UAE offshore company comparison
Jebel Ali offshore company RAK offshore company Ajman
offshore company
Summary at a Glance US$ US$ US$
Total company set up costs US$16,700 US$11,870 US$10,870
Subsequent annual costs US$7,750 US$4,470 US$4,470
Type of company LLC LLC LLC
How long to set the company up? 1 week 1 week 2 weeks
How long to open company bank account? 3 weeks 3 weeks 3 weeks
Issued share capital required US$1 US$1 US$1
Any restriction on activities? Yes No No
Corporate bank account in the UAE? Yes Yes Yes
Tenancy agreement required before incorporation? No No No
Do you visit the country for company incorporation? No No No
100% foreign ownership allowed Yes Yes Yes
Resident director or shareholder required? No No No
Can conduct business within the UAE? No No No
Legal registered office needed? Yes Yes Yes
Can rent office premises No No No
Can the entity hire expatriate staff? No No No
Bearer shares allowed? No Yes No
Documents to be legalized by Client Yes No Yes
Can invest in UAE real estate No No Yes
Legal considerations
Minimum number of directors 2 1 1
Corporate director allowed? No Yes Yes
Minimum number of shareholders 1 1 1
Company secretary needed? Yes No Yes
Resident company secretary? No No Yes
Corporate company secretary allowed? No Yes Yes
Individual shareholders allowed Yes Yes Yes
Corporate shareholders allowed Yes Yes Yes
Public register of shareholders and directors No No No
Tax and accounting considerations
Annual accounting and tax obligations No No No
Corporate tax payable (if non-resident) No No No
Accounting records to be kept? Yes Yes Yes
Statutory audit required Yes No Yes
Annual tax return to be submitted No No Yes
Can access double tax treaties No No No
Can apply for immigration visas No No No
Estimated of total engagement costs in Year 1 US$16,700 US$11,870 US$10,870
Draft Invoice
UAE Emirates comparisons
Dubai RAK Abu Dhabi Sharjah Ajman Our recommendation in order of preference 1 2 3 4 5 Summary at a glance Total year 1 engagement set up costs? US$ US$22,000 US$21,400 US$28,740 US$25,225 US$26,075 Total year 2 costs (incl. audit and tax)? US$ 9,850 10,400 15,350 9,850 9,950 Our Client must travel during the engagement? No No No No No Total engagement period? (months) 3 2 2 3 3 Corporation tax rate on net profits (click link)? 0% 0% 0% 0% 0% Average monthly skilled labor salary (click link)? US$3,500 US$2,450 US$3,500 US$2,200 US$2,500 Average monthly office rental per sq m? US$61 US$57 US$45 US$57 US$33 Average monthly warehouse rental per sq m? US$30 US$15 US$20 US$17 US$20 Must be a 51% shareholder for trading business Yes Yes Yes Yes Yes Must be a 51% shareholder for services business No No No No No English language proficiency % of population? 78% 75% 50% 75% 75% Incorporation requirements How long to secure company registration number? 1 month 3 weeks 2 months 1 month 2 months Minimum number of shareholders? 1 2 2 2 2 Individual and corporate shareholders allowed? Yes Yes Yes Yes Yes Minimum number of directors? 1 1 1 1 1 Resident director required? No No No No Yes Minimum paid up share capital? US$1 US41,000 US41,000 US$41,000 US$50,000 Fast turnkey solution available (click link)? Yes No No No No Fastest time Healy Consultants set up company? 5weeks 2weeks 6weeks 3weeks 8weeks Special permit or license required? Yes Yes Yes Yes Yes Corporate director(s) allowed? Yes Yes Yes Yes Yes Public register of shareholders & directors? Yes Yes Yes Yes Yes Tax and accounting considerations Corporate tax payable? 0% 0% 0% 0% 0% Withholding tax on dividends paid overseas No No No No No Annual financial statements required? Yes Yes Yes Yes Yes Statutory independent annual audit required? Yes Yes Yes Yes Yes Export taxes on goods and local GST or VAT? No No No No No Tax incentives for manufacturing start-ups? Yes Yes Yes Yes Yes Access to how many double tax treaties? 66 66 66 66 66 Number of tax exempt free zones available? 31 3 4 2 1 GCC member (click link)? Yes Yes Yes Yes Yes Corporate bank account considerations Healy Consultants’ preferred bank? HSBC Emirates NDB Citibank HSBC Ajman Bank How long to open corporate bank account? 4weeks 4weeks 4weeks 4weeks 4weeks Do I travel to open the bank account? No No No No No Can open a US$ or £ or € bank account? Yes Yes Yes Yes Yes Good internet banking available? Yes Yes Yes Yes Yes Funds transfer currency controls No No No No No Bank rating by World Economic Forum? 5.7 5.7 5.7 5.7 5.7 Ease of getting credit by WEF? 89 89 89 89 89 Employment considerations Average skilled labour monthly salary? US$3,500 US$2,450 US$3,500 US$2,200 US$2,500 Average unskilled labour monthly salary? US$800 US$750 US$800 US$700 US$750 Average pension/insurance benefits % of salary? 0% 0% 0% 0% 0% Minimum national salary? US$245 US$245 US$275 US$275 US$465 Mandatory labor unions? No No No No No Minimum notice to dismiss employees? 1 month 1 month 1 month 1 month 1 month Minimum redundancy indemnity? 1 month 1 month 1 month 1 month 1 month Quota ratio of foreign workers to local staff? No No No No No How long to get work permit approved? 3weeks 3 week 3weeks 3weeks 3weeks Manufacturing considerations Cost per 100 units of electricity? US$ 6.25 5.25 5.7 10.9 8.15 Rank for getting electricity (click link) 4 4 4 4 4 Warehousing space rental (per sq. m.)? US$30 US$15 US$20 US$17 US$20 Ranking for transport infrastructure (click link) (1-7 best) 6.6 6.6 6.6 6.6 6.6 Ranking for customs procedures out of 10 (click link)? 6 6 6 6 6 Average import duty % on raw materials? 0% 0% 0% 0% 0% Government incentives for startups? Yes Yes Yes Yes Yes Computer literacy % of population? 90% 85% 86% 80% 82% Internet connectivity rating? Strong Strong Strong Strong Strong Global business efficiency index (click link)? 23 23 23 23 23 Preferred manufacturing city? Dubai RAK Abu Dhabi Sharjah Ajman Proximity of sea port in kilometers? 44.9 8 14.7 13 2.3 Proximity of airport in kilometers? 44.5 18 20.8 18 26 Proximity of rail in kilometers? 0 0 0 0 0 Literacy % of population 90% 90% 90% 90% 90% Local purchasing power (GDP per capita) US$24,866 US$14,882 US$61,009 US$15,578 US$14,744 Average annual inflation rate in 2014? 3% 3% 3% 3% 3% Average unemployment rate in 2014? 2.60% 2.60% 2.60% 2.60% 2.60% Ease of doing business index (click link) 22 22 22 22 22 Country rating (click link) AA AA AA AA AA
offshore company
Summary at a Glance US$ US$ US$
Total company set up costs US$16,700 US$11,870 US$10,870
Subsequent annual costs US$7,750 US$4,470 US$4,470
Type of company LLC LLC LLC
How long to set the company up? 1 week 1 week 2 weeks
How long to open company bank account? 3 weeks 3 weeks 3 weeks
Issued share capital required US$1 US$1 US$1
Any restriction on activities? Yes No No
Corporate bank account in the UAE? Yes Yes Yes
Tenancy agreement required before incorporation? No No No
Do you visit the country for company incorporation? No No No
100% foreign ownership allowed Yes Yes Yes
Resident director or shareholder required? No No No
Can conduct business within the UAE? No No No
Legal registered office needed? Yes Yes Yes
Can rent office premises No No No
Can the entity hire expatriate staff? No No No
Bearer shares allowed? No Yes No
Documents to be legalized by Client Yes No Yes
Can invest in UAE real estate No No Yes
Legal considerations
Minimum number of directors 2 1 1
Corporate director allowed? No Yes Yes
Minimum number of shareholders 1 1 1
Company secretary needed? Yes No Yes
Resident company secretary? No No Yes
Corporate company secretary allowed? No Yes Yes
Individual shareholders allowed Yes Yes Yes
Corporate shareholders allowed Yes Yes Yes
Public register of shareholders and directors No No No
Tax and accounting considerations
Annual accounting and tax obligations No No No
Corporate tax payable (if non-resident) No No No
Accounting records to be kept? Yes Yes Yes
Statutory audit required Yes No Yes
Annual tax return to be submitted No No Yes
Can access double tax treaties No No No
Can apply for immigration visas No No No
Estimated of total engagement costs in Year 1 US$16,700 US$11,870 US$10,870
Draft Invoice
UAE Emirates comparisons
Dubai RAK Abu Dhabi Sharjah Ajman Our recommendation in order of preference 1 2 3 4 5 Summary at a glance Total year 1 engagement set up costs? US$ US$22,000 US$21,400 US$28,740 US$25,225 US$26,075 Total year 2 costs (incl. audit and tax)? US$ 9,850 10,400 15,350 9,850 9,950 Our Client must travel during the engagement? No No No No No Total engagement period? (months) 3 2 2 3 3 Corporation tax rate on net profits (click link)? 0% 0% 0% 0% 0% Average monthly skilled labor salary (click link)? US$3,500 US$2,450 US$3,500 US$2,200 US$2,500 Average monthly office rental per sq m? US$61 US$57 US$45 US$57 US$33 Average monthly warehouse rental per sq m? US$30 US$15 US$20 US$17 US$20 Must be a 51% shareholder for trading business Yes Yes Yes Yes Yes Must be a 51% shareholder for services business No No No No No English language proficiency % of population? 78% 75% 50% 75% 75% Incorporation requirements How long to secure company registration number? 1 month 3 weeks 2 months 1 month 2 months Minimum number of shareholders? 1 2 2 2 2 Individual and corporate shareholders allowed? Yes Yes Yes Yes Yes Minimum number of directors? 1 1 1 1 1 Resident director required? No No No No Yes Minimum paid up share capital? US$1 US41,000 US41,000 US$41,000 US$50,000 Fast turnkey solution available (click link)? Yes No No No No Fastest time Healy Consultants set up company? 5weeks 2weeks 6weeks 3weeks 8weeks Special permit or license required? Yes Yes Yes Yes Yes Corporate director(s) allowed? Yes Yes Yes Yes Yes Public register of shareholders & directors? Yes Yes Yes Yes Yes Tax and accounting considerations Corporate tax payable? 0% 0% 0% 0% 0% Withholding tax on dividends paid overseas No No No No No Annual financial statements required? Yes Yes Yes Yes Yes Statutory independent annual audit required? Yes Yes Yes Yes Yes Export taxes on goods and local GST or VAT? No No No No No Tax incentives for manufacturing start-ups? Yes Yes Yes Yes Yes Access to how many double tax treaties? 66 66 66 66 66 Number of tax exempt free zones available? 31 3 4 2 1 GCC member (click link)? Yes Yes Yes Yes Yes Corporate bank account considerations Healy Consultants’ preferred bank? HSBC Emirates NDB Citibank HSBC Ajman Bank How long to open corporate bank account? 4weeks 4weeks 4weeks 4weeks 4weeks Do I travel to open the bank account? No No No No No Can open a US$ or £ or € bank account? Yes Yes Yes Yes Yes Good internet banking available? Yes Yes Yes Yes Yes Funds transfer currency controls No No No No No Bank rating by World Economic Forum? 5.7 5.7 5.7 5.7 5.7 Ease of getting credit by WEF? 89 89 89 89 89 Employment considerations Average skilled labour monthly salary? US$3,500 US$2,450 US$3,500 US$2,200 US$2,500 Average unskilled labour monthly salary? US$800 US$750 US$800 US$700 US$750 Average pension/insurance benefits % of salary? 0% 0% 0% 0% 0% Minimum national salary? US$245 US$245 US$275 US$275 US$465 Mandatory labor unions? No No No No No Minimum notice to dismiss employees? 1 month 1 month 1 month 1 month 1 month Minimum redundancy indemnity? 1 month 1 month 1 month 1 month 1 month Quota ratio of foreign workers to local staff? No No No No No How long to get work permit approved? 3weeks 3 week 3weeks 3weeks 3weeks Manufacturing considerations Cost per 100 units of electricity? US$ 6.25 5.25 5.7 10.9 8.15 Rank for getting electricity (click link) 4 4 4 4 4 Warehousing space rental (per sq. m.)? US$30 US$15 US$20 US$17 US$20 Ranking for transport infrastructure (click link) (1-7 best) 6.6 6.6 6.6 6.6 6.6 Ranking for customs procedures out of 10 (click link)? 6 6 6 6 6 Average import duty % on raw materials? 0% 0% 0% 0% 0% Government incentives for startups? Yes Yes Yes Yes Yes Computer literacy % of population? 90% 85% 86% 80% 82% Internet connectivity rating? Strong Strong Strong Strong Strong Global business efficiency index (click link)? 23 23 23 23 23 Preferred manufacturing city? Dubai RAK Abu Dhabi Sharjah Ajman Proximity of sea port in kilometers? 44.9 8 14.7 13 2.3 Proximity of airport in kilometers? 44.5 18 20.8 18 26 Proximity of rail in kilometers? 0 0 0 0 0 Literacy % of population 90% 90% 90% 90% 90% Local purchasing power (GDP per capita) US$24,866 US$14,882 US$61,009 US$15,578 US$14,744 Average annual inflation rate in 2014? 3% 3% 3% 3% 3% Average unemployment rate in 2014? 2.60% 2.60% 2.60% 2.60% 2.60% Ease of doing business index (click link) 22 22 22 22 22 Country rating (click link) AA AA AA AA AA
Comments
Post a Comment