Dubai has recently become one of the revered names in the industry, whether it is travel, technological development, or entrepreneurial advantages. Dubai has become the go-to spot for entrepreneurs mainly because of its lenient legislative measures and infrastructure. However, there are some intricacies of starting up your business in Dubai that you should know about.
Firstly, you should know that the city is divided into three segregations according to the legislations applied. Namely, these divisions are Main Zone, Free Zone, and offshore.
While each classification comes with its own pros and cons, if you are a start-up, you will benefit most from either a Free Zone or an Offshore company Dubai. Since a Free zone company is more commonly seen, this article will further shed light on the advantages you can enjoy as an offshore company.
Why Set Up An Offshore Company In Dubai?
An offshore company is one that gets registered in Dubai but has the freedom to get built and conduct operations in locations outside the borders of Dubai. However, it is worth mentioning that such a company cannot do business locally.
Some of the common offshore company formations include limited companies, limited liability companies, and limited partnerships. However, there are many benefits of setting up an offshore business in Dubai. An offshore company is essentially an international business entity that enjoys:
- Low tax or no tax benefits
- Ideal business management systems
- Better investment strategies
- Freedom and easy business operations
- Amazing flexibility
- Company operations confidentiality
- Several tax advantages
- Permit for multi-currency bank accounts
In other words, it is the perfect setting for a newfound company to make its presence felt in the industry. In addition to that, offshore companies are usually approved within weeks of application. This will only mean that you can form your company here faster and start business operations sooner without much hassle.
Documents You Need To Set-Up Your Offshore Start-Up
To open your new Offshore company Dubai there are some basic intricacies you must follow, the most important being submitting the right documents. Relevant documents need to get submitted in the preliminary stages of approval. The whole process of approval starts and primarily depends on the submission of the right documents. Some main ones required are as follows:
- Bank statements from the last 6 months with bank stamp or original bank reference letter
- Address proof (the electricity bill, ID, etc.)
- CV of all the shareholders in the business
- A minimum of 3 options for name reservation
- Photocopy of passports from all the shareholders
- A minimum of 3-year business plan
- Business activity
Without the timely submission of these documents, the process might get halted. However, this can be quite confusing for a first-timer in Dubai. This is when it is best to seek help from professional companies like Emirabiz. They have the right professionals with enough experience to help you through the entire process. In addition to that, they can also assist you set-up your business and understanding the market in the preliminary days.
