Dubai is a popular choice for starting an offshore business. It is easy to conduct business here with minimum restrictions imposed on non-residents. There are numerous benefits for expatriates for setting up a business in the emirates. An offshore company is the establishment of a business entity outside the country of its origin. It implies that business owners can start their business in a foreign nation to avail benefits that the resident country does not provide to their business.
Offshore business is becoming more and more popular in Dubai due to lesser restrictions imposed on companies. Business owners from across the globe are hugely investing in setting up an offshore business in the emirates to enjoy tax benefits and other amenities. If you are looking to start an offshore company, then check out the reasons mentioned below that makes Dubai the most suitable place for business setup:
1. Minimum taxes
Dubai has a well-defined and straightforward tax system. The tax system can be categorized into types, i.e., Income tax and Zakat. Income tax is applicable for non-residents whereas Zakat is only applicable for the local citizens. The taxation by default encourages foreign investment with lesser tax rates and additional tax saving options.
It is the primary reason for an increasing number of offshore businesses persisting in the emirates. Starting your offshore company here would allow you to save tax and invest more capital for business growth. Once your business gets registered, you can approach the local agencies and consultancies for tax-related services.
2. Complete Ownership
Establishing a business in Dubai has become easier for expatriates as they can have full ownership of their business. One of the biggest hurdles that prevent people from starting a business in a foreign nation is the ownership of the firm. It is quite sensible to be hesitant to find a local partner to handle your business.
But with an offshore company in Dubai, you can be permitted to have 100% ownership of your business. It ensures that a significant part of the revenue generation stays with the business. Also, having complete ownership gives flexibility in terms of business operations, decision-making and growth prospects.
3. Minimum Documentation Requirements
Documentation is a crucial aspect of the business setup procedure. There is a perception that having an offshore business would require a lot of documentation which is not entirely true. With most of the registration process going paperless, the documentation process in Dubai is much simpler and more manageable. The documents required for an offshore company are minimal, which mostly includes notarized documents such as passport, visa, registration papers, bank statements and details of owners.
4. Easy Setup Procedure
Dubai is considered to have a more straightforward business registration process. The entire process is systematically devised in such a way that any business can be registered in a lesser time frame. The process includes selecting a type of business entity. Once a legal form is selected, then you can register your company name with the concerned authorities.
The next step would require you to fill an application for company registration and submit it to local authorities for verification. After the approval of documents, you can open an offshore bank account for depositing capital requirements for the company. To make the setup process much easier, you can also opt for professional consultation services.
5. Corporate Banking Facilities
Getting started with an offshore bank account is easier in Dubai. Once you have completed your business registration process, you are eligible to apply for a corporate bank account. An offshore bank facility comes with a wide range of benefits such as enhanced security, international investment options, saving tax on deposits and superior credit services.
Choosing a suitable bank will ensure highly professional services giving you complete support and assistance with the banking procedures. As an expatriate, it is essential to open an offshore bank account to have assured protection of your wealth. Dubai has some of the best banking services that are highly regulated and transparent.
6. Asset Protection
The protection of assets becomes much easier through offshore business. Having an offshore company provides better control with suitable laws and policies for protecting your assets in a foreign jurisdiction. Companies in Dubai have better financial privacy which helps in avoiding lawsuits and other legal troubles.
So these were a few reasons to start an offshore business in Dubai. An offshore company in this jurisdiction is rewarding and most suitable for foreign nationals looking to expand their businesses. Dubai is a growing hub with a lot of business opportunities and potential for the future. If you are looking to start a business in Dubai and need assistance, you can always contact us today. We’d be happy to help you in kickstarting your business journey!