UNITED ARAB EMIRATES CORPORATIONS
Introduction
In the United Arab Emirates, there are 26 designated Free Zones, which foreign investors or international companies can use to expand their business.
The benefits of the Free Zones are inter alia as follows.
- 100% foreign ownership allowed
- 100% Tax Free
- Duty Free importation and re-exportation
- Zero restrictions on currencies
- Freedom in hiring foreign employees
- ’State of the art’ infrastructure
- Facilities to mortgage construction on leased land.
Our Professional Services in the UAE
Our Services are provided through our own office establishment in the Ras Al Khaimah, as licensed Registered Agents under the RAK ICC, as well as through our own local liaising professionals in almost all Emirates of the UAE, and cover the following.
- Onshore company formation at all Free Zones in the UAE
- Offshore company formation at Jebel Ali Free Zone / Ras Al Khaimah
- Project feasibility studies and business planning
- Consulting on Insurance, Accounting, Audit, Banking matters
- Legal Support
- Assistance for Visa
- Company liquidation
Specific Services
In particular to specific services rendered for international clients, our Firm provides the following in the particular matters.
1. Offshore Company
Such company can be incorporated in the jurisdiction of Ras Al Khaimah (RAK) which offers following benefits:
The offshore possibility has basically been set up to cater for companies who need to have a regional “tax relief-invoicing-facility” – There is no minimum capital required and also no need to set up an actual office facility. The off-shore regulations have been issued according to new international standards and companies will have to register minimum one director per company, keep financial records and issue an annual financial report audited by a professional auditing company approved by the free zone. Each company must hold annual general meetings (possible also by proxy) and in short perform and act as a normal company.
The only requirement for the establishment and to maintain such company in the UAE is that the Company must have a Registered Address locally and a Registered Agent in the UAE. Both are provided by our Firm at a reasonable fee per year.
The company regulations have been made out in strict conformity with new anti-money laundering measurements.
The benefits of establishing an offshore company in the UAE include
- 100% foreign ownership permitted
- No minimum capital required to register a company
- No Office necessary facilities to set up, manage or maintain a company
- 100% Confidentiality on business actions. This is guaranteed by the UAE government
- Tax Free earnings
- Easy set up for corporate bank account
- May own real estate in various developments.
2. On Shore Free Zone Companies
Local Free Zone Companies are allowed dealing with
- Legal consultants, accountants, management companies etc carrying on business within the UAE,
- Any bank in the UAE for the purpose of conducting its routine operational transactions.
- If an offshore company wishes to conduct trade or other business in the zone or elsewhere in the UAE, it must obtain the appropriate licence to conduct the trade or other business activity from the competent authorities.
Capital
No minimum required, however a minimum of AED 10,000 (US$2,700) is recommended to begin with.
Our Professional Services shall provide,
- Incorporation Certificate
- Memorandum of Association & Articles of the company
- 1 Year Registered Agent ‘s Fee
- 1 Year Registered Office
- Name Check Approval
- Preparation of the Memorandum, Registration Forms, Consent Forms
- Government Filing Fees
- Preparation of the Application Forms
- Submission of Application Forms and Follow ups
- Collection of Bank Deliverables
Courier Bank Deliverables of the Corporate Account
Residency
An owner/director is NOT automatically entitled to get residence visa in the UAE.
Due Diligence / Know Your Client For individuals:
The DD/KYC rules apply for all individuals. The documents required upon submission of an application are as follows.
- Passport copy of shareholders and directors
- Bank Reference (format enclosed) statement of the shareholder
- Proof of Address (Recent Utility Bill containing address).