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UAE Offshore Finance
The United Arab Emirates, especially Dubai, as the country/city with the highest degree of openness to foreign investment in the Gulf region, has long held an important position in the global financial system, well considered as one of the top 10 financial centers in the world.
At the same time, due to its unique tax and fiscal policies, the UAE/Dubai has attracted many international investors to set up companies here and develop their global businesses. There are different types of companies available for foreign investors in UAE/Dubai: mainland companies, free zone companies and offshore companies. No matter what type of company you choose, you will enjoy an absolute zero corporate tax and zero personal income tax policy. At the same time, you can open bank accounts in local or international banks and conduct offline or online banking operations from around the world.
Compared with other financial centers, UAE offshore finance has some of its own characteristics:
1. Offshore finance in Dubai is a perfect combination of offshore companies and onshore financial institutions. UAE/Dubai is different from the traditional offshore islands in that its offshore company is registered in a specific area of the UAE/Dubai, and its offshore nature is conferred by special legislation; and the provision of relevant banking services is carried out in the UAE/Dubai itself. In other words, a UAE/Dubai offshore company is not physically offshore, and the place of its registration is far from where its financial operations are being carried out. Almost all well-known regional or international banks or financial institutions operate in UAE/Dubai where your offshore company is registered. This is different from the situation in which many offshore islands cannot open an account locally or the owner cannot walk into a physical bank branch when a problem occurs. Of course, Dubai offshore companies can also choose to open accounts in other jurisdictions or some offshore banks, which are not in Dubai.
2. There is great potential for offshore financial development in Dubai. Traditionally, Dubai's main source of funding has been "petrodollars" and “safe haven” funds in the Gulf. Given that fossil-energy continues to be the world's main energy source in the short term and that the UAE/Dubai's established status as a "safe haven" in the entire Middle East will not change easily, the position of Dubai's offshore finance will be further strengthened. With the gradual implementation of CSR and economic substance laws in different offshore locations, Dubai's status as an offshore financial center should be further enhanced in the foreseeable future.
3. There are complexities in the regulation of offshore finance in Dubai. Due to its specific geographical location, there are several sanctioned, quasi-sanctioned countries (Iran, Syria, Sudan, etc.) and high-risk countries around, accordingly Dubai's offshore finance has always been a "dancing with wolves". While continuously strengthening the supervision of the source of funds in offshore financial accounts to meet the requirements of international rules, Dubai Offshore Finance is also committed to improving its efficiency and services to maintain its comparative advantage over other financial centers.
Then, what are the main requirements and procedures for setting up a UAE offshore company?
As we all know, the UAE is made up of seven different Emirates: Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah, Fujairah, Umm Al Quwain and Ajman. Not every emirate allows investors to set up an offshore company. Currently, in the UAE, there are three Emirates that allow investors to set up offshore companies, namely Dubai, Ajman and Ras Al Khaimah.
The procedure for setting up an offshore company in UAE is relatively simple, requiring few documents, and it can usually be set up within 2 days. The most important requirement is registration via a registered agent. Investors cannot apply for setting up an offshore company by themselves. The establishment of an offshore company must be carried out through a registered agent. The registered agent will conduct a KYC of the investor, attest the investor’s documents, and the offshore company will use the address of the registered agent as its registered address. In this regard, Polaris is kind of “super-agent” - a registered agent for all three UAE offshore jurisdictions. Therefore, whichever offshore jurisdiction you choose in UAE, we can help fast and at a most competitive price at the market.
If you have any questions, please feel free to contact us.