Although Dubai is quite famously known as the entrepreneurial hub, it does not mean there is any less competition, especially in the offshore market. Given the several benefits of this area, entrepreneurs are rushing to create their mark in the international market. However, without the right knowledge or guidance, there is no easy route to success. Some tips that can help your company grow include:
Choosing The Right Jurisdiction:
This is perhaps the most important step that you must take with caution. There are a total of three jurisdictions offering offshore company formation here.
Namely, they are RAK International Corporate Centre, Jebel Ali Free Zone, and Ajman Free zone. Each of these has certain pros that can help a certain type of business. Choosing which jurisdiction will help your company decide how much it will grow.
Simplifying The Process:
The process of an offshore company formation can often seem simple on the outside; however, there are several intricacies involved.
For one, there are several documents you have to submit. Missing out on any or submitting the wrong one can delay and even cancel your application. This is why extra care should be ensured.
What Are Some Basic Requirements For An Offshore Company?
Although now you understand most of the fundamentals of the Dubai Offshore trade, there is still quite a bit to ensure. Here mentioned is a final checklist that can help you in your final stages of offshore company formation.
Local Offshore Agent:
While you might not see the necessity of hiring a registered agent, it is necessary for the incorporation of your company. Usually, a local offshore agent gets registered under the authority of the jurisdiction.
For instance, RAK has RAK Offshore authority; Ajman has Ajman Offshore Authority and so forth. All three jurisdictions require you to have an offshore agent, apart from JAFZA Offshore Company. There you will have to complete the registration process in person.
The Name Of The Company:
There are a lot of legal procedures you need to go through to find a perfect name for your company, which not only suits your company but is also approved by the government.
Once you have completed all the legalities of the process, make sure the name ends with a suffix of ‘LTD’ or ‘Limited.’ This will signify its legal status as a truly offshore company.
Minimal Share Capital:
Lastly, you will need to have a minimal amount of share capital in your company. Nevertheless, there are no minimum capital requirements for any kind of offshore company here. According to the Companies Law of 2009, offshore companies can now decide the share capital of an LLC company.
You must, however, have enough capitals to reach your company goals. On top of that, UAE offshore authorities do not check for a certain amount of capital before incorporating the offshore company.
Choosing a company like Emirabiz who have prior experience can simplify the process further. They will take care of everything from application submission dates to documents required, ensuring a smooth and hassle-free approval.