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Saturday, October 15, 2011

Expanding and shifting your business activity through a UAE Offshore Company set up.

Genius Business Consultancy FZ LLC is Corporate Service Provider's Companies (Registered Agent for offshore cmpany set up in Ras Al Khaimah ,Registration number L11011199) GBC allows foreign investors to register offshore companies as RAK Offshore, a division of RAK Investment Authority (RAKIA) without the need to establish a physical presence in the UAE.
Companies are usually incorporated within... 24 hours. Any non-resident individual or corporate entity can register a company.
Many jurisdictions are considered only as tax havens. The United Arab Emirates is a 'real' country with a 'real economy' with a population of approximately more than 4 million. It has an established history of
international trade, finance and business, and today it is one of the fastest growing countries in the world with one of the highest standards of living.
The choice of a suitable jurisdiction is an important decision and requires careful considerations.
Important aspects to be examined and which RAK offers may be outlined as follows:

Political and economic stability of the jurisdiction
• The availability of a modern and flexible legislative framework
• Simple incorporation and filling requirements
• The availability of Double Taxation Avoidance Agreement (DTAA)
• State of the art banking system
• State of the art telecommunication facilities

UAE is not a dependent or 'overseas' territory of another country Pressure has been put on traditional low tax jurisdictions by the Commission of the European Community  (EU) in conjunction with the Organization for Economic Cooperation and Development (OECD). The UK parliament has converted British Dependent Territories to British 'Overseas' Territories (in 1998). The UK government may apply greater control over its tax haven progeny (ie Bermuda, BVI, Caymans, Gibraltar,Turks & Caicos) UAE has Double Taxation Avoidance Agreements (DTAA) with a number of countries Double taxation agreements prevent individuals and corporations from being susceptible to paying tax on the same item during the same time period. These agreements determine which of the two states concerned should levy tax in a particular situation: Austria, Belarus, Belgium, Canada, China, Czech Rep.,Egypt, Finland, France, Germany, India, Indonesia, Italy, Lebanon, Malaysia, Malta, Morocco, New Zealand, Pakistan, Poland, Romania, Singapore, Sudan, Thailand, Tunisia, Turkey and Ukraine.
UAE is not a member of the Organization for Economic Cooperation and Development (OECD)
No foreign exchange of information
UAE is not on the OECD 'blacklist' of tax havens (nor the FATF blacklist)
UAE is not a member of the EU, and is not subject to EU regulation

Main activities of UAE OFFSHORE COMPANY
Activities held Outside UAE
• General Trading
• Consulting and Advisory Services
• Holding Company
• Property Owning
• International services
• Professional Services
• Shipping and ship management companies

Activities held inside UAE
• Holding Assets
• Invoicing
• Holding Bank Account
• Property Owning (Freehold Areas)

Fiscal & Regulatory benefits of UAE OFFSHORE COMPANY
• 100% income tax exemption
• 100% corporate tax exemption
• 100% capital and profit repatriation
• 100% ownership in Free Zones
• No capital gains tax
• No Value-added tax
• No Withholding tax
• Proximity to entire Gulf and global markets

• It does not need to have physical offices in the UAE.
• It may not carry on business within the UAE.
• It may not obtain UAE Residency Visa.
• It may have non UAE resident as director or shareholder.
• It may have UAE resident as director or shareholder.
• It may have corporate shareholder/corporate director
• It does not require the shareholder/director to be physically present in the UAE for incorporation
• It may own real estate in the UAE, with prior authorization from RAK Investment Authority.
• It may not do banking and insurance business without special license.
• It may maintain bank accounts and deposits in the UAE or worldwide.
• It is not obliged to maintain its books and records.
• It may hold shares in other UAE and worldwide companies.
You can register International Business Companies bearing the status of 'Limited' or 'Ltd.' at RAK

UAE Offshore and Properties - Real Estate
Many speculators, investors and end users prefer buying, selling, managing (especially UAE) properties
through a UAE Offshore company – Called corporate ownership rather than individual ownership.
Advantages of using a UAE offshore company for buying and selling Properties:
Set up time: 24hours.

Tax and duty exemption
100% foreign ownership permitted and 100% tax and duty exemption.
UAE Double Taxation Avoidance Agreement (DTAA)

Corporate Bank Account
Bank account opening with UAE prime banks, multi-currency, with full internet access, making it easier
for international money transfers.

Physical Office not required
No physical office in the UAE required with the Offshore License. You will use the physical address of the
registered agent, saving you a lot operational costs in terms of renting offices.

Asset Protection in Case of Death
In case of death, corporate ownership of assets (such as properties) is transferred via simple company
share transfer to new beneficial owner, saving a lot of legal inheritance troubles and costs.

Corporate ownership and business ensures beneficial owner's confidentiality.

Joint Investments
Best choice in case of joint investments and joint business owners.
Advantages of UAE offshore over other Offshore Jurisdictions
Very costly and time consuming mandatory legalization and notarization of Documents by UAE consulate and Ministry of Foreign affairs from other offshore jurisdiction such as BVI, Panama, Cayman Islands etc.,
can be avoided.

Double Tax Avoidance Agreement (DTAA)
Since the UAE has no taxes; accordingly double taxation prevention treaties are aimed at making the UAE a more attractive territory in which to operate. Generally, under these treaties profits generated from shares, dividends, interest, royalties and fees are taxable only in the state where the income is earned according to mutually agreed terms and conditions.
• To protect UAE investors from direct or indirect double taxation.
• Investments to be taxed in the country of residence other than that country of source.
• The U.A.E signed several bilateral agreements for avoidance and prevention of double taxation with
most of its major trade partners.

• Reduced Dividends Tax
• Exempting Deposits from Tax
• Exempting Capital gains from Tax
• Exempting national air carriers and shipping companies working in international traffic from taxes and fees
• Exempting Government Sector Establishments from Taxes on Dividends, Interest and Capital Gains
• The Significance of the Tax Agreements to the Foreign Investor and the Investment funds
• Impact of the Tax Agreements on attracting Foreign Investments and capital Movements

Why not Cayman Islands, BVI or Lichtenstein, But UAE-Offshore?
Thanks to the EU Savings Directive of 2003 and recent US-EU initiatives to wipe out tax havens, the U.A.E became the better place to incorporate offshore companies for various reasons and purposes. UAE looks set to reap the rewards of a recent EU and US ruling under which banks are now forced to reveal information to tax authorities. Financial institutions in the EU and US are now obliged to either disclose tax and bank information to the relevant tax authority, or charge client a hefty withholding tax.
Though the new directive specifically affects EU residents, a number of banks in ‘tax havens’ have also agreed to exchange customer information, including Jersey, Guernsey, the Isle of Man, the British Virgin
Islands, the Cayman Islands, Switzerland, Liechtenstein, Monaco and San Marino.
The reputation of discretion for some of these countries is being eroded. Since July 1, 2005 in order to keep details of their private, bank customers now have the option of paying a withholding tax which will
be levied directly in the country in which their savings are held. This will be charged at a rate of 15 per cent for the first three years, 20 per cent for the following three years, and 35 per cent from 2011
The United Arab Emirates has long enjoyed a reputation as a secure, tax-free jurisdiction for international banking and company incorporation. With this latest development from Europe and the US, UAE company
registration and corporate and personal banking options are becoming more popular with international businesses and high net worth individuals.
Since the UAE are neither a signatory to the relevant directive, nor agreeing to cooperate with the Organization of Economic Cooperation and Development (OECD), it looks set again even further.
Any company can be configured to a clients’ individual specification. Clients may or may not need to provide some of the element for in general carefree incorporation, depending on their personal
circumstances or preferences.
Pls feel free to contact us.

Manoj Sharma
Managing Director
Genius Business Consultancy FZ LLC
Fujairah Media FZ L.L.C.
P.O.Box 4422, Fujairah, United Arab Emirates
Mobile: +971 50 7101173
Home: +971 50 8769329
Office: +971 9 2244100
Fax: +971 9 2244101


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