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Offshore Company
In the UAE, there are several zones with special status that are attractive for establishing offshore companies, such as RAK ICC (Ras Al Khaimah International Corporate Centre), Jebel Ali Free Zone (JAFZA), Dubai Multi Commodities Centre (DMCC), and others. These zones offer various benefits, including tax incentives, simplified registration procedures, and a high level of confidentiality. Each has its own characteristics suitable for different types of businesses.
1. Ras Al Khaimah International Financial Centre (RAK ICC)
The offshore company RAK ICC is a popular and accessible type of business to establish in the Emirate of Ras Al Khaimah. Formed as a result of the merger of two major offshore companies in the UAE in 2017, RAK ICC can be used for international business of almost any nature.
However, since the company cannot engage in commercial activities within the UAE, it can be utilised, for example, for holding real estate in Dubai. This offshore company is also ideal for startups or large enterprises operating outside the UAE.
Due to its nature, it does not grant the right to obtain UAE resident visas.
2. Jebel Ali freezone (JAFZA Offshore)
JAFZA Offshore, a type of an offshore company registered by a Jebel Ali Free Zone in Dubai, once exclusively held the privilege of owning real estate in Dubai, making it a sought-after choice among property owners. However, recent developments have changed the situation, allowing a more cost-effective option with RAK offshore company for property registration.
Notably, JAFZA Offshore is prohibited from having offices or facilities in the UAE under its name, adhering to the standard offshore practice of utilizing an agent's legal address. Business activities for this entity are restricted to the international realm, precluding operations within its UAE incorporation.
3. DMCC
Dubai Multi Commodities Centre (DMCC) is a free trade zone in Dubai, offering business setups for various industries, including commodities trading, gold, and other related industries. Setting up an offshore company there can provide tax advantages and a business-friendly environment.
Foreign investors can have 100% ownership of their companies in DMCC, making it an attractive option.
4. Ajman Freezone
Ajman Freezone offers a variety of business setup options and facilities. It entered the offshore company registration scene in the UAE later than others, mirroring DMCC in not making it their primary focus from the start.
5. DIFC
The Dubai International Financial Centre (DIFC) is a financial free zone in Dubai, with the status of an autonomous jurisdiction. It provides a favorable environment for financial institutions and companies and ensures judicial independence in English. DIFC has provided registration services for Special Purpose Vehicles (SPVs) for an extended period. An SPV, akin to an offshore company, is exclusively utilized for specific purposes like investment holdings, estate planning, or managing funds, wealth, or shares.
6. ADGM
ADGM, or Abu Dhabi Global Market, is an international financial center in Abu Dhabi. It provides infrastructure for financial services, including banking, asset management, and insurance.
ADGM offers offshore companies appealing tax conditions and a reliable legal system, attracting businesses from around the world.
In 2018 they started registering SPVs as well.
7. Redomiciliation
Redomiciliation in the UAE refers to the process of transferring a company's registration from one jurisdiction to another within the United Arab Emirates. It allows businesses to relocate while maintaining legal continuity. This can be advantageous for companies seeking a more favorable business environment or strategic location within the UAE.
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