Get a UAE Visa-free life and a free flexi desk with IFZA company formation!!

IFZA has announced that they are giving UAE Visa free for life, as well as free flexi desks at IFZA company formation!! We will be happy to answer any questions you may have about company formation in general or about IFZA specifically! Please let us know if there’s anything else we can help you with! 

To know more Email us at sagar.mehta@gbsei.com or call at +971 50 899 2852

Valid up to 30th June 2022

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The UAE Ministry of Finance (MoF) on 31^st January 2022, announced the introduction of the Federal Corporate Tax (CT) on business profits effective for financial years starting on or after 1 June 2023. While the UAE MoF is finalizing the UAE CT legislation, on 28^th April 2022, it issued a Public Consultation Document (PCD) covering various aspects of the proposed law and seeking feedback from business stakeholders.

The consultation outlines the rationale for a federal CT regime and the key principles. It aims to share updates and gather information on a number of key topics.

The PCD helps to give us an idea of the direction for the roll out of CT in the UAE in 2023. However, this guidance document should not be relied upon to make business decision as this could be subject to change based on the feedback from the consultation. This document doesn’t reflect final CT law and full text of law will be issued in due course.

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Panama has launched a private register of beneficial owners of Panamanian entities. Law No. 129, which sets out the legal framework for the establishment and regulation of a beneficial owner register, was approved on March 17, 2020 and became law on March 20, 2020.

For more details, call us now on 050-8992852 or drop an email at sagar.mehta@gbsei.com

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Cyprus Introduces Registers of Beneficial Owners

As of 16 March 2021, every company or legal entity established in Cyprus is obliged to maintain adequate information about its Beneficial Owners (BO’s) and submit it to the register. Companies formed prior to 16 March 2021 have a six-month transition period to comply with the new requirements.

For more details, call us now on 050-8992852 or drop an email at sagar.mehta@gbsei.com

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Seychelles Accounting Records Keeping Obligations

In accordance with the Amendment 2021, all Seychelles IBCs and registered entities under the Seychelles IBCs Act are obliged to retain their accounting records at their registered office in the jurisdiction.

The requirement of accounting records maintenance at the Seychelles’ registered office is also applicable to business entities regulated under Foundations Act, Limited partnerships Act and Trusts Act. Note that such records need to be maintained for no less than 7 years from the transaction completion date.

For more details, call us now on 050-8992852 or drop an email at sagar.mehta@gbsei.com

Seychelles Company Registrations Procedure

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RAK ICC International Companies Increase in Government Fees – January 2022

The annual renewal fee has been revised to AED 3,000 for all RAK ICC companies w.e.f. 1^st Jan’22. The small rise of AED 250 is due to the increased administrative requirements for UAE companies.

For more details, call us now on 050-8992852 or drop an email at sagar.mehta@gbsei.com

RAK Offshore Company Formation Cost & Details

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The International Business Companies Act was passed in 1984 and created the International Business Company (IBC) which is the preferred offshore company vehicle. In recent years the BVI has become extremely popular, particularly in the Far East region in 2004. IBC Act was abolished and replaced by BVI Business Companies “The BVIBC Act 2004”. BVI BC Act 2004 includes a number of important provisions that make the BVI Business Company (“BVIBC”) an extremely versatile and adaptable corporate entity for private portfolio holding companies, trading companies, mutual funds and property holding companies.

Benefits of British Virgin Islands:

• Modern, flexible and commercially minded BVI corporate legislation Minimal capitalization,
• BVI Companies are not subject to “thin capitalization” rules or any capital maintenance requirements,
• BVI Companies ordinarily enjoy broad corporate capacity. They can undertake any lawful act or activity, and there are no restrictions relating to corporate benefit nor are they limited by financial assistance restrictions,
• BVI has no income tax, corporation tax, capital gains tax, wealth tax or similar fiscal laws,
• BVI companies are still inexpensive compared to other premium jurisdictions such as Cayman and Bermuda,
• The BVI has a quick and simple system relating to secured creditor registration which facilitates leveraging assets where a BVI company needs to do so in order to raise capital
• The BVI has a quick and simple system relating to secured creditor registration which facilitates leveraging assets where a BVI company needs to do so in order to raise capital

• No public record is maintained as to the identity of Shareholders

Basic documents required for British Virgin Islands Company set up:

1. For Individual Director or Share holder:

• Notarized Passport copy with photo & signature,
• Emirates id copy of shareholder/director/manager,
• Latest Address proof not older than 3 months,
• Bank Reference Letter in English not older than 3 months,
• Profile/CV of shareholder/director/manager,
• Professional Reference Letter in English not older than 3 months,
• Duly filled Fatca Form/ UBO Declaration
• Notarized US Declaration (if US Citizen)

2.For Corporate Director or Share holder:

• Certificate of Registration or any equivalent document,
• Registered address and place of business,
• Memorandum and Articles of Association,
• Latest Certificate of Good Standing,
• Register of Directors,
• Register of Share-holders,

Company Formation Estimated Cost & Estimated Time:

BVI set up fee is USD 2,080/-

Estimated Time to complete the set up is around 4 to 5 working days after submission of application documents to the authority.

How can GBS help?

Global Business Services (GBS) is a professional organization that offers advisory, commercial, accounting, company formation & administration services in tax efficient jurisdictions around the world. The team at GBS has since inception, developed an excellent understanding of corporate requirements. We are known in the market to provide a higher standard of company setup guidance – without higher costs. We provide a free consultation that will help answer every question you may have about setting up a company in the UAE.

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal, tax or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions. We also suggest that independent legal, tax, professional advice be obtained by the user of this information before proceeding with incorporation.

Company Formation in BVI

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Characteristics of Seychelles IBC:

• Minimum one shareholder is required and can issue shares in registered form,
• Minimum one director is required and corporate directors are permitted,
• The secretary may be a natural person or body corporate, be of any nationality and need not be resident in the Seychelles,
•  Entity name must end with Limited, Corporation, Incorporated

Basic documents required for Seychelles IBC Registration:

1. For Individual Directors, Shareholders and Ultimate Beneficial Owners:

• Passport and Visa page/ entry stamp in UAE of shareholder/director/manager,
• CV/Profile of shareholder/director/manager,
• Original copy of utility bill or local authority tax bill not older than 3 months,
• Bank Reference Letter not older than 3 months (time period the client has been dealing with the bank is minimum of 2 years),
• Professional reference letter (can be issued by Lawyer or Certified Public Accountant),
• Fatca Form/ UBO Declaration,
• Notarized US Declaration (if a US Person)

2. For Corporate Shareholders:

• Certificate of Incorporation,
• Registered address & place of business,
• Certificate of Good Standing,
• Register of Directors,
• Register of Shareholders,
• Memorandum & Articles of Association

Company Formation Estimated Cost & Estimated Time:

Seychelles IBC Incorporation fee starts from USD 1,150/-

Estimated Time to complete the set up is around 3 to 4 working days upon approval from compliance.

How can GBS help?

Global Business Services (GBS) is a professional organization that offers advisory, commercial, accounting, company formation & administration services in tax efficient jurisdictions around the world. The team at GBS has since inception, developed an excellent understanding of corporate requirements. We are known in the market to provide a higher standard of company setup guidance – without higher costs. We provide a free consultation that will help answer every question you may have about setting up a company in the UAE.

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal, tax or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions. We also suggest that independent legal, tax, professional advice be obtained by the user of this information before proceeding with incorporation.

Seychelles Company Incorporation

The post SEYCHELLES INTERNATIONAL BUSINESS COMPANIES (IBC) appeared first on GBS.

An initiative of Dubai Silicon Oasis Authority, Dtec is designed to conveniently set up a new business in Dubai. From 100% business ownership, visa processing, 24/7 access, high speed wifi, a range of creative meeting and events spaces, Dtec has it all. Setting up a business has never been easier!

For technology startups and entrepreneurs looking for flexible coworking or office space in Dubai for rent, Dtec offers a nurturing, supportive community from which to set up their new business. The largest technology innovation hub in the MENA region, the 10,000 sqm creatively designed workspace hosts an integrated ecosystem, home to hundreds of startups, SMEs and technology entrepreneurs from around the world.

Advantages of DTEC:

•         100% Foreign ownership,
•         100% repatriation of capital,
•         100% exemption from personal income tax, corporate tax, service tax, import and export tax,
•         No currency restriction,
•         Low cost of operations,
•         Access to regional pool of talented and engineering professionals,
•         Access to consumer markets of 5 billion people across MENA and Indian Subcontinent

Characteristics of DTEC Company Setup:

• Activities Permitted – Computer Graphic Design Services, Software House, Electronic Chips Programming, IT Infrastructure, Web-Design, Public Networking Services, Internet Content Provider, Portal Building And Portal and many more
• License Provided – Service License
• Type of Companies – FZE (single shareholder), FZC (2-10 shareholders) and Branch office
• Share Capital – AED 10,000/- (Minimum)
• Estimated Time – 3 to 4 weeks

Basic documents required for DTEC Company Registration:

• Passport and Visa page/ entry stamp in UAE of shareholder/director/manager
• Emirates id copy of shareholder/director/manager
• CV/Profile of shareholder/director/manager
• Business Plan
• NOC from existing sponsor for shareholder/director/manager

Company Formation Estimated Cost:

DTEC company setup begins from AED 22,000/- subject to fulfillment of DTEC requirements.

How can GBS help?

Global Business Services (GBS) is a professional organization that offers advisory, commercial, accounting, company formation & administration services in tax efficient jurisdictions around the world. The team at GBS has since inception, developed an excellent understanding of corporate requirements. We are known in the market to provide a higher standard of company setup guidance – without higher costs. We provide a free consultation that will help answer every question you may have about setting up a company in the UAE.

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal, tax or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions. We also suggest that independent legal, tax, professional advice be obtained by the user of this information before proceeding with incorporation.

Company Formation in Dubai

The post Business set up in DTEC– Dubai Technology Entrepreneur Centre appeared first on GBS.

RAK International Corporate Centre is a modern, world class Company Registry operating in full compliance with international standards and best practices in the International Business Company formation industry. RAK International Corporate Centre will be at the forefront of International Business Company formation services and continually develop our suite of products to meet the needs of our customers.

Advantages of RAKICC International Company:

• Foreign ownership,
• Conducting business without corporate/personal taxes,

• Conducting business as an international entity,

• Open bank accounts locally and internationally,

• Protecting investments in other foreign countries,

• Simpler transfer of assets and properties held in several countries,

• Dispute resolution for settlement of commercial disputes,

• Transfer of domiciliation of Continuation
• Own properties in UAE including Dubai

Basic documents required for RAKICC ICC Registration:

1.For Individual Directors, Shareholders and Ultimate Beneficial Owners:

• Passport and Visa page/ entry stamp in UAE of shareholder/director/manager,
• Emirates id copy of shareholder/director/manager,

• CV/Profile of shareholder/director/manager,

• Original copy of utility bill or local authority tax bill not older than 3 months,

• Bank Reference Letter not older than 3 months,

Fatca Form/ UBO Declaration

2.For Corporate Shareholders:

• Notarized Copy of company documents (Certificate of Registration, M&AA, Registers etc.)
• Certificate of Good Standing,

• Certificate of Incumbency,

• Attested Resolution approving the incorporation of the RAK ICC Company

Company Formation Estimated Cost & Estimated Time:

RAKICC IC Incorporation fee is AED 2,500/- & RAKICC IC Annual renewal fee is AED 2,750/-

Professional Fees for Incorporation and Annual Agent fees are not included in above & will be quoted separately.

Estimated Time to complete the set up is around 3 to 4 working days after submission of application documents to the authority.

How can GBS help?

Global Business Services (GBS) is a professional organization that offers advisory, commercial, accounting, company formation & administration services in tax-efficient jurisdictions around the world. The team at GBS has since inception, developed an excellent understanding of corporate requirements. We are known in the market to provide a higher standard of company setup guidance – without higher costs. We provide a free consultation that will help answer every question you may have about setting up a company in the UAE.

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal, tax or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions.

#RAK Free Zone License Cost

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