The times are changing, so as the demographics of world. The business climate has changed drastically in the past few years as the onus is now set on the eastern world to provide the global economy the impetus rather than the traditionally-strong western economies. In the emerging business horizon, the United Arab Emirates has emerged as the latest business hub which has attracted all the major business players in the world. Many of the top international and multinational companies have either set up their business in Dubai and other states of the Emirates, or set up their regional headquarters there to be able to effectively tap the regional markets including Middle East, North Africa, Europe, Central Asia, South East Asia, South Asia, etc. This is why, a huge increase has been witnessed over the years in the number of Dubai offshore company formation.
Once you decide to set up a company in any of the more than 20 free zones in Dubai, including the Dubai International Financial Center, the Registration Review Committee would want you to comply with the below-mentioned criteria or the set of rules and regulations.
- If you want to set up your company in any of the Dubai free zones, you must present the business plan, annual account details and financial projections to the Registration Review Committee.
- A proper business plan has many facets to it and a detailed information about how you are going to establish your company in Dubai should comply with the rules put into place by the local authorities. When you submit the business plan, you also confirm that you’re ready to add value to the local business community.
- You must submit a financial projection of your business for up to the next three years with the local authorities.
- You must present the annual accounts details of your company for at least two years. If you are planning to kick off a start-up, you must mention the source of finances.
- You must submit the hierarchy of your company including biography of your management team, which also includes copies of their passports.
After you fulfil the above-mentioned requirements, the authorities review the documentation. The Registration Review Committee takes into consideration the company’s financial wherewithal, reputation, business risk, employee base, contribution to the Gross Domestic Product of Dubai, and business strategy and the company’s plan for its implementation. They decide on approving or disapproving the registration after going through all the relevant documentation.
Click here and get the most-updated information about how to register your offshore company in one of the 20 free zones in Dubai.