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.