Who would not want to go to Dubai? For several years Dubai had been an area where people were never thought to survive for so long. When you hear the word Dubai, perhaps the very first thing that crosses your mind is the dessert where there is no water, no shelter from the scorching heat of the sand and the very cold nights. Don’t forget the camels who work so hard carrying passengers and luggage of people who want to cross the desert, and the belly dancers too. They have been so popular all over the world and the dance had been popular as a form of exercise too. This was how Dubai was viewed but all the negative and the “hard life” thoughts about it had been part of history when Dubai emerged as one of the richest countries not just in Asia but in the whole world. Thanks to being regarded as a land floating in oil, Dubai was able to transform its vast deserts into industrial zones. In fact, in 2003 the Dubai Offshore Company (DOC) has been enacted in the Jebel Ali Free Zone.
The Dubai Offshore Company provides security for investors from the bureaucratic and intrusions like those in other offshore jurisdictions. With this the investors are shielded from the unnecessary bureaucratic processes that often cause delays in the establishment of businesses. When these bureaucracies happen investors get dismayed thus they will not be encouraged to put up more businesses.
Aside from that, there are also a lot of ways by which the Dubai Offshore Company may be benefited from.
1. Dubai Offshore companies do pay taxes attributed to its profits and other kinds of taxes in Dubai. Even in capital gains tax, these companies do not pay that as well.
2. When it comes to shareholders, only one required as a minimum is one shareholder.
3. In terms of class of shares, only one type of share is allowed.
4. For annual reporting, there is no such requirement of having to file an annual report or even accounts. All accounts need to be audited, after which be distributed to the companyĺs shareholders.
5. As to the minimum capital of a Dubai Offshore Company, such company can set its own minimum capital.
The Dubai offshore company doesn’t always enjoy all the benefits there are also some restrictions and regulations that they must follow. For example, the directors of such companies should be real person not mere bodies corporate. There should be minimum 2 directors. As to the name of a company, it must end with the word “Limited”.
They might be some restrictions but the benefits are very good to the investors in terms of return on investment and sustainability of the business as well. Whatĺs good about Dubai, you got all you needed and the government does support the investors and the locals in gearing towards the success of the economy. Dubai is one of the most modernized Arab countries that do see the importance of opening its country to the global market. Owning a Dubai offshore company is a prestige in our world, also Dubai banking is easy, the local banks welcomes these companies as well.