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The
initial development of Dubai was funded by its oil
wealth but reserves are rapidly becoming depleted and
the government has devoted enormous resources to
developing an economy, which will prosper in the future
without requiring the support of oil revenues. It has
been spectacularly successful in its efforts. The
national airline, Emirates, is one of the fastest
growing in the world and there has been massive
investment in hotels and property of all descriptions,
shopping centres and other facilities for tourists.
Restrictions on the ownership of land and businesses by
foreigners are being relaxed.
Dubai has long been a major port and the Jebel Ali Free
Zone has attracted multinationals from around the world
to take advantage of its strategic location for
servicing the Gulf markets and its situation midway
between east and west. |
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The Dubai International Financial Centre is expanding rapidly and providing stiff competition for the longer established banking institutions of Bahrain. A more recent innovation has been the adoption of the Offshore Company Regulations 2003, which introduced the Dubai Offshore Company, also known as the Jebel Ali Offshore Company. Dubai is already a formidable rival, in this area, to the longer established offshore financial centres such as the Bahamas, British Virgin Islands, Channel Islands, Isle of Man etc.
Taxation
Dubai does not impose income tax, capital gains tax or estate or inheritance taxes. It is said to be considering a value added tax.
Legal system
The legal system of Dubai is based on the Sharia law and this needs to be borne in mind by non- Moslems acquiring assets in the Emirate. Sharia law incorporates strict rules, for example, in the matter of inheritance and this can result in unintended consequences for the unwary.
The Dubai Offshore Company
Referred to above, the Dubai Offshore Company incorporates most of the features to be expected in an offshore company. |
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100% foreign ownership permitted |
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It must have a Registered Office and a Registered Agent in Dubai. The Registered Agent must be an approved person |
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It can own real estate on the Palm Islands and in various other developments by certain government owned development companies. It may not otherwise trade in Dubai. |
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The company name must end with the word "Limited". Licensable activities such as banking, insurance and investment management are not permitted. |
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It can maintain banking accounts in the U.A.E. and elsewhere. |
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If the company maintains an office, as opposed to a Registered Agent in the Free Zone, a residence visa may be obtained for one director. |
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The Registrar has power to investigate its affairs and charge the costs to any office bearer of the company. |
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| The Dubai offshore company regulations |
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Type of entity |
Limited by shares |
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Type of law |
Incorporated under the Offshore Company Regulations 2003 |
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Government Fees |
U.S. $545 |
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Corporate taxation |
Nil |
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Double taxation treaties available |
No |
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| Share Capital |
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Usual currency |
AED |
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Minimum paid up |
AED 1 |
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| Directors |
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Minimum number |
2 |
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Local resident required |
No |
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Corporate Directors permitted |
No |
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Records publicly available |
No |
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Location of Meetings |
Anywhere |
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| Shareholders / Members |
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Minimum number |
1 |
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Corporate Shareholder permitted |
Yes |
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Records publicly available |
No |
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Location of Meetings |
Anywhere |
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| Company Secretary |
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Required |
Yes |
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Local or qualified |
No |
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| Accounts |
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Required |
Yes |
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Audit required |
Yes, by an auditor from the approved list |
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Filing required |
Yes |
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Publicly available |
No |
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| Other |
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Annual return required |
No |
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Change of domicile permitted |
No |
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| For more information & details, please get in touch with us today. |
| Call us on +971-43354233 to discuss with our expert business consultant. |
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