Offshore Company In Dubai | Can Be Done Confidentially
Offshore company in Dubai: Registration of property, Dubai land department rules, how to set up your offshore company in Jebel Ali
Offshore company in Dubai: This article discusses some important aspects of buying property in Dubai as well as Dubai Land Department (DLD) rules and an overview of the process for property registration.
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Dubai has enjoyed a boom in construction since 2002 when foreign nationals first became eligible to own property. Foreign freehold property ownership is allowed in designated areas and owners are deemed to have absolute rights in their property.
If you don’t want others knowing that you have invested in property overseas, buying property in Dubai can be done confidentially by purchasing property in the name of a Jebel Ali (JAFZA) offshore company.
Offshore company in Dubai: Buying property in Dubai and registering it
There is a structured property purchasing process in Dubai. So it’s important to deal only with reputable developers and Real Estate Regulatory Agency (RERA) registered agents. Registration is done only through the Dubai Land Department or one of the 13 Registration trustee’s offices throughout Dubai.
Offshore company in Dubai: Land department rules
The Dubai Land Department, (DLD), provides registration and titling of property. In most cases, the significant costs for buying freehold property in Dubai is a 4 percent land registry fee, payable on completion of the sale and your Real Estate Agent’s commission which could total up to another 4%.
In 2011, the Dubai Land Department banned the registration of property in the name of all offshore companies or companies not registered onshore in Dubai. The only exception is for Jebel Ali offshore companies.
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Offshore company in Dubai: Jebel Ali offshore
Previously, individuals could use any foreign company to hold their property, if desired, but now they can only use a company that’s registered with a trade license in Dubai, or a Jebel Ali offshore company. Jebel Ali offshore entities can own property in any of the projects in Dubai that are owned by Dubai World, Dubai Holdings, and Emaar Properties or other developers.
Offshore company in Dubai: Process of setting up and registration of property
To set up an offshore company
The incorporation of an offshore company in Dubai consists of registering documents and information with the Registrar, as follows:
- Name and address of the offshore company
- Type of business
- Name and address of founders
- Amount of share capital
- Articles of association
- Any other document the Registrar may ask for
After registration, the company receives a certificate of registration and an identification number.
To register property
The parties submit the standard contract at one of the 13 Registration trustee’s offices throughout Dubai.
You will also need
1. Company trade license, original or copy
2. Shareholder certificate in Arabic & English
3. Memorandum of the company in Arabic & English
4. Board Resolution in Arabic & English
5. Power of Attorney from Company in Arabic & English
6. Passport copies of shareholders
Parties then sign the contract and submit the application to one of the trustee office’s employees in presence of their RERA registered real estate agent.
The trustee then proceeds to register the new owner at the Dubai Land Department, which is completed within 4 days.
The registration trustee’s fee is AED 2,000 (If the registered/transferred property value is less than AED 500,000) or AED 4,000 (If the registered/transferred property value is equal to or more than AED 500,000).
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