Taking your company overseas through an offshore company is a big opportunity but also a big leap of faith. There are a lot of things that you need to consider and a lot of preparations that you need to make before you make this happen:
Before you proceed on looking for a firm that can help you with your offshore company registration in Dubai, you need to answer these crucial questions:
- What type of company formation is best suited for you?
If you don’t have any idea on type of company formation and structures, it would be best to familiarize yourself with each one. You probably have an idea on what type of formation your head branch falls into but if you are taking your company to a different location, there are different types of structures that you can choose from – from sole proprietorship to LLCs.
If the categories are not clear, you may want to consult with a formation firm so you will be enlightened and make a sound decision on which of these formation best suits your company requirements.
- Who are the person involved?
The people that will be involved with the offshore expansion would depend on what type of company formation you will choose. For instance, sole proprietorship requires only one person to complete the formation and registration. But there are company formation types that require a number of personnel to complete the formation – from nominees to board of directors.
It would be best to check with your formation firm to know. Although if you are setting up a branch elsewhere and you need brick-and-mortar store, you will be required to hire a couple of people to man the branch or your store. You can either hire locally or have your staff from the main branch assigned to the overseas branch.
- What offshore jurisdiction would you choose?
There are a number of locations or jurisdictions that offers offshore formation or formation of other company structures. As of the moment, Dubai is considered one of the best place for offshore company set up because there are Freezone company formation in Dubai that are offer lots of business incentives. But you can also considered Panama, British Virgin Islands, and Hong Kong.
- What other things you need?
Aside from the things that were mentioned from above, you need to know what other requirements needed for the formation. Do you need to set up a local bank account? What are the things that you need to declare and keep confidential?