With the new directives from the European Union now in effect, many safe tax havens have agreed to provide the client information to the governments. The member states of EU have begun to disclose the information pertaining to tax and banking directly to the tax authority and charging their clients with bulky charges in case of withholding the same information.
This has boosted the prospects of setting up offshore business in Dubai for many companies. Dubai is now one of the choicest destination among investors due to its high reputation among the clients and hassle free process of setting up an offshore company.
The reputation of Dubai as the new safe haven is on the rise. With its jurisdiction as a tax free state and reasonable restrictions on trading ease it has become the most popular business destination among the visionaries all over the world who believe in easing the conditions of doing business.
The procedures for setting an offshore company here may be entirely different from that of the rest of world. This could be simplified by sourcing help from the business consultancy agencies that not only acquaint you with the norms and procedures but also help with taking the necessary steps and meet the requirements to get started for business formation in Dubai
The various forms of companies that you can choose to begin with are of two type:
- Free Zone Company:
These are stipulated to be setup in the specified zones notified by the government. Such companies may allow complete foreign ownership, are exempted from taxes and may not be required to produce an annual audit report.
- Offshore Company:
A company setup to conduct business outside of the country of its incorporation, this provides for complete confidentiality of company information and does not require it to divulge information to third party. This also allows for the company to acquire real estate on the Ares specified by the government.
All in all this provides for better opportunity both for existing business to setup its offshore holding or a new business start-up in Dubai and the timing could not have been better than this.