Dubai Offshore Guide
Dubai offshore companies have increasingly achieved an esteemed reputation in this foremost city of the United Arab Emirates. Situated on the Persian Gulf coast and facing the Arabian Desert, Dubai is a steadily growing metropolis that has attributed much of its improvement to prime real estate and financial services. Ruled by the Al Maktoum Dynasty starting the early year 1833, Dubai was even accounted to be in existence 150 years before UAE. Aside from the real estate and financial businesses, trading and manufacturing also contribute much to the over-all economy of the country. Recently the population of Dubai has already reached more than 2 million, with the majority of it being expatriates from Asia.
What makes the establishment of Dubai offshore companies very attractive for investors all over the globe is the pull of its taxation system and the privacy that it provides to offshore companies. If you plan on incorporating in Dubai through the offshore company structure, you will be spared from paying any corporate tax, whether on profit or any other form of capital gains. This advantage was among those included in the legislation ratified in the country’s free zone on May 2003. Apart from foreign banks and oil companies, offshore businesses are not required to pay any taxes.
Secondly, Dubai offshore company enjoy a level of privacy and security that is maintained by the fact that Dubai has not entered into any contract regarding exchange of information with other countries, seeing that doing so would not result in any taxation profit whatsoever. Thus, going into the offshore business would give any investor the smart advantage of keeping his affairs private and secure, and away from the prying eyes of any public or private entities. Even when you choose to open a bank account, your financial undertakings will still be kept in high confidentiality, assuring you of the strictest standards in privacy and asset protection.
There are several requirements however with Dubai offshore company , and these need to be accomplished before anyone can establish an offshore business in the aforementioned country. First of all an application from should be filled-up without fault and fraud, and Memorandum on Association must be submitted as well. Typically, a minimum of two directors is required, and these directors are mandated to submit their resumes and bank references. A secretary is mandated for appointment, along with the directors. Finally, a bank account must be opened in Dubai, and all the documents submitted must be duly notarized either by a legitimate bank or a lawyer.
Dubai is definitely one of the most ideal locations for offshoring, and it is not difficult to see why. An attractive taxation system and the lack of exchange of information requirements make this country an excellent area to reduce costs and maintain confidentiality on affairs. Costs can be greatly minimized due to the absence of corporate taxation, since tax rates can take up a huge chunk on the total expenses of any business. Dubai offshore companies are definitely worth looking into when considering locations in doing business offshore.