The UAE has emerged as a jurisdiction of choice for firms willing to expand their business offshore over the recent years. Being the most dynamic and fastest-growing international financial centre worldwide and the business hub of choice in the Middle East region, the UAE is the ideal place for offshore expansion whether it is for restructuring, asset protection, wealth management, succession and estate planning or to establish a global presence.
Well positioned the World Bank’s Ease of Doing Business Index, the UAE has commanded growing attention from firms willing to grow and expand their business internationally basically due to its favourable tax regime and lack of complex bureaucracy.
UAE Offshore Company
An offshore company (or an International Business Company) is a legal business entity formed under the laws of some jurisdictions as a tax-free company which is not permitted to engage in business within the jurisdiction in which it is incorporated. Offshore companies are most commonly used to facilitate international trade and investment activities as well as offshore banking and ownership of real property, intellectual property, licensing and franchising.
The principal jurisdictions offering offshore companies in the UAE are Ras Al Khaimah International Corporate Centre (RAKICC), Jebel Ali Free Zone (JAFZA) and Ajman Free Zone.
Does offshore company formation in the UAE really come with attractive benefits as told? Let have a quick look at some of the major attributes of an offshore company.
- Tax Efficiency – UAE offshore companies benefit from 100% tax exemption, making them ideal for holding company, asset protection planning and international trade. There is also no capital gain tax.
- 100% foreign ownership –
- Fast Incorporation – A minimum of 3 days and a maximum of 7 days required for incorporation
- Confidentiality – Great discretion and confidentiality by the Registries and complete privacy, confidentiality and protection of assets and information. There is also no public register of shareholders and directors
- Full repatriation of capital is permitted
- Ownership of shares in foreign or UAE companies possible
- Real Estate Ownership
- Cost effective – Setting up an offshore company is one of the most cost-effective corporate solutions in the UAE as there is no office requirement
- The UAE has a stable and business-friendly legal system as well as a flexible regulatory regime
- UAE offshore companies can take advantage of more than 40 UAE double tax treaties
- An offshore company can be registered by a sole shareholder and director.
At Plus Consulting & Services International we will assist with registering your offshore company in Dubai and other major international financial centres. We will take care of all your business needs from the inception until the company has been registered and your bank account opened.