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Benefits of offshore company formation in Dubai and UAE
Registering an offshore company is among the most prevalent methods of managing businesses in today’s world. The reasons for this are many. The countries that encourage businesses to set up offshore companies are usually tax havens, and the regulations with regards to operations and other aspects of running the business are not as strict as in other places. Setting up a Dubai offshore company is very easy and convenient for both Asian and European businesses, thanks to its central location. Businesses from around the world also prefer setting up a UAE offshore company as among the gulf countries, it is cosmopolitan and liberal both socially and business wise. The UAE is an independent territory and is white listed, and there are Double Taxation Avoidance Agreements in place between the UAE and over 40 other countries.
One may think that setting up an offshore company involves more expenditure but nothing could be further from the truth. UAE offshore companies, particularly Dubai offshore companies result in huge savings for businesses. Let us see how this is possible:
· Cost of setting up companies in the UAE are much lesser than in other parts of the world
· Companies can be set up with just a small amount as capital
· It is possible to set up a company with just a single Director and/or shareholder
· The UAE permits 100% foreign ownership
· The company need not have a UAE national as a sponsor or shareholder
· Business can be carried out with total privacy and anonymity
· A public register of company officers is not maintained in the UAE
· It is possible for the company to own property in localities approved by the administration
· It is permissible to have multicurrency accounts
· No corporate or income taxes are levied on the company
· Restrictions on foreign currency are practically non-existent
· The profits as well as the capital can be fully repatriated to the home country.
· Overheads are negligible as there is no necessity of maintaining an onshore office. Hence staffing and related costs are nearly zero.
· The company can be liquidated at any time
· Renewal charges are very low
So from these above points it is very clear that setting up a Dubai offshore company helps businesses save money, time and effort. The management can streamline operations and focus on the core business. However it should be borne in mind that to establish a UAE offshore company, it is necessary to apply for and obtain certain licences. There are various licences that the company may need depending on whether it is a free zone company or an off shore company, whether it intends to do any actual business there, and so on.
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