Starting a Business in Dubai

QUESTIONS AND ANSWERS ABOUT BUSINESS SETUP IN DUBAI AND UAE

A RAK IBC is equivalent of an offshore, but its legal status gives more credibility.
You need the following things for a RAK IBC Registration

1. Company name (give different options of names)
2. Activity os the RAK IBC company
3. Copy of your passport.
4. Your contact information: address, phone number and e-mail
5. Personal references from your bank to confirm that you are a client
6. Utility bill as a proof of yout real address
7. A short CV

Your personal information will not be disclosed to any one. All your information is strictly confidential. There will be no public record of IBC companies or shareholders.

RAK IBC company setup takes between 5-6 days (after we get all the documentation from you).

The signing of the RAK IBC company incorporation can be done from your country or you can come to UAE to sign it personally. If you prefer to sign it in your country, the sibe at a Public Notary.

In order to open a bank account, you have to come to UAE bercause most of the local government banks do not open accounts by Power of Attorney anymore. We suggest you to come and sing everything the same time. After your RAK IBC company is formed, we will take all the documents to the bank and your account will be processed really fast.

Feel free to contact with us if you have any questions.

Yes, it is possible. There can be even many more currencies depending on the bank.

No, there is no restriction for any nationality or jurisdiction. Your offshore company can be formed on any shareholders nationalities.

There is no government requirements about it. But if you decide to close the offshore company someday an auditor s report will be required.

If you want to trade with local Dubai companies from a Free Zone you have to comply only two requirements:

A.This local company must be appointed as your Distributor or Dealer. This company will buy products from your Free Zone Company and selling them locally in Dubai.

B. There is a 5% importation tax. Technically, Fee Zone is an economically separate area from the rest of the UAE. Any product coming from a Free Zone is coming from an outsider territory , so you must pay an import tax.
There are some goods that can be brought to UAE without any tax.

Some products have a very high duty: 50% for alcohol and 100% for cigarettes.

No, you don’t have to pay duties on a Free Zone. Free zone licenses allowed to import goods and equipments inside the free zone from a foreign country without needing to pay custom duties. This goods may be stored for an unlimited period of time depending the type of goods and the validity of your Free Zone Licence.

It is nearly impossible. The only way to do it is to give someone a Power of Attorney from you.
Most of the banks do not allow opening accounts by Power of Attorney these days. It is a risk for you and for the bank.

A Flexi-desk is a basic office that brings a desk on a shared office. It is also called smart office. It is the minimum office requirement for a UAE company formation. You can not register a free zone company without at least a Flexi-desk. It is usually included into every basic License package.

In this case, if your company is not doing any business in UAE and you do not need a UAE resident visa, you should go for a International Business Company (or Offshore company).

This type of company is eligible for opening a bank account in UAE and you can manage it online.
Your income is not taxable and the repatriation of the capital is 100%,
An offshore / international company can be formed within 5-7 days with a minimum amount of documents. It is possible to a company without your personal presence in UAE.

Not, you can not. When you obtain the status of UAE resident you must get the local drivers license.
It is very easy to get for USA and most of European citizens. You should go to RTA (Road and Transport Authority) office, show your international license and get a new one at the same day.
If you can not do this way, then your must take driving classes and exam.

If you are over 60 you can still hold UAE resident visa and work on the Emirates. You can do it forming a company where you are the investor or one of the investors.

There are different rules. Sometimes you would be asked to deposit an additional amount of money for the visa. .
You will be also able to sponsor your children or spouse

Yes, you can sponsor all your entire family when you open a company and get the investor’s or general manager’s visa. You will be able to sponsor even your parents.

Family visas will be issued for the same years as your visa, for investors it is 3 years.

Any Free Zone company must have an office inside the free zone. You can not have an office in Dubai with a free zone license, but you can find some short-term office in one of the great business centers.

No, with your visa you can live anywhere in the UAE. . You may have a company and a office in Ras Al Khaimah or Fujairah, but you can live in Dubai or Abu Dhabi.

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