UAE RAK and Dubai Offshore Company Formation – Establishment Procedures
Corporate and Structuring Advice:
Consultancy and discussion on the business purpose to confirm / guide you and make sure the company will suit your business and/or purposes.
We will then send you a quotation to agree and subject to agreement we will issue an invoice for payment. On receipt of payment we will begin the work, as described below.
Registered company name:
Choosing a name for your offshore Company is the first and we recommend selecting three names in order of preference, to ensure that the name… (Ltd., LTD., Limited and LIMITED are all allowed in the UAE).
Shareholders, Directors and Company Secretary:
One Shareholder, one Director and one Secretary is allowed… each of which can be an individual or corporate entity. The legal name, address, contact details and other attested (or ‘legalized’) documentation for each office may also be required. Plus each has to have visited the UAE in the last 6 months and be able to show the passport stamp of entry. Also he/they may need to re-enter on applying to the bank to open a bank account. So the easiest, quickest and cheapest way is to have one natural person be the director, the shareholder and the secretary at the same time. In case we act on your behalf all is easy and no need exists for clients to travel to the UAE!
Shares and currency of issue:
Issued shares can be in any currency and are usually on a ‘non-paid up’ basis, allocated to shareholders in the denomination of your choice but we use USD$ as standard. There are no minimum capital requirements but for our clients we recommend to have adequate capital paid up and deposited at a local bank from the start to have the “goodwill” of the banks and the authorities as to the serious business intentions of the company
On submission of all required documentation, Company formation can take as little as 24 to 48 hours. Bank account opening may take 2-4 weeks depending on the case and the specific corporate structure. So generally in the UAE it is true that “patience is a virtue”. Generally the UAE has significant “red tape” at all levels of the system (but to be fair it is also a very popular jurisdiction creating high workload levels for the banks and authorities) and things may not be as efficient as in the EU or the US BUT … it has such significant other advantages (0% tax, FULL 100% beneficial owner confidentiality with banks and authorities PLUS+ no information exchange treaties with any country!