Offshore company in Dubai / UAE who?

[Davis123]

@Davis123 Maybe you should be our OCT man in Dubai.
I regularly travel to Dubai to set up structures for clients and it will range from 5K to 15K for a company and then upto 100K if I am setting up an investment company to take clients deposits. A RAK ICC is very cheap but that is purely Offshore and you cant do business in UAE. Approximately 3000 per annum but no residency and a nightmare to open a bank account. I found it easier to open a Mauritius bank account than a UAE one for a RAK ICC.

Renewal is easy but make sure your not late in processing I would say do it anywhere from before 2 weeks of expiry.

Ajman is my favoured Emirate at the moment they are quick and the cheapest. You are not restricted to doing business there nor living there is no social life there. 40 mins from Dubai and a lot cheaper.

No residence visa of UAE with offshore companies. I just want to make it clear to everyone. For Mauritius banks get an agent to help you as they are difficult too without a good and reliable introducer.

 

[reesek]

you will get a residence visa with ajman company though
and it can be banked in euro

 

[Davis123]

you will get a residence visa with ajman company though
and it can be banked in euro

Nope not with offshore Ajman company. None of the offshore companies offer any UAE residence visa with offshore. It's only with freezone or onshore like LLC companies. I know for sure this one as I went to Ajman and all of these little jurisdictions in UAE. You can google it too. I don't want to put this link on here as it's from a company's website.

 

[Davis123]

I will be coming soon for a client. Maybe we can meet for a beer.

Sure why not ?

 

[reesek]

Nope not with offshore Ajman company. None of the offshore companies offer any UAE residence visa with offshore. It's only with freezone or onshore like LLC companies. I know for sure this one as I went to Ajman and all of these little jurisdictions in UAE. You can google it too. I don't want to put this link on here as it's from a company's website.

fzc you are right

there is no benefit in offshore company anyway

freezone that is

 

[CaptK]

Offshore UAE is useless your better off incorporating and banking in the same place.

 

[Davis123]

Offshore UAE is useless your better off incorporating and banking in the same place.

Well some banks in certain jurisdictions do open up accounts for UAE offshore companies although it's difficult but UAE has much better reputation than Belize or Nevis. You can open up accounts only in Belize or Nevis with those companies. Caye bank in Belize will open up account for Belize or Nevis companies but I think there are now taxes on income in Nevis companies these days from what I read on tax news.

 

[JustAnotherNomad]

Why would you open an offshore entity anyway? I really don’t get it.

Just get a visa and run an offshore company from there. Should work well for most people.

 

[CaptK]

Why would you open an offshore entity anyway? I really don’t get it.

Just get a visa and run an offshore company from there. Should work well for most people.

All the advantages of offshore with onshore facilities, reputable banks, great business environment and gateway to a lot of deals and or money.

 

[JustAnotherNomad]

With a RAK offshore entity? No visa and virtually no access to banking?

 

[Davis123]

With a RAK offshore entity? No visa and virtually no access to banking?

Offshore is offshore no visa or banking facility here. Maybe banking in some other jurisdiction is possible but not in UAE anymore. Freezone or LLC are 2 possible ways. With an LLC to sell your products in UAE you need a local partner which can be done by paying a stated fees to local partner every year. It just depends on nature of the business. Freezone is 100 percent owned by a foreigner and you can get a residence visa too with it. With LLC too you get a residence visa. Offshore company is dead idea these days basically.

 

[JustAnotherNomad]

Offshore company is dead idea these days basically.

Exactly, thus my question.

 

[CaptK]

With a RAK offshore entity? No visa and virtually no access to banking?

Yes, your just paying for the "prestige" of a RAK company with zero benefits.

 

[rowena]

You can't open a local bank account for UAE offshore company unless you're not a sheik or you have an 8 figure bank balance.

The best option is to go with a reliable free zone company with a residency visa. It will cost around $10k per year(yes there are $5k alternatives but that's why I said a reliable free zone).

 

[JustAnotherNomad]

Can’t you get a bank account for a cheaper free zone company outside the UAE? Or simply use the UAE company to get a residency visa and then use a company from some other country? Like a HK company?

 

[reesek]

you can

 

[CaptK]

Can’t you get a bank account for a cheaper free zone company outside the UAE? Or simply use the UAE company to get a residency visa and then use a company from some other country? Like a HK company?

That defeats the purpose from the start. You would be better of with a Mauritius or Seychelles for half the price and way less hassel.

 

[JustAnotherNomad]

Those wouldn’t give you a UAE residency visa though...

 

[CaptK]

you can

Tell us more

 

[CaptK]

Those wouldn’t give you a UAE residency visa though...

Yes my bad.