Before getting to know the reasons, and benefits of an offshore company formation in UAE , let us first know what an offshore company is. The term ’offshore’ clearly illustrates about a business or company formed out of the residential country or it can also be defined as a legal entity incorporate in an offshore jurisdiction. Also called as an International Business Company, an offshore company is a legal structure providing a low/no-tax environment, thus improving wealth management for an entity.
According to Adam Global, which is one of the best business advisory firms in Dubai, an offshore company formation must follow the laws and regulations of offshore jurisdictions and also must not trade within the similar offshore jurisdiction.
Why offshore companies are formed?
Here are a few reasons of forming an offshore company:
· You can keep your wealth and other assets confidential and protected.
· Dubai offshore jurisdiction offers 100% tax exemption.
· Business laws are flexible in a Dubai offshore company formation.
· You do not face any restrictions on business and profit expansion.
· The minimum share capital for an offshore company isn’t required here.
· You can easily conduct your business with international clients.
· The offshore company in Dubai can intermediate in monetary transactions with any foreign company.
What are the benefits of offshore company formation in Dubai?
Here are a few benefits of an offshore company formation in Dubai
· Along with a complete tax saving, you are offered a 100% foreign ownership of the company.
· Having a physical office of the company is not a necessity. It can be formed virtually.
· You can carry out your business in complete anonymity as holding public records of shareholder and board of directors is not a compulsion.
· Because the registration process of an offshore is faster, therefore you can expect a quick formation of this company, generally within 2 days.
· You can open a corporate bank account, which is flexible enough to support multiple currencies.
· In order to follow the incorporation steps, you as the investor do not have to personally meet the concerned authorities. This can be done by some registered agent appointed by you.
Anyone who wants to open a clinic or dental office in Dubai or any part of UAE must be qualified in the respective field. The international diplomas are not automatically accepted in the UAE and are subject to some procedures of certification in the UAE, with the possible need to pass local exams. It is a must for everyone to know and speak English. A dental business can’t prove effective until it is not advertised and promoted through thorough research. One must understand the market, customers and competitors for continuous success. There is some high-quality business set up companies in Dubai.
- Specifications: The first step after obtaining the license is to fix the specifications and get clearance for the premise. There are very strict requirements in terms of the size, finishing, utility areas, equipment, etc. Besides, each type of medical institution has its own requirements and the premise must be built within that specification.
- Training: The current practice shows that health centres with wide range of services are highly demanded in Dubai and other Emirates of the UAE. Numerous trainings have to be undertaken to obtain a degree in the field of dentistry or medicine. From October 2014, medical licenses have been recognized across the UAE, allowing medical professionals to work in any emirate of the UAE. This means that doctors, nurses and healthcare professionals with licenses from Health Authority of Abu Dhabi (HAAD) and Ministry of Health can now practise anywhere in UAE without any additional tests or exams. From October 2015, health-care professionals can transfer their license whenever they want to without having to wait for a period of 6 months.
- Key Factors: Hard work makes dental clinics a grand success. This success would only be achieved when new entrepreneur is capable to make best planning at the initial stages. The use of conventional and modern techniques is a must these days. Some internet based techniques help the dental business get wider recognition and Being a leader of the business firm you have to simplify medical jargons to follow a path at which excellent communication skill and dedication is projected better for mutual benefit.
These are some of the factors to be considered while opening a dental office or private clinic in Dubai and other parts of the UAE. Entrepreneurs who have successfully have their business set up companies in Dubai.