Foreign investors undertake offshore company formation in the UAE through registered agents who act as an intermediary between the offshore authority and the investors. Foreign investors by law are not allowed to register an offshore company in the UAE directly with the ‘Companies Registry’ and this makes the role of registered agents indispensable for the investors. However, the services of registered agents are not limited just to registering an offshore company in the UAE.
The agents give the investors a registered address, personnel, and provide advisory services in addition to ensuring compliance with various regulations such as AML/ CFT and the recent Economic Substance Regulations (ESR).
Packing all the services of registered agents in Dubai, UAE is an unrealistic endeavour and let us discuss their role in detail in a point by point by manner.
1. Registered Agents Provide a Registered Address
Globally, all offshore jurisdictions, including the UAE, mandate that the International Business Companies (IBC) should have Registered Addresses in the country of registration. The offshore companies can use the address of the registered agents as Registered Address. The name and address of the Registered Agent of all the IBCs are filed with the Registrar of companies. The Registered Address of the company will be the IBC’s mailing address as well.
2. Registered Agents as Advisers
It is mandatory that the Registered Agent should be located in the Registered Address of the IBC. The registered agent is a licensed corporate body that provides advisory services on company formation in Dubai, UAE, administration and management services etc. This means the Registered Agent should be a fully staffed, equipped, qualified and regulated firm, which provides such services to a considerable number of clients and their international business companies. This means the investors get the right advice on where to register the company, be it company formation in RAK ICC, Ajman or JAFZA. Also, the registered agents take care of all the legal procedures of offshore business setup in Dubai, UAE.
3. Point of Contact for Govt, Court & other Parties
The IBCs ensure their physical presence in the UAE through the office of the Registered Agents. Any notices or official communication intended for the offshore company will be sent to the Registered Address of the agent. In essence, the Registered Agents act as the point of contact between the IBC and Registry/ Creditors/ Court. Such parties and authorities require a staffed office address for sending communications and the registered agent’s office serves this purpose effectively.
4. Efficient Secretarial Services
Registered Agents provide reliable and efficient secretarial services for those to initiate offshore business setup in Dubai, UAE. This mainly includes the regular functioning of the entity after its incorporation. The registered agents in Dubai assist with drafting all the documents, assisting in the submission of documents, keeping the registry, and ensuring that the company is complying with annual reporting requirements if applicable. The registered agents also assist in filing changes if there will be any changes in the company structure.
5. PRO & Administrative Services
By hiring the services of the registered agents in Dubai the foreign investors get access to trusted administrative and PRO services. All the routine administrative tasks will be handled by the registered agents in Dubai. The agents apply for PO Box numbers and handle corporate documents such as Memorandum of Association, Certificate of Incorporation, Articles of Association, and other certificates. Handling of all the UAE company formation documents, safeguarding customer information, verification of the identity of the customers will be done by the registered agents. Apart from that, all the follow-up services with the authorities are also carried out by the registered agents in Dubai.
6. Conducts Due Diligence for the Company
Registered agents play a pivotal role during offshore company formation in Dubai, UAE as they ensure that the IBC is complying with all the regulations. The investors need not worry about the due diligence requirements as the registered agent does it during the time of UAE company formation as well as every year after the incorporation. Many offshore authorities including JAFZA and RAK ICC insist on reporting requirements such as AML/CFT and ESR. The companies that carry out the relevant economic activities are required to demonstrate their economic substance in the UAE as per the ESR law. Registered agents in Dubai ensure that the annual ESR notification and ESR returns are filed as per the time prescribed by the regulatory authority. Since these are annual requirements, the registered agents will send timely reminders and ensure the investors are complying with the regulations.
Jitendra Business Consultants (JBC)
Registered Agents with JAFZA, RAK ICC & Ajman Offshore Authority
A foreign investor who is planning to commence offshore company formation in Dubai, UAE is required to hire registered agents or investors suffering due to poor or expensive services by a registered agent should look for a change of registered agents. Registered agents in Dubai, UAE are basically corporate professional CAs or Lawyers or consultants that are licensed to perform a wide range of activities such as company formation, audit, business advisory and accounting etc. The offshore investors need the registered agents to help with company formation in Dubai, UAE and also for the administrative services.
Choosing the registered agents in this scenario becomes a critical task in this scenario as the investors need to consider the quantum of services offered by the agents and also need to weigh it based on the quality of such services. In this respect experienced registered agents in Dubai, UAE such as Jitendra Business Consultants (JBC) shines in every aspect. JBC has been providing quality registered agent services in Dubai, UAE for years and hundreds of companies have benefited from the firm’s services. JBC has incorporated companies in RAK ICC, Ajman Offshore and JAFZA in a smooth and easy manner. As premium registered agents in Dubai, JBC’s services are seamless, robust and affordable.