DOCs (Dubai Offshore Company) formation

Advantages of forming company in the  Dubai, UAE (United Arab Emirates):
– No taxes of any sort and no tax department (except for the oil producing Companies and branches of foreign banks)
– No filing of account
– No taxation information exchange agreements with other countries
– No public record of directors and shareholders
– Highly flexible and confidential banking system geared to the requirements of high net worth international investors
– Strong legislation which protects the confidentiality of investors.

International Business Company (IBC)
An international business company or international business corporation (IBC) is an offshore company formed under the laws of some jurisdictions as a tax-free company which is not permitted to engage in business within the jurisdiction it is incorporated in. IBCs are offshore companies that are most commonly used for offshore banking, to conduct international trade, investment activities, to offer professional services and for asset protection.

Name and company activities
The company name must not contain the following words and must not pursue with listed business activities: BANKING, INSURANCE and REINSURANCE.
The name of the company must end with “LTD” only.

Local requirements
The IBC company in RAKIA must maintain a local registered agents approved by the local authorities and a locale registered office which the registered agent provide.

Dubai taxes
There are NO corporate tax, personal tax, capital gains tax or VAT in the UAE with exception of oil producing companies and branches of foreign banks.
No taxation information exchange agreements with other countries.

Annual report – not required
Accounts must be audited and must be distributed to shareholders (but not filed). The accounting records may be retain wherever the directors choose.

List of Double Taxation Avoidance Agreements (Legislative References as at 19.4.2010)
Egypt, Algeria, Yemen, Tunisia, Morocco, Sudan, Syria, Lebanon, Mozambique, Pakistan, India, Sri Lanka, Philippine, Korea, Singapore, Indonesia, Thailand, Malaysia, China, New Zealand, Ukraine, Belarus, The Netherlands, Bulgaria, Turkmenistan, Armenia, Tajkistan, Mongolia, Azerbaijan, Austria, Poland, Germany, Finland, Italy, Czech, France, Belgium, Romania, Turkey, Luxemburg, Spain, Malta, Bosnia and Herzegovina, Seychelles, Mauritius, Canada, Uzbekistan

Shareholders and Directors
Minimum one. No public register, but the registered agent must retain a shareholder register at the registered office.

Directors – minimum one director (corporate director’s allowed). There is no public register of directors, but the registered agent must retain a register of directors at the registered office
Local registered office is required.

Minimum Capital
Arbitrarily determined by the company owners. Recommended – 1000 AED.
However, there is no requirement to pay in the capital.
The documents could be notarized by a Notary Public Solicitor (“N”) or could be legalized or attested by a Ministry of Foreign Affairs in the country of the applicant and further stamped by the UAE OR Arab Embassy

Annual report – not required. Accounts must be audited and must be distributed to shareholders (but not filed). The accounting records may be retain wherever the directors choose.

In order to start with the procedure please provide us the following documents:
1.) Passport copy (Notarized)
2.) Proof of residence – 2 x utility bill, telephone bill (not older than 3 months, the original)
3.) Bank reference letter in English (the original)*
4.) Bank reference letter (the original)
5.) Name of the company (2-3 of your choice)
6.) Payment to the bank account of EURO COMMERCE LLC

*This letter shall be written by the bank for the attention of :
Ras Al Khaimah Investment Authority
RAK Offshore
PO BOX 31291
Ras AL Khaimah
UAE

In order to open a bank account, please provide the following:
1. Passport copy (verified in Barclays Bank)**
2. Last 6 months original bank statements. Alternatively copies can be downloaded in front of a Barclays bank employee, who will need to attest to the fact they are true copies of the original and sign and certify each bank statement
3. Bank forms should be stamped and certified by Barclays bank agent

** Documents can be verified by local Barclays Bank branch

Fees:

** Individual nominee directors and shareholders can be provided. Registered Agent need to know more about the company activity and turnover. Corporate nominees can also be provided on case basis.

Apostil in Dubai is not feasible. Usual certification can be done by the Counsulate.
Consulate will depend on the country where you would like to produce the documents to. For example if you need a Cyprus bank account for your Dubai company, the documents need to be certified by the Cyprus Consulate.
This is not included in company formation.

*** The bank will require a minimum of 25,000AED in the bank account

**** Net-banking is included in bank account opening fees. After bank account opening is completed the client may apply for debit card.