An offshore company is convenient way for business owners to establish their business presence in a foreign country. Moreover, offshore companies provide a number of benefits for entrepreneurs in terms of tax leniency.
But before you set up a company in Dubai, there is a process you need to undertake. Although the process is simplified, you still need to know what you will do need to do when the business setup consultants in Dubai starts processing your company formation.
- Craft your business idea
If you have a business idea in mind, then it is a good start. Determining your business idea would help kick start the formation of your overseas company. This is where you can start consulting with a company formation firm on the structure, the process, and who are the persons that will be involved. Align with your consultants on the steps that should be undertaken and also the overall cost and capital to get things started. Be sure to document very consultation and meeting, so you will have a reference on what phase of the formation you are now.
- Choose the right jurisdiction
Dubai and UAW are definitely two of the top destinations for company formation due to the number of incentives it provides to business owners and thriving economy that every entrepreneur can take advantage of. Still, you need to narrow down the jurisdiction. There are certain locations that specializes in certain business. Based on the nature of your business and structure, pick the ideal jurisdiction for you. Check with your consultants and see which of the Dubai business districts would be the best place to start your business.
- Prepare the necessary documents
Once the plan has been laid out, you need to start compiling the documents needed. The formation will not start unless the consultancy firm has all the necessary documents to start the processing. Get the list of documents needed from your consultants and start preparing the necessary papers. It would be best if you can assign one person to do this work.
Also do not forget to set a deadline. Each project should have a projected timetable so all parties will be guided accordingly on status of the formation.
- Let your incorporators work
After the necessary documents are compiled and processed, send them immediately to your consultant. They will be the ones to do the work and update you on the process. After the processing, expect a copy of the Certificate of Incorporation and other documents will be sent to you for filing.
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