International Business Companies can usually be set up within two working days on condition of receipt of all the required information from clients.

Providing we have all the required documentation, we can open a bank account in the Emirates within a further two working days.

No, Dubai and RAK are not party to information exchange programs.

The Emirates maintain a high level on confidentiality and security of client information and are not part of the OECD – Organization of Economic Cooperation and Development.

No – this is not a legal requirement. Financial records can be kept anywhere.

If you transfer the ownership of assets from ‘an individual’ (e.g., you) to ‘a legal entity’ (e.g., your offshore IBC) and you are no longer the owner of the assets, they are protected from anyone pursuing you personally and it becomes hugely difficult for anyone to be successful in suing you for your assets – however, as you ‘own’ the IBC and are still in control of the company so you are still in control of your assets!

No – this is a common misconception. It is not illegal to transfer your assets or funds offshore.

There is no law prohibiting it and it is in fact your right to legally minimize your taxation liability.

Power of attorney or POA is given to an agent (which can be a family member, a trusted person or a nominated professional.) The POA has the’ power’ to act on certain undertakings as outlined in a legal document produced by the shareholder/s. These undertakings can range from incorporating the company and signing on behalf of the true shareholder or simply opening the bank account on behalf of the shareholder/s. Care must be taken to have a carefully written POA so that the true owner retains all rights and powers of the company and the POA acts only as a signatory.

The answer to this question will depend entirely on your personal circumstances.

A nominee is either a person or a corporate entity nominated to fill the position of the owner or director of the offshore IBC but who is not the true owner or director of the offshore IBC.

This simply protects the identity of the beneficial owners, shareholders or directors of the business.

First Offshore became one of the very first licensed government agents both in Dubai (JAFZA) in 2003 and in Ras Al Khaiamah (RAK Offshore) in 2007. Having many years of experience in the field we are committed to offer a variety of support and backup facilities.