Would you like to establish a local or an international offshore or virtual company in Dubai? You may not be able to answer this question properly without knowing the benefits offshore companies or virtual companies as well as investigating the rumors that such companies are mainly formed for the purpose of money laundering. You should know that the offshore company or the virtual company is a company that has a headquarters, which is the headquarters of the service agent in the country of formation. It is a normal company, however, such company type is often resorted to in business transactions to avoid certain taxes legally or to enter – itself- into other partnerships representing partners without the need to establish a high-cost company. Offshore companies are also characterized by many other advantages, especially when it comes to company structure and ownership.
Nour Attorneys & Legal Consultants team is fully capable of incorporation and formation of offshore and virtual companies in the United Arab Emirates. Offshore companies exist all over the world, as each offshore company formed aims to fulfill a specific purpose or achieve a desired advantage. It is noteworthy that the formation of offshore companies allows them to function as commercial companies that may work in exactly the same manner as local companies within the countries by means of the existence of a memorandum of association, a certificate of incorporation, a trade license, a share certificate and managers. However, offshore or virtual companies do not require renting an office, but they require the existence of a service agent for the company in the country of incorporation who has a local address that is used as the company’s address. Offshore or virtual companies enjoy the same protection as limited liability companies, due that the responsibility of the partners are within the respective capital share value of each partner. It should be noted that offshore and virtual companies do not require payment of capital upon incorporation, and they enjoy other advantages of other company types, as they are legally entitled to trade, carry out business transactions, provide services and open bank accounts in all countries of the world in accordance with the requirements of each country.
Moreover, offshore or virtual companies are considered the best choice to start a business, especially in the field of providing consultation services. This is due to the fact that you do not need a headquarters for your company, yet, you still get a trade license that includes the names of partners, memorandums of association, certificates of incorporation and certificates of manager appointment. All the above makes it a real company with a perk that is actually less expensive than local companies, and such companies are often formed in regions that offer commercial and financial facilities to such companies.
Being experts on this subject matter, we strongly recommend forming offshore and virtual companies in both Dubai and Hong Kong, since such choice is cost-effective as well as due to their proximity to the trade zone with China and East Asia countries. Both choices are easy to travel to in addition that they enjoy credibility as accounts are being audited there to ensure that they are not used for money laundering or other suspicious activities. Because of the said reasons, both Dubai and Hong Kong enjoy high credibility as well as an exceptional business environment, and the ease of opening a bank account at any of their banks.
At Nour Attorneys & Legal Consultants, our services are not limited to the usual way of formation and incorporation of companies, as we work as well to save future expenses by drafting memorandums of association that ensure granting full powers in order to avoid the need for subsequent partner decisions and to avoid the costs of their authentication. Therefore, you should be aware that trying to form such companies yourself may expose you to the risk of drafting an inadequate memorandum of association articles when opening bank accounts and e-commerce accounts or when engaging in business transactions in accordance with the terms of the contract or the power to sign contracts, bank guarantees, undertakings and other requirement that you may not be able to satisfy by forming the company yourself.
In addition, our work scope extends to setting companies up in Singapore, Australia, USA, Switzerland, Seychelles, Hong Kong, United Kingdom, British Virgin Islands, and other countries that you may consider appropriate to give your business the trademark of the country you wish to work under its name. We provide you with a sound advice to ensure you get to end up with the best choice in terms of the tax treatment in your home country, disbursement of profits or any other requirements.
Contact us now to discuss all your available options to form your company to ensure executing this in the best way possible. Our team at Nour Attorneys & Legal Consultants will offer you a variety of options and will help you to determine the optimal option for your case with regard to the formation of offshore and virtual companies.
August 4, 2021
July 3, 2021