3 Key Things Anyone Looking To Set Up UAE Offshore Company Needs To Know

Are you thinking of setting up an UAE offshore company? There may be many reasons behind you considering such a move. Also, you wouldn’t be the only person who is thinking along the same lines. Many big corporate giants as well as small and medium-sized businesses are trying to move their businesses to the green pastures that this country offers. Here are 3 key things you must know about it.

#1: You Need A Corporate Bank Account

The first order of business in setting up a business in the UAE is to have access to a corporate bank account. The thing is, it is easy to do so. There are fewer hassles in opening a corporate or even a private bank account for offshore companies and it can be easily done.

Don’t ignore doing this before you move into the country or set up a business here. It is a crucial thing to do because, without it, you are going to have trouble conducting business in all its aspects. International trading will also be difficult to conduct.

#2: Doing the KYC Process

This country takes a healthy interest in making sure that its customers and users follow the KYC process. The KYC process is short for Know Your Customer. You need a few documents to make sure you get this done and over with soon enough. For example, you are going to need your passport, address proof, and the bio-data of the investors of your business as well as a bank reference letter.

This process helps a bank in the UAE verify your business as well as yourself so that it can declare you as a proper offshore company. You have to submit these documents to a bank that is under the offshore jurisdiction where your company will be based. This process also keeps away people trying to involve in irregular or unscrupulous practices.

#3: Choose the Right Jurisdiction

It is critical to choose the right jurisdiction for your UAE offshore company. Each Emirate of the UAE has just 3 jurisdictions available and each of them is beneficial for a particular kind of business. This gives you wide acceptance as long as the jurisdiction you choose is right. It will be of great help to you if you were to use a professional agency with expertise in helping companies set up such businesses in UAE. They will be able to help you find the right jurisdiction for your company.

There is so much UAE has to offer. However, the business world that UAE has access to and can offer your company is great. The chances of expanding and reaching new heights are big when you come down to this country. It is undoubtedly one of the best countries to set up or move your business to. Of course, getting Emirabiz for help in setting up your offshore company can be just the move your business needs. They help with all the aspects of setting up shop in the country as well as getting your family to live in it.