Dubai is undoubtedly one of the more prominent destinations for entrepreneurs all around the world. The sheer amount of benefits here can seldom be compared to the other nations.
Not only are the rules and regulations levied by the government very lenient, but several other incentives are provided to promote foreign brands to invest in the offshore market. However, while the big-name brands prefer the mainland more, start-ups and entrepreneurs have found how an offshore company setup in Dubai can be beneficial for them.
However, understanding the market, starting your company and making a fortune off it is not easy. There are many intricacies to ensuring that you make the most of your investment. Without the right tips and guidance, you might end up losing more money than you ever earned. This article further points out some important things you should keep in mind before indulging in an Offshore company setup in Dubai.
- Choose An Appropriate Business Field
This is one of the first steps you should take before starting your offshore company. Offshore business formation is not a fruitful decision for all companies.
Only the business related to specific trading activities sees a chance to grow here. This is why before you choose to establish your offshore company, make sure you decide what your business is about.
- Pick A Company Name
The second step involves choosing an appropriate name. Along with your documents in the application, you also have to submit three possible names for your company to the authority.
This agency will further pick out the best fit for you without any kind of negotiation. However, make sure that your company name ends with ‘Limited’ or ‘LTD.’
- Open A Corporate Bank Account
Once the name gets approved, it is time for you to open a corporate banking account with the same name as the company. You can choose a domestic or international bank.
As an offshore company, you have the complete allowance to carry international and multi-currency transactions with no upper limit. However, a bank account is very necessary when it comes to receiving the certificate of incorporation for your offshore company.
- Develop The MOA And AOA
Short for Memorandum of Association and Article of Association, these are both essential before you form your offshore company. Finalising the board members, director board, management team, and team heads is essential. This will also help finalise the documents you need to submit.
- Submit The Application
This is another very important step that further dictates the formation of your offshore company in the UAE. Make sure you submit the application form with all the necessary documents.
The list most commonly includes attested copies of your passport, address proof, the background of shareholders and the original reference letter from the bank.
With these easy and fundamental steps, you will surely be making way for success. However, if you are ever confused, you can always seek help from capable professionals like Emirabiz.
