The UAE is one of the top jurisdictions where foreign investors wish to incorporate an offshore company. An offshore company is a legal entity established under the laws of specific jurisdictions, which is not permitted to engage in business within the jurisdiction in which it is incorporated. The UAE offshore company formation allows foreign companies to own freehold properties, protect assets, and enjoy lower taxation.
However, you need to choose from three options for setting up an offshore company in the UAE. They are the Jebel Ali Free Zone Authority (Jafza), Ajman Offshore, and Ras Al Khaimah International Corporate Centre (RAK ICC). Differentiating between the features, and requirements of each of the offshore company formation options in the UAE might be tough for foreign investors. Registered agents in the UAE can help you choose the right option for setting up an offshore company. Read ahead to know more about the three offshore company options in the UAE:
Offshore Company in Jebel Ali Free Zone
The free zone authority at Jafza is regulating Jafza offshore companies. Jafza is one of the oldest free zones in the UAE, offering excellent benefits for company formation. The eligibility to own real estate properties in Dubai is one of the biggest benefits associated with Jafza offshore company formation. You need to have a minimum of one or more shareholders to register an offshore company with Jafza.
However, the authority has not put any restriction on the maximum number of shareholders for Jafza offshore company registration. The shareholder in a Jafza offshore company can be a natural person (individual), a legal person (company), or a combination of both. Jafza will not issue a trade license for the offshore company but you will get a certificate of incorporation. You can have 100% ownership in a Jafza offshore company and the office and the registered office space of the offshore company will be that of its registered agent in the UAE.
The RAK ICC Offshore Company
The RAK ICC is one of the fastest-growing international corporate registries with an excellent reputation for compliance and professional services. Like Jafza, the RAK ICC also enables you to have 100% ownership in the company and you don’t need to find a local partner. The RAK ICC offshore company formation gives you access to the Common Law Courts of the Abu Dhabi Global Markets (ADGM) and the Dubai International Finance Centre (DIFC), as well as the local courts in Ras Al Khaimah.
Setting up a RAK ICC offshore company is highly cost-effective and there are no restrictions on the type of shares or shareholders. There is no minimum capital requirement in a RAK ICC offshore company. Furthermore, RAK ICC offers an adequate pool of resources and infrastructure to allow companies to meet their Economic Substance Regulations (ESR) requirements in the UAE. Consult with registered agents in the UAE for more information.
Offshore Company in Ajman
The Ajman offshore company formation process is being regulated by the Ajman free zone authority. Registering an offshore company is more flexible when compared to other offshore jurisdictions such as Jafza and RAK ICC. If you decide to set up an offshore company in Ajman, you will get more activities to choose from compared to RAK ICC and Jafza. Most importantly, you can even choose high-risk activities such as commodities trading, credit & finance bank, currencies & monetary broker etc. Registered agents in the UAE can help you open an Ajman offshore company.
Common Features & Benefits of UAE Offshore Company Formation
Setting up an offshore company in Jafza, Ajman or RAK ICC offers you exclusive benefits and access to unique features. Some of the benefits commonly shared by the three options of offshore company formation in the UAE are listed below:
- 100% ownership, no local partner required
- Personal income tax exemption
- Exemption from other taxes
- Secure transfer of profits and capital
- World Class infrastructure
- No restrictions on foreign currency
- No need to rent any office space
Hire Registered Agents in the UAE for Offshore Company Formation
Foreign investors can use the information from this blog to choose the right option for setting up an offshore company in the UAE. However, irrespective of your selection, you need to hire registered agents in the UAE for setting up an offshore company. Jitendra Business Consultants (JBC) has carved a niche in the company formation industry with its reliable and affordable services. We are one of the leading providers of offshore company formation services in the UAE with years of experience. Consult with JBC today to register an offshore company in the UAE without any hassle.