How to Form a Dubai Offshore Company and Get a Dubai Residency Visa
Dubai, a global city with a thriving business environment, has long been a destination for entrepreneurs and expats looking to take advantage of the city's many benefits. This guide will provide you with a comprehensive overview of how to form a Dubai Offshore Company and obtain a Dubai Residency Visa, enabling you to take full advantage of the numerous opportunities available in this vibrant city.
Benefits of Forming a Dubai Offshore Company
Forming an offshore company in Dubai, specifically a Free Zone Company (FZCO), offers several advantages, including:
2.1. Tax Benefits
Dubai is known for its low-tax environment, with offshore companies enjoying tax exemptions on corporate income, personal income, and capital gains. This can result in significant cost savings and a more favourable business climate for investors.
2.2. Ownership Flexibility
Unlike onshore companies, offshore companies in Dubai are not subject to foreign ownership restrictions. This means that you can own 100% of your business without needing a local partner or sponsor.
2.3. Privacy and Confidentiality
Dubai Offshore Companies offer a high level of privacy and confidentiality, as company ownership information is not made public. This can be beneficial for those seeking anonymity and asset protection.
2.4. Ease of Business Setup
Setting up a Dubai Offshore Company is a relatively straightforward process, with minimal bureaucracy and a streamlined registration procedure.
Steps to Form a Dubai Offshore Company (FZCO)
To establish a Dubai Offshore Company, follow these steps:
3.1. Choose a Free Zone
Dubai is home to several Free Zones, each with its unique benefits and industry focus. Research and select the most suitable Free Zone for your business needs.
3.2. Select a Company Name
Choose a company name that reflects your business and is available for registration. Check with the relevant Free Zone Authority for any specific naming requirements.
3.3. Prepare the Required Documents
Gather and prepare the necessary documentation for registration, including proof of identity, proof of address, and a business plan.
3.4. Register the Company
Submit your documents to the relevant Free Zone Authority and pay the required fees to register your Dubai Offshore Company.
3.5. Obtain the Trade License
After successful registration, apply for a Trade License with the appropriate Free Zone Authority. This license will allow you to conduct business activities in the region.
Obtaining a Dubai Residency Visa
Once your Dubai Offshore Company is established, you can apply for a Dubai Residency Visa. The process involves the following steps:
4.1. Request the Establishment Card
Apply for an Establishment Card with the relevant Free Zone Authority. This card enables you to sponsor residency visas for yourself, your family members, and employees.
4.2. Fill out the Visa Application Form
Complete the Visa Application form for yourself and any dependents you wish to sponsor. Ensure all information is accurate and up to date.
4.3. Complete the Medical Fitness Test
Before obtaining a Dubai Residency Visa, you must undergo a Medical Fitness Test to ensure you meet the health requirements for residency.
4.4. Biometrics and Fingerprinting
Submit your biometric information, including fingerprints and facial recognition data, as part of the visa application process.
4.5. Issuance of the UAE Visa and Emirates ID
Upon successful completion of the visa application process, you will receive your UAE Residency Visa and Emirates ID. This will grant you the right to live and work in Dubai.
Investor Designation Residency Visa Requirements
With an Investor Designation Residency Visa, you must fulfil certain requirements to maintain your visa status. These include residing in Dubai for at least one day every six months and renewing your FZCO's annual license.
Costs Involved in the Process
The total cost of forming a tax-free Dubai Offshore Company and obtaining a Dubai Residency Visa, including associated expenses such as the Establishment Card, Investor Designation, Medical Fitness Test, and biometrics, should be less than USD 6,000.
Forming a Dubai Offshore Company and obtaining a Dubai Residency Visa is a relatively straightforward process that offers numerous benefits, including tax exemptions, ownership flexibility, and ease of business setup. By following the steps outlined in this guide, you can take advantage of the incredible opportunities Dubai has to offer.
- Do I need a local sponsor to form a Dubai Offshore Company? No, offshore companies in Dubai are not subject to foreign ownership restrictions, allowing you to own 100% of your business without a local sponsor.
- How long does it take to form a Dubai Offshore Company and obtain a Dubai Residency Visa? The entire process typically takes around two months, although individual experiences may vary.
- Do I need to provide a police record or bank statement when applying for a Dubai Residency Visa? No, there is no requirement to submit a police record or bank statement as part of the visa application process.
- Can I sponsor my family members for a Dubai Residency Visa if I have an Offshore Company? Yes, owning a Free Zone Company allows you to sponsor residency visas for yourself, your family members, and employees.
- Are there any specific requirements for maintaining an Investor Designation Residency Visa? Yes, you must reside in Dubai for at least one day every six months and renew your FZCO's annual license to maintain your visa status.