Why Set Up Offshore Company in Dubai?
An offshore company is designed to provide you with confidentiality. You do not have to make your financial information public in any way. Any filings made to the Government are treated with the utmost level of secrecy. They are only to ensure that the offshore company conforms to the rules and regulations concerning the operation of offshore companies.
Traditionally, the Cayman Islands and the British Virgin Islands have been preferred destinations for offshore companies. It is estimated that four out of every ten offshore companies incorporated worldwide are located in the British Virgin Islands. There are also no personal income taxes, capital gains taxes, or corporate taxes payable in the Cayman Islands and the British Virgin Islands.
However, both the Cayman Islands and the British Virgin Islands are classified as Country/Jurisdiction of Primary Concern with respect to Money Laundering and Financial Crimes. In other words, if you set up your offshore company in either the Cayman Islands or the British Virgin Islands, you run the risk of being associated with a destination that has a reputation for money laundering. This kind of reputation can’t be good for business.
You could set up your offshore company in Mauritius, but there is a 10% tax on income if the income generated in Mauritius is less than MUR 650,000. In case it is above this threshold, taxes are computed at the rate of 15% on income generated in the country.
In case you are wondering if there is a place where which does not have a poor reputation and also saves you money that would otherwise be payable on taxes and/or business fees, there is the United Arab Emirates.
There are two options for offshore company setup Dubai – the Ras Al Khaimah International Corporate Centre and the Jebel Ali Free Zone. While the cost of setting up an offshore company in the Ras Al Khaimah International Corporate Centre is comparatively lower, only an offshore company located in the Jebel Ali Free Zone allows you to own property on the mainland (this is the area of the United Arab Emirates that is not part of a free zone) in Dubai.
RAK OFFSHORE
The Ras Al Khaimah International Corporate Centre is a world-class Company Registry that is fully compliant with international standards.
JEBEL ALI FREE ZONE
The Jebel Ali Free Zone is an ecosystem where multiple industries thrive, creating a combined trade value of more than $104.2 billion every year.
Even if you do not intend to own assets on the mainland in Dubai, Ras Al Khaimah is only an hour from Dubai. Dubai is now a city that is at par with the likes of Hong Kong, London, New York, and Singapore. Two-thirds of the world’s destinations can be reached by means of a flight that takes eight hours or less from Dubai. The Dubai International Airport is also home to international air carrier Emirates, which flies to 85 countries around the world. So you can see why offshore business setup Dubai makes sense.
Why Choose Us for Opening Your Offshore Company in Dubai, UAE?
At FlyBiz, we have years of experience with offshore company setup in Dubai, United Arab Emirates. Our team of professionals comprise of those with expertise in Business Consulting, Tax Advisory, Legal, and Corporate Finance. We have been of assistance to clients from 100 countries around the world so far. For all your needs pertaining to offshore business setup in Dubai, 055 113 4789 or email info@flybiz.ae