UAE Offshore Company FAQ
1. What Share Capital is required?
The Law does not require a specific amount nor does it provide a “standard share capital”. Generally an amount of Dhs 10.000,- (1000 shares with share value of Dhs 10) appears sufficient and acceptable to the UAEFree Zone.
The share capital has to be divided in shares of equal nominal value. The share capital may be agreed in Arab Emirates Dirhams (AED, Dhs) or United States Dollars (US$).
2. Where do I have to declare the objects of the Offshore Company?
The activities of the Company are to be described In the Application Form for the registration. Such activities have to correspond with the objects as inserted in the Articles of Association of the Offshore company.
3. For what activities is a UAE Offshore company in particular of interest?
Generally speaking the objects of a UAE Offshore may be:
- General Trading;
- Owning real estate;
- Serving as an instrument for inheritance issues.
4. What activities are not permitted by a UAE Offshore?
Generally speaking a UAE Offshore may not:
No offshore company which is incorporated under these Regulations shall:
- carry on business with persons resident in the United Arab Emirates;
- own an interest in real property situate in the United Arab Emirates, other than a lease;
- carry on banking business;
- carry on business as an insurance or re-insurance company, insurance agent or insurance broker;
- carry on any other business which may, by regulations made by the Authority, be prohibited by the Authority;
- An offshore company shall not be treated as carrying on business with persons resident in the United Arab Emirates by reason only that:
- it makes or maintains professional contact with legal consultants, accountants, management companies or other similar persons carrying on business within the United Arab Emirates;
- it prepares and maintains books and records within the United Arab Emirates;
- it holds a lease of property for use as a registered office or owns real property on the Palm Islands or Jumeirah Islands or any properties owned by Nakheel Company LLC or any other real property approved by the Authority;
- it holds an account in a bank in the United Arab Emirates for the purpose of conducting its routine operational transactions.
- If an offshore company wishes to conduct trade or other business in the Zone or elsewhere in the United Arab Emirates, it must obtain the appropriate licence to conduct the trade or other business activity from the competent authorities.
5. What time is required to form a UAE Offshore?
6. What is the minimum age for the Director?
7. Which document is accepted as Proof of Residence, when the Shareholder/Member is U.A.E. Resident?
UAE Residence visa, ID Card , utilities bill (most recent)
8. Are there any other documents required for foreign Shareholder/Member with UAE residence visa?
If the Shareholder/Member is working in some other company and has residence visa from this company, UAE Free Zones will request for a Letter of Non-objection from his/her current sponsor.
9. How can the Shareholder/Member prove the ownership of the UAE Offshore?
UAE Offshore will issue a List of Shareholders or Certificate of Incumbency, which also contains information regarding authorized share capital and names of Directors and Secretary OR Registered Agent will issue Share Certificate and
UAE Offshore will attest it).