Tax and Accounting Regulations

Summary of Requirements for a Dubai Offshore Company

General Information
Type of Company IBC – Offshore Company
Timescale to incorporate 8 – 10 working days
Corporate Taxation Nil
Directors
Minimum No. Required 2, Corporate Directors are not permitted
Local Director Required No
Publicly accessible information No public disclosure of information
Location of Meetings Anywhere
Shareholders
Minimum No. Required 1, 100% foreign shareholders allowed
Publicly accessible information No public disclosure of information
Location of Meetings Anywhere
Company Secretary
Required Yes
Local Secretary Required N/A
Registered Office / Agent Required Yes
Share Capital
Standard Currency AED (exchange rate approx. 1 USD = 3.67 AED)
Standard Authorised AED 10,000 (10 shares of 1,000 AED recommended)
Minimum Paid Up Capital No minimum capital stipulated although a capital of 1,000 AED is recommended
Accounting & Compliance
Requirements to prepare Accounts Yes , filed at the Registered Office but not filed at any Government Office
Requirement to file Accounts No
Requirement for Audit An Auditor must be appointed who will examine and report on the Accounts however the Audit is not required to be filed with any Government Authority.
Local Auditor Required N/A
Requirement to file Annual Return  No
Additional Information
Bank Account Opening Bank Accounts can be opened in a number of international banks. A personal visit is required however banks can take a long time to open the account depending on the amount of due diligence required. Eltoma will provide additional information based on business activity and client requirements.

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