Tax and accounting regulations

Summary of Requirements for a Dubai Offshore Company

General Information
Type of CompanyIBC – Offshore Company
Timescale to incorporate8 – 10 working days
Corporate TaxationNil
Directors
Minimum No. Required2, Corporate Directors are not permitted
Local Director RequiredNo
Publicly accessible informationNo public disclosure of information
Location of MeetingsAnywhere
Shareholders
Minimum No. Required1, 100% foreign shareholders allowed
Publicly accessible informationNo public disclosure of information
Location of MeetingsAnywhere
Company Secretary
RequiredYes
Local Secretary RequiredN/A
Registered Office / Agent RequiredYes
Share Capital
Standard CurrencyAED (exchange rate approx. 1 USD = 3.67 AED)
Standard AuthorisedAED 10,000 (10 shares of 1,000 AED recommended)
Minimum Paid Up CapitalNo minimum capital stipulated although a capital of 1,000 AED is recommended
Accounting & Compliance
Requirements to prepare AccountsYes , filed at the Registered Office but not filed at any Government Office
Requirement to file AccountsNo
Requirement for AuditAn 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 RequiredN/A
Requirement to file Annual Return No
Additional Information
Bank Account OpeningBank 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.