| 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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