Ajman offshore company registration - my story

Table of contents:

• First steps
• The bank account
• Deposit and incorporation
• Summary

First steps

The first step in the process was to decide on the type of offshore company I wanted to register. The UAE offers two options: a Free Zone Company or an International Business Company (IBC). After considering the advantages and disadvantages of each, I decided to register an IBC, as it offered greater flexibility in terms of business activities and had lower incorporation costs.

The next step was to choose a registered agent to help with the incorporation process. I opted for a reputable company with extensive experience in offshore company registration. They provided me with a list of required documents and information needed to complete the registration process.

The documentation required included a business plan, passport copies of all shareholders and directors, and proof of address for each shareholder. Additionally, I was required to submit a bank reference letter, a police clearance certificate, and a declaration of trust stating the beneficial ownership of the company.

See also: yourtaxadvice.com

The bank account

After gathering all the necessary documentation, my registered agent helped me to open a bank account in the UAE. This is a mandatory requirement for offshore companies and is necessary for conducting business operations.

Once the bank account was opened, I was required to deposit the minimum capital required by the UAE government. This amount varied depending on the type of offshore company registered, but in my case, it was AED 50,000. The capital can be used for any business activities, and it is not necessary to maintain it in the account.

Deposit and incorporation

After the capital deposit, my registered agent filed the application for incorporation of my offshore company with the relevant authorities. The application included all the required documents and information, and it took approximately 7-10 business days to receive the final approval.

Once the company was incorporated, my registered agent helped me to obtain a business license. This license allowed me to conduct business operations within the UAE and is mandatory for all offshore companies. The process took approximately 3-4 business days to complete.

Summary

The process of registering an offshore company in the UAE was straightforward, but required attention to detail and adherence to regulations. The assistance of a reputable registered agent was crucial in ensuring a smooth and efficient registration process.

In conclusion, I would highly recommend registering an offshore company in the UAE to any entrepreneur looking to expand their business globally. The UAE offers a business-friendly environment, tax advantages, and access to a global market. With proper research and guidance, the process of offshore company registration in the UAE can be seamless and rewarding.