- April 8, 2017
- Posted by: DBS
- Category: Dubai Business Services
Offshore company Formation
UAE Offshore Companies shouldn’t be compared with UAE Free Zone Companies. An offshore Company is an authorized business unit that is established with the objective of operating outside the jurisdiction under which they are registered and the position of its possession.
Benefits of utilizing offshore incorporation services include:
- Provides an access for expansion of international market
- Gateway to a business-friendly legal system
- Way to a more flexible regulatory regime
- Provides window to global funding
RAK and the Free Zone of Jebel are the two principal jurisdictions offering offshore Companies, and they are Tax-Free jurisdictions and permit complete foreign ownership. There are nearly 40 countries with which UAE signed Double Tax Treaty Agreement.
Multi-currency accounts are permitted for Offshore Company in UAE to carry out business internationally.
RAK and JAFZA have different benefits. RAK is known for its cost effectiveness and JAFZA is the only Offshore Company of UAE that lawfully permits to own property situated in Dubai.
JAFZA Offshore Company Incorporation
The inception of JAFZA took place in 1985. It is an area surrounding the Jebel Ali Port. It permits companies to enjoy special honors of the free zone like:
- Exemption from corporate tax
- No personal income tax
- No export or import duties
- No currency restriction
- Easy labor recruitment
Key Features of JAFZA Offshore Company
- At least one shareholder is required. An International stakeholder is required to have all business documents attested.
- No minimum capital requirements.
- Every corporation has a secretary. Company director may also act as Company Secretary.
Key benefits of an offshore company JAFZA:
- Complete foreign ownership
- Local Real Estate Ownership
- Shares in Local Companies
- Name of shareholders and directors do not have to be disclosed on a public register
RAK Offshore Company incorporation
Ras Al Khaimah has the maximum level of industrialization in the UAE. It has regulated under the Ras Al Khaimah Free Trade Zone Authority under International Companies Regulation Act 2006.
Key features of RAK Offshore Company:
- Minimum one stakeholder is required. International corporate Stakeholder is necessary to have all company document attested.
- Every company must have a secretary. Company director may also act as Company Secretary.
- No minimum share capital requirements.
- Every single company must keep accounting chronicles for 7 years from the date of preparation.
Key benefits of opening of RAK Offshore Company
- Complete foreign Ownership
- Local Bank Account policy
- Fast Incorporation
- Name of stakeholders and directors not to be disclosed on public register