How To Undergo Offshore Company Registration in Dubai? (Step-by-step Guide for 2022)
If you’re thinking of undergoing offshore company registration in Dubai, then there are certain steps you have to follow. These steps are the factors that ensure whether the offshore areas of Emirates are suitable for your business activities or not.
Once you undergo the entire procedure, it becomes a matter of a few weeks to form an offshore company in Dubai. Let’s explore all the steps to establish an offshore company in the UAE.
Step-by-step Guide For Offshore Company Registration in Dubai
Incorporating an offshore company in Dubai is a hassle-free process. All you need to do is to follow certain steps. Here are they:
1- Choose A Company Name
The first step is to decide on your company name according to your business activities. Make sure you are initially verifying the name of your company with the registrar. Don’t forget to include Ltd. or Incorporated in the end. Also, avoid using the following words in your company name:
- Insurance
- Bank
- building society
- Cooperative
- Fund
- Municipal
- Chamber of Commerce
- Trust
- Royal
- Chartered
- Finance
- Mutual fund
- Emirate
- and Emirates.
Also Read: The Ultimate Fact Sheet About Dubai Offshore Company Incorporation (Pros & Cons)
2. Fill Up The Application Form
Once you choose the respective company name, the next requirement is to fill up the application form. Submit the relevant documents, including:
- Documents proving the identity of the directors and shareholders
- Proof of the address of the shareholders and directors
- CV of the shareholders and directors
- An effective business plan
- Photographs of the directors and shareholders
These document requirements are slightly different for individuals and corporate business entities. Scroll down to know about them in the next step.
3. Submit the Required Documents
After the collection of required documents, make sure you are submitting them to the concerned authorities. These authorities will review the submitted documents and issue approvals.
Suppose you are an individual shareholder, provide the enlisted documents:
- Shareholder’s attested passport copy
- Residential Proof
- Document of original bank reference
- Information about the shareholder/owner
- Company’s name preference
- Newly formed offshore company’s business activities
- Arrangement of beneficiaries according to their hierarchy
In the case of Corporate Shareholders
- Resolution adopted by the Board
- A Memorandum of Association
- Parent company certificate that mentions the name of shareholders/directors, and it should be duly attested.
- Hierarchy of beneficiaries
4. Prepare the MOA and AOA
Moving ahead after obtaining the approvals, the next procedure is to draft the Memorandum of Association (MOA) and the Articles of Association (AOA). Prepare each of them in the English language which is a practical language for international business.
These drafted documents will be reviewed by the relevant authorities. Once they approve these documents, you can officially incorporate your offshore company in UAE.
5. Establish an offshore account
The full and final step for ensuring Offshore Company Registration in Dubai is to open an offshore bank account. This bank account will allow business owners to carry out business transactions effortlessly.
Furthermore, the offshore jurisdictions also assist the business owners in opening offshore companies and offshore bank accounts in various locations across the UAE.
You also need to remember that an offshore company can’t carry out any business activities on the territory of the UAE. Offshore entities are just allowed to open offshore bank accounts in Dubai and buy real estate.
Summing it up:
Without a doubt, this blog post covers all the essential steps and documentation processes required to incorporate a Dubai offshore company. You just have to undergo these step-by-step methods for Offshore Company Registration in Dubai.
Are you finding this process complicated due to your unawareness of legal regulations? Well, it’s always a constructive thought to seek advice from professional business consultants in that case. We can help you in establishing your offshore company across the UAE without any hassle. Feel free to reach us.
Everything You Need To Know About UAE Visa Renewal (Steps For 2022)
UAE Visa Renewal process can sometimes be confusing due to several steps involved in it. Check out this blog post to know the right steps to apply for your residence visa renewal in UAE.
Staying and falling in love with the skyscraper city aka Dubai is most individuals’ dream. And why wouldn’t they dream of it? After all, this place weaves the stories of growth and progress every day. Thanks to its world-class infrastructure and facilities that are gradually making it an investor-friendly place. Moreover, you can also stay assured about your security while living here.
After reading this blog post you will know everything about renewing your resident visa in this trade hub country. Let’s dive in.
Why Is UAE Visa Renewal Essential?
Going for a visa renewal UAE is extremely important if you want to enjoy the long-term benefits of staying here. It’s because, with a renewed UAE Visa, you can continue to live in the city of wonders with its government’s permission.
General Directorate of Residency and Foreigners Affairs (GDRFA) gives a grace period of 30 days to stay in the UAE after the visa expiration. Consequently, your other documents like Emirates ID card, Citizenship car, Customs & Ports Security (ICA) will automatically expire. After that, you need to pay heavily levied fines for residing in Dubai.
According to the fine system of the UAE immigration, here is the penalty to need to pay:
- During the first six months (180 days), pay AED 25 per day
- In the next 6 months (180 days), the levied penalty is AED 50 per day
- After passing one year, you need to pay AED 100 per day
What Is the Earliest Time To Apply For The Visa Renewal UAE?
Although, the time limit for the renewal of an expired residence visa is 30 days from the expiration date. Still, you can renew it a few months earlier if you have some travelling reasons. This duration could be between one to six months.
Just seek special permission and approval from the relevant authorities of the General Directorate of Residency and Foreigner’s Affairs.
How to Apply for the UAE Visa Renewal?
There are a few requirements you need to keep in mind while applying for your visa renewal in the Emirates. These might vary from individual to individual. Let’s have a look at each of them:
Basic Document Requirements
There are certain basic documents necessary to renew your UAE visa. Here are they:
- The necessity to pass the medical fitness test if you are above 18
- Need to have an insurance card (especially for Dubai and Abu Dhabi)
- One has to present the newest identified card that has been issued from ICA or the proof of original registration receipt
- Signed online application form by the sponsor that declares the residency permit
- Sponsor’s original passport
- Sponsor’s photograph
For Employers Who Belong To The Private Sector
Suppose you are an employer working in the private sector, your sponsoring company needs to submit the following additional documents:
- Valid firm card copy
- The most recent trade licence copy
- Sponsor’s renewed labour card copy
- If your sponsor is an individual above 60 years of age, then they must present the labour card renewal receipt copy
Requirements For Individuals Who Are Sponsoring Their Family Members
In case your sponsor is your family member, maybe your spouse, child or parent, then they need to present:
- The husband/wife’s employment contract or a copy of the company contract for investors
- Need for an employer’s salary certificate detailing the employee’s monthly salary
- Legalized certificate of marriage
- Registered contract of tenancy
- Recent bill of utility
Summing it up:
Indeed, this blog post has everything you need to about UAE visa renewal. The next step you need to follow is to hire a consultancy firm for residence visa services in Dubai. Our experts can do it for you, we have years of experience in hassle-free UAE visa processing.
7 Essential Reasons to Incorporate Your Business at SHAMS Free Zone
Still, deciding whether you should incorporate a business at SHAMS Freezone or not? Well, you must go ahead. It’s surely going to be a wise decision. Sharjah Media City Free Zone aka SHAMS provides a plethora of benefits to aspiring entrepreneurs. And the most beneficial industry in the Sharjah free zone is the media and creative sector. Thanks to the world-class infrastructure of this place for making it a hub for modern media services.
The UAE free zone has always been a booming area when it comes to establishing a company. Some perks of company incorporation in a free zone are 100% ownership, full repatriation of profits, zero income, corporate taxes, and a plethora of activities. And, for SHAMS company formation SHAMS free zones just boast them.
Are you now eager to know more about the advantages of setting up a company in SHAMS-free zones? If yes, here are the 7 essential reasons you should definitely know.
SHAMS company formation: 7 Important Reasons To Incorporate Your Business at Free Zone
1. Affordability in Establishment
Sharjah isn’t that expensive if you wish to establish a business. It’s even more affordable than the regions of Dubai. In Shams, you can set up a company with a starting annual license fee of AED 11,500. Just like other free zones, even in SHAMS, you have the following perks:
- Foreign Ownership Permissions
- Full Repatriation of Capitals and Profits
- Liberty from custom duty
- Zero personal or corporate tax
2. Fast and Hassle-Free Registration Process
When the rules and regulations are comparatively strict, SHAMS zones are setting a benchmark in terms of liberal laws. Getting business approval from authorities is easier in SHAMS Free Zone. You don’t have to do too much paperwork.
Kudos to the digitalization of the process. Just wait for three days after applying for a business license in SHAMS are you’re done.
3. Favourability of Location
The free zone of Sharjah is just 15 minutes away from Dubai Airport and 5 minutes away from Sharjah Airport. This city is a complete package of a rich commercial zone with a well-planned network of roads and metro. Moreover, its explicit residential boulevards, creative units, hotels, and plazas have a strong transportation network.
4. Lesser Time Involved In Installation
Forming a company in Sharjah Media city takes lesser than a week. While all the documentation and paperwork were completed within a time span of 2 days. The entire team of TVG consultancy ensures the completion of the remaining process including the Visa stamping and Immigration card formalities in a month. Additionally, they recruit the workforce for you without the requirement of contract attestation from the Ministry of Labor.
Also Read: 6 Reasons Why Dubai Mainland Business Incorporation Is A Win-Win Game
5. Easier Visa Process
One unignorable benefit of establishing a business in Shams Media city is quick visa access. It gives you the freedom to acquire investor visas without any age restriction or payment deposit. The limit is up to six visas through the facility of the shared desk.
6. Business Formation Benefits Without Any Physical Presence
Companies do not need any physical presence for the legitimization of their existence in the Shams free zone. It lets the owners operate their business from anywhere. Companies can enjoy all the advantages of LLC with the power to appoint the corporate directors and corporate managers in the firm.
7. Introduction To A Registered Agent System
Shams free zones introduce an effective registered agent system. As an investor, you can incorporate your company through a registered agent for the purpose to maintain the point of contact. It contributes toward a decentralized structure that offers quick customer service and valid information support.
Wrapping it up:
Without a doubt, you’ll surely incorporate your business at Shams Free Zone after reading this blog post. And why not? After all, there are so many perks your business can enjoy in the Shams Media Free Zone. Ready for the positive change? Get in touch with the experts to make your business formation in UAE Free Zones a smooth process.
Faq
- What are the SHAMS Free zones in the UAE?
Launched back in 2017, SHAMS free zone aka Sharjah Media city is one of the free zones in the Emirates. This zone holds endless opportunities for the business of the servicing sector, such as tourism, media and broadcasting, etc. - How much does it cost to start a business in Sharjah?
The cost of starting a business in Sharjah depends on the type of business you are willing to start and the number of licenses you require.
- If I take License from SHAMS, will I be able to do business in other emirates?
No, your SHAMS business license is not valid in other zones of Emirates. You can only do business in the Emirates with a mainland company license.
Top 6 Reasons Why You Need To Set Up Business In Dubai (2022 Tips)
Eager to know why should you set up business in Dubai? Well, there is a cornucopia of reasons. Check out this blog post to know each of them.
With its suitable geographical location for trade, Dubai is an excellent place for setting up a Business. Moreover, you don’t have to pay income, corporate, or business tax for starting your business in UAE.
1. Reputable Dubai Address
Now, imagine a vibey office space which you can decorate the way you like in this trade hub. Having an office space in Dubai has ample benefits. Let’s dive to know the six most prominent ones.
Once you set up business in Dubai, you become eligible to apply for a reputable Dubai address. And when you have the office space in UAE with best-in-class infrastructure, it would definitely hike up your business branding.
However, there are a few business activities in Dubai where having an office space isn’t a compulsion. For instance, as an entrepreneur, you can run a software application development firm in Dubai without any office space. All you have to do is to register it in UAE.
2. Effortless Process To Set Up Business In Dubai
Did you know? UAE ranks in the 11th position on World Bank’s Annual ease of doing business for the year 2021. It means UAE has the most supportive legal structure for entrepreneurs. Thanks to Dubai’s government for being a pillar in ensuring the overall business sustainability.
One of the perks of this effortless process is the 100% foreign ownership the businesses get in Dubai.
3. Minimal Documentation Requirements
After establishing your business in Dubai, you don’t have to experience too much hassle. Who takes the credit? The minimal documentation requirements for owning or renting an office property in Dubai.
As a business owner, you have the freedom to choose from various leasing and licensing options. All you have to do is read the terms and conditions of office leasing with the Department of Economic Development or Free Zone authorities. The best way is to seek help from a consultancy firm like TVG.
Also Read: Steps and Procedures for Business Setup in UAE
4. Reduced Overhead Expenses
Additional office expenses are the biggest threat businesses have while setting up their business. But Dubai is the best place for dropping this fear. It’s because the electricity and water usage expenses across the Free Zones of UAE are all-inclusive in the rent.
Suppose you own fully-furnished office space, there isn’t any external investment you have to bare. All in all, you just need to take care of the operational expenses.
5. Quality Living Standards
Besides a plethora of professional benefits of setting up a business in the UAE, you can also enjoy the amazing personal and social facilities of this country. It secures 3rd rank in Asia and 20th in the Global Quality Index of living standards.
Here are a few good things about this place that makes it a top-notch choice for trading and living:
- State-of-the-art Infrastructure
- World-class Health Care Services
- 100% Government Support
- Extraordinarily Talented People
6. Accessible Operational Timings
If you have office space in Dubai, you get the flexibility to operate it 24/7. Thus, you can stay carefree about working hour restrictions that you might probably have in other cities of various countries.
Moreover, you can offer access to your employees to work at their suitable timings. They can stay assured when it comes to security. Well, the UAE government has strict security laws for its citizens.
Summing it up:
Undeniably, Dubai is the perfect place for incubating the culture of Entrepreneurship. Kudos to the liberal laws its government has for entrepreneurs. We are sure after reading this post you have ample reason to set up business in Dubai.
Do you need some insightful tips for setting up your business in Dubai Mainland? Get in touch with experts.
