Offshore Companies are businesses incorporated outside of one’s country of residence. The UAE is a progressive country with extensive commercial opportunities making it a global hub for business enterprises. For offshore set up there is an ideal tax-efficient structure to do international trade. Other benefits that come with the offshore company formation in Dubai are a gateway to international markets, business-friendly legal systems, global funding, to hold assets of subsidiary Companies, act as holding company and a base to protect assets.
The three prime authorities offering Offshore Companies in the UAE are Jebel Ali Free Zone (JAFZA), Ajman Free Zone ( AFZA) and the Ras Al Khaimah (RAK). A Free Zone pledges “tax-free” jurisdictions that levy no income tax or corporate tax and permit 100% foreign ownership. Plus, the UAE has Double Tax Treaty agreements with over 40 other countries.
Offshore Companies are permitted to open multi-currency accounts in the UAE and carry out business internationally. They are not legalised to carry on business with persons resident in the UAE or have physical premises within the UAE. There are many advantages of forming an offshore company in Dubai and UAE.
All above free zones come with a set of temping advantages; while RAK and AFZA are cost-effective, JAFZA allows legal permission to own property in Dubai and easy to open a bank account in Dubai.
As per local company law, all above three RAK International Companies (RAKICC), Ajman Free Zone ( AFZA) and JAFZA Offshore Companies are accountable to appoint an approved registered agent.
Offshore company formation in Ajman is regulated by Ajman freezone Authority which was established in 2014. Ajman offshore company formation in UAE is the common choice for offshore business setup because it has a lot of benefits such as cost-effective and quick registration process, zero tax, confidentiality on directors and shareholders, the option of opening a bank account in UAE and anywhere in the world, 100% profit and capital repatriation, and 100% foreign ownership. Moreover, Ajman offshore company formation can run multiple businesses under a single license.
RAK Offshore Company Formation is a strategic offshore option located in the Emirates of Ras Al Khaimah that takes only one hour's drive from Abu Dhabi. Ras Al Khaimah has a fast pace growing economy in different business sectors with a GDP growth of 26%, especially in the manufacturing industry. RAK offshore is the option for offshore business setup as the cost of running a business is between 25 to 50% lesser compared to the other UAE emirates which makes it ideal for growth and higher returns on investment.
Jebel Ali Freezone popularly known as JAFZA is the best choice for offshore company formation in Dubai. JAFZA was established in 1985 in an industrial zone that surrounds the Port of Jebel Ali, which is among the biggest ports for imports and exports. Setting an offshore company in JAFZA comes with many benefits such as corporate tax exemption for 15 years, no personal income tax, or duties on imports and exports, an easy labor recruitment process, and no currency limit.