Jun 18 2011 |
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Benefits of Setting up Offshore Company in UAE - Morison Menon
In 2003, the Jebel Ali Free Zone Authority ( JAFZA ) issued regulations governing offshore companies.In 2006, RAK Free Zone issued International Business Companies Regulations and the RAK Investment Authority ( RAKIA ) launched the International Business Company concept in January 2007.
Offshore companies can do business in following areas:
- General Trading
- Property Owning
- Professional Services
- Investments and Joint Investments Company
- International services
- Holding Company (buy/hold/sell stakes of companies)
- Shipping and ship management companies
- Commission Agents Company - Intermediary Brokers
- Consulting and Advisory Services
Offshore companies are very flexible corporate entities which can be used for holding shares in local entities.
Offshore Companies set up in JAFZA or in RAK can accommodate unlimited number of shareholders.
Any change in the ownership structure of the subsidiary in substance, can easily be effected by changing the ownership of Offshore Company and thus avoid cumbersome documentation procedures with respect to the subsidiary.
Conclusion:
Companies that do not have presence in the Middle East should consider using the offshore company setup to test the markets in the region. This is a less risky and less expensive way to setup business.
-Ends-
About Morison Menon:
Morison Menon (www.morisonmenon.com) is a leading Chartered Accountant Company in the Middle East with offices across UAE. The company provides entire gamut of services ranging from assistance in business feasibility studies, financial accounting, audit services, company formation, setup services, incorporate & doing business in free zones. The company has assisted more than 1000 companies to setup businesses in UAE - Dubai, Abu Dhabi, Ras Al Khaimah, Fujairah, Ajman, Umm Al Quwain, Sharjah, Kuwait, Doha-Qatar, Muscat-Oman, Bahrain, Saudi Arabia, Iran, Jebel Ali,
JAFZA
, DAFZA, Dubai Internet City, SAIF Zone, RAK Free Zone-
RAKIA
and DIFC [Dubai International Finance Center].
© Press Release 2011
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