An offshore company is considered as one of the widely used forms of business, owing to its catena of benefits such as greater flexibility and tax benefits. An offshore company is an international business entity, which offers to do business at no tax or low tax benefits outside the UAE jurisdiction. These companies can hold properties in any part of the world, including UAE. In this article, we will explore how to set up an offshore company in UAE with the inputs from the best company formation lawyers of UAE.
Steps to register an offshore company
The company formation process requires some steps to be followed, which are discussed below-
1. Choose and register a trade name
Just like a person is known and recognised by its name, similarly an offshore company is also named to distinguish it from other business entities. For deciding the name, you can take help of company formation lawyers and company formation law firms, having specialised expertise in the area.
However, it is important to note that there are certain restrictions while choosing the name. The name shouldn’t be offensive; the words referring to Allah, religious groups, political groups, etc should be strictly avoided. Further, the name shouldn’t be identical or in resemblance with any existing company. As suggested by best company formation lawyers, while making an application for registering the trade name, you will be issued a transaction number, which can be used to track the status of your application.
2. Registered Agent
Unlike any other company, for establishing an offshore company, it is essential to have a registered service agent. Emirates chartered accountant group is a registered agent for setting up an offshore company. We, as best law firms of Dubai, have contacts with the registered agent to make the company formation process simple and quick.
3. Submit necessary documents
The MOA is the constitution of the company containing all the essential information about its objective, functioning, share capital, etc. For drafting MOA, you should approach best company formation lawyers of UAE.
Apart from the MOA, following documents are needed to be filed with the registrar of companies-
- Personal profile of the applicant
- Passbook copy of the applicant
- Bank reference letter
- Proof of residence
- Director’s passport copy
- Power of attorney in favour of our office to pursue the incorporation process
4. Obtaining trade license
The last step in offshore company formation is getting the trade license. You need to make a payment within 30 days of receiving the payment voucher to get the license. In case of failure, your application may be cancelled.
In short
The setting up of an offshore company is a quick, convenient, and transparent process if you’re as well-versed with the process. BSB Legal is the best law firm of UAE with top lawyers engaging in company formation, drafting documents, and obtaining necessary approvals. To register your company with BSB Legal, contact us below.