The United Arab Emirates is one of the most progressive hubs for business in today’s world. But you cannot rely on such statements blindly if business setup in UAE is a serious concern for you. You got to have a clear idea of the benefits and limitations of setting up an offshore business in the UAE.
It is only after a thorough evaluation of certain facts and figures, reports and industry knowledge that you can decide whether it’s a good idea to establish offshore trade in the country. So, here’s all you need to know. Consider going through the following informative details before you put an effort for offshore company incorporation in and around the country.
Perks of offshore company setup in the United Arab Emirates
Offshore companies in the UAE can have a flexible corporate bank account that can support multiple currencies. In addition to it, there are tax exemption benefits as well. These include income tax, custom duty and personal tax exemptions. Talking of other mentionable advantages of setting up an offshore company in the country, it is to be mentioned that the incorporation has the provision of allowing 100% foreign ownership. Moreover, offshore company formation has other perks like faster company incorporation procedure, secured business setup and confidentiality.
Limitations of offshore company setup in the United Arab Emirates
If we are to consider taking a look at the flipside of the coin, then there are a few limitations associated with offshore business setup in the UAE. Firms operating as offshore entities are not allowed to operate on any form of business activity within the territory of the United Arab Emirates. In addition to it, off shore trading does not allow you with the eligibility of resident VISA in the country. You need to rope in a registered agent for offshore company incorporation. Thus, failing to contact reliable personnel might give rise to unwanted hassles in terms of setting up the trade.
Thus, to end with, it is to be stated that the very process of offshore business setup in UAE has certain pros and cons. It is up to the investors and entrepreneurs to decide whether the nature of their trade is suits the guidelines and allowances associated with the business regulations of the nation.