation is the low cost of initial establishment and reasonable yearly maintenance charges. The financial structure that the UAE proposes is lower than any other jurisdiction globally.
Freezoner is a business setup services in Dubai with a prominent reputation in the industry and beneficial strategic ties with renowned banks in the UAE and around the world. Our services include off-shore company formation at affordable and competitive prices with great value for money services. Get in touch with us to commence your business journey in the UAE.