Offshore Company Formation in UAE
UAE is one among the top 10 countries in the world that holds the highest offshore wealth. Going offshore is one of the best methods to start or expand your business, as it comes with numerous perks. The tax and custom-free benefits coupled with complete anonymity has helped elevate offshore zones’ status as the most preferred type of company formation.
High level of confidentiality, wherein information on shareholders and directors are not disclosed, is what makes offshore unique and special. Also, you do not require a local sponsor to start an offshore company as it promises complete ownership to foreign investors.
Some of the principal purposes for which offshore companies are used in UAE are:
- International trading
- Investment in property and land
- Portfolio Investment
- Supply of professional services and consultancy
- Yacht, ship and aircraft ownership
- Intellectual property, royalty and trademark operations
- Estate planning as an alternative to trusts
The three principal jurisdictions offering offshore companies in the UAE are Ras Al Khaimah (RAK), Jebel Ali Free Zone (JAFZA) and Ajman free zone.
One of the fastest growing offshore zones, JAFZA, opens door to excellent global connectivity. The one specialty of JAFZA that makes it exceptional is that companies functioning in JAFZA (Jebel Ali Free Zone Authority) can own property in Designated Areas in Dubai. The offshore provides a healthy investment environment which helps in attracting a relatively consistent flow of foreign capital.
JAFZA also offers various other privileges to companies that setup business here. Non-Muslims who have companies in JAFZA offshore can create a Last Will and testament in DIFC courts. This will give long-term protection to their businesses.
A JAFZA offshore company can open bank accounts in any of the Dubai banks or banks in other jurisdictions.
Ajman free zone is one of the recent additions to the list of offshore jurisdictions and hence, company formation is much faster here. It hardly takes 1-2 working days to incorporate a company in Ajman offshore, once you submit all the relevant documents.
Ajman is one of the most sought-after offshore jurisdictions that lures investors from across the globe and its strategic location with close proximity to Dubai and Sharjah makes it easily accessible.
RAK offshore provides a productive and prolific environment for investors to setup their business. Majority of the companies registered in RAK offshore provide specialized services such as real estate, property investments and asset protection. You can also avail various marine-related services that include an open registration facility for vessels and yachts from across the world. RAK offshore was successful in expanding its client portfolio to more than 2000 international business companies in a short span of time.
UAE government takes various initiatives to promote a rich and flourishing atmosphere to establish and grow your business. This is evident from the diverse benefits offered by the offshore jurisdictions operating in UAE. They promise a trustworthy and reliable structure and helps boost the economy of the country to a great extent.