OFFSHORE REGISTERED AGENT
Our Offshore Registered Agent services relates to the formation of an offshore company and ongoing representation in one of the following jurisdictions:
- Jebel Ali Free Zone Offshore Company; and
- Ras Al Khaimah Investment Authority International Business Company.
The two structures shown above are the two primary offshore structures available to investors and entrepreneurs in the United Arab Emirates and a Registered Agent is required for both. The Registered Agent is authorized to represent the Offshore Company in front of the free zone authority and can request commercial letters and execute transactions on behalf of the Offshore Company.
An example of transactions that can be executed by the Registered Agent include the following:
- Company renewal;
- Document attestation;
- Specimen Signature;
- Certificate of Good Standing;
- Certificate of Incumbency;
- Amendments to the MOA;
- Change in share capital;
- Change in Company’s Name;
- Transfer of Share; and
- Change in Director/Manager/Secretary.
The requirements to set up an offshore company generally include the following:
Individual Shareholder’s documents
- Passport copy with visa page (if UAE resident);
- No Objection certificate to own business from the visa sponsor (if UAE resident);
- Short CV of the shareholder;
- Bank reference letter; and
- Proof of residence (current utility or telephone bill).
Corporate Shareholder’s Documents
- Certificate of Incorporation of the Company (Attested and Notarized);
- Certificate of Good Standing of the Company (Attested and Notarized);
- Memorandum and Articles of Association (Attested and Notarized);
- Board Resolution calling for the establishment of the offshore company (Attested and Notarized); and
- Power of Attorney (Attested and Notarized).
In addition, passport copies of all Directors and the Secretary will need to be submitted. Note the attestation of corporate documents should be performed by the UAE Embassy in the country of origin. In addition, the free zone authority reserves the right to call for further documents after and submission and review of the documents listed above.
Furthermore, the benefits of establishing an Offshore Company in the United Arab Emirates include the following:
- 100% foreign ownership;
- International recognition and credibility;
- World-class regulatory environment and infrastructure;
- 0% corporate tax rate;
- 0% personal income tax;
- Onsite customs;
- No restrictions on the repatriation of profits;
- Access to local banking markets; and
- Close proximity to major airports and ports.
We have witnessed a dramatic rise in the use of investment holding companies by entrepreneurs seeking offshore banking services and businesses operating in the United Arab Emirates looking to consolidate their operations and assets in a safe and efficient vehicle.
This is where the use an investment holding company plays a major role by allowing the free flow of capital and as the efficient consolidation of assets nationally and internationally.
Furthermore, investment holding company are able of providing a unique method of succession planning that can protect an entrepreneur’s family and avoidance of local inheritance laws.
Please refer to our publication, “Setting Up an Investment Holding Company in the UAE” in the Publications section and visit our Contact page for any further information and to start the discussion as to how we can assist.
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