An offshore company is an organization or agency that is situated outside the boundaries of one’s country; in a foreign country. This means that the company is above national law. It is a company that is enlisted in some other country where all its partners, members, directors, etc. reside. This company, however, falls into the jurisdiction of the country it resides.
One of the main reasons this is done is to avail the benefits of the law that are not available in one’s country such as saving of taxes and taking advantage of foreign business opportunities etc. An RAK offshore company formation brings endless opportunities for businessmen and entrepreneurs.
An offshore company like any domestic company can engage in various kinds of commerce like banking, forming a business or own properties. To set up an offshore company is often easier than that of an onshore company.
The following processes are involved in setting up an offshore company.
- Choose your favored annexation:
It is important to choose your jurisdiction according to the business you intend to do and where. You can either start a company with a single asset or open a quiet trading business, it’s up to you. Deciding the right corporation is what is necessary.
- Pick a name:
After you have chosen a jurisdiction, the next step is to give a name to the company. There are several words prohibited by the country to use as a name while a lot of them have been used already. It is better to have 3 preferred names just in case the other names have already been used.
- Submit relative documents:
The next step is to provide due diligence documents including an attested copy of your passport, driver’s license, residential address and a complete plan containing all the details of the propound activities.
- Proffer an order form:
The order form contains following information 1) the kinds of share issued. 2) Who will be the director and the shareholders of the company 3) If the company would have a secretary or not. It is also necessary to provide details about the means of communicating with you and also the services you would provide.
The last step is to make payment to initiate the process of forming an offshore company. There are different ways of making a payment. Find out here now further details in this regard.