Your company is doing well in its home country and now you are looking for its expansion in an offshore market. If you have decided upon getting your company expanded in Dubai then let us tell you that you have made the wise decision. The city is well known for its jurisdiction incorporating companies of offshore.
Over the past few decades, it has economically grown and now offers an environment that is business-friendly. So, what are you waiting for? Get your offshore company registration in Dubai and prepare to pull in a higher rate of profits.
Oh! But wait! You don’t know how to get your company registered as an offshore company in Dubai. No need to worry. We are here with this blog to provide you a guide for getting your business registered as an offshore company in the city.
Let get started!
1. Finalize your Company name
The first step to registration involves deciding upon a company name. For that purpose, you have to come with three company names and suggest them to the registration authorities. They are the ones who will be finalizing your company’s name from the three suggested names.
However, it is to be kept in mind that your company name must not include or be listed with the following business activities –
Additionally, the name of your company should have “Ltd” at the end.
2. Decide upon the scope of business activity
The following step comprises of deciding the scope of your business activity. Generally, this involves consultancy, trading, property investment or to be acting as a holding company.
However, as per the city’s jurisdiction, each offshore company falls under the category of General trading firm as a default.
3. Determine your company’s capital
As per the jurisdiction, investing upon the capital for the company does not have any limit. You are free to choose the amount of capital that you want to invest in your company.
However, finalizing the capital amount is significant for registration.
4. Finalize the directors and shareholders of the company
For getting your company registered you have to decide on appointing directors and shareholders for your company. As per the rules, your company must have at least two members acting as your company’s directorial authority. Plus, one shareholder is mandatory for commencing your offshore company.
5. Documents that you require
You are needed to provide the following documents for completing your offshore company registration
- Photocopy of notarized passport of the finalized directors and shareholders.
- An original copy of utility bill or telephone bill for address proof. (must not be older than 3 months).
- CV of the shareholders.
- Reference letter from the Bank.
6. Application Set
You have to compile all the above-mentioned documents and include application form to create an Application Set. Your company’s Share Certificates and Memorandum of Association shall also be included in the set.
All the compiled papers must be duly signed by the company’s finalized directors, shareholders and secretaries.
7. Submit the Application Set
Finally, after following all the above-mentioned steps, you are required to submit the compiled set to registration authorities. The procedure for registration typically takes up to 3 days.
Once your company has been registered, you shall be given an Incorporation Certificate. From then onwards you can engage officially in business dealings.
Apart from these steps, you need to open a corporate bank account for your business to be set up formally in Dubai and for initiating financial transactions. However, these steps are sufficient enough to get offshore company registration in Dubai.