Offshore
Offshore companies in the UAE can open bank accounts but cannot issue work visas or maintain a physical office. They primarily serve as holding companies for overseas operations, offering financial, legal, and tax benefits.
Offshore Freedom.
Offshore companies in free zones like JAFZA and RAKICC can own real estate in the UAE.
Advantages:
- Low startup costs
- Fast incorporation process
- 100% tax exemption
- Full foreign ownership
- No paid-up share capital or audit requirements
- Ability to open multiple bank accounts
Key Features
Given below are the key features of an offshore company in the UAE:
Shareholders
A minimum of one shareholder is required and corporate shareholders are permitted. International corporate shareholders are required to have company documents attested.
Directors
A minimum of one director is required and corporate directors are permitted. Details of directors are not available on the public register.
Secretary
Every company must have a secretary. A company director may also act as a company secretary.
Share Capital
No minimum share capital is required.
Annual Reporting
Every company must keep accounting records for 7 years from the date of inception. The accounts do not however have to be filed with the RAK authorities.