What is Offshore? Is it Legal?
A usual objective for an individual to set up an offshore company is to meet the legal requirements of the country where he wishes to buy a property or to invest funds that are not usually available in his home country or where he is currently living. For businesses, reasons can vary from implementing a better legal framework, better banking infrastructure, and seeking lower tax rates.
There are three Offshore Registrations in UAE, namely;
- JAFZA Offshore
- Ajman Offshore
- RAK Offshore
Each Authority offers their own competitive packages but still arrive at almost the same benefits. Here are five legal reasons to open and operate an Offshore Company in the UAE.
- Financial Privacy and Security
- Investment Funds In Tax-Neutral Locations
- Access to Tax Treaties
- Better and Flexible Banking Services
- Convenient Foreign Exchange Services
Though offshore companies reputation are still masked by some defalcation in the past, now is the time to moralize the misconception about Offshore. A good understanding of Offshore comfort and limitations is imperative when considering an offshore registration. Eventually, regardless of the reason for opening an Offshore company, one is ought to justify the legitimacy and legality of the offshore company.