Offshore companies are permitted to open bank accounts in the UAE, but they are not allowed to provide work visas or establish physical offices there. Offshore licenses are frequently used as holding corporations and are primarily formed for operations in foreign countries with financial, legal, and tax advantages. The UAE allows offshore companies operating in free zones like JAFZA and RAKICC to buy real estate. As a registered and reputable agent for Dubai offshore company formation, GAAP Associates offer top-notch Offshore Company Formation services to clients. We provide end-to-end services for setting up and managing offshore companies in the United Arab Emirates. A number of services are provided, such as corporate and business documentation, the opening of bank accounts, license application procedures, etc. Additionally, while setting up your company, we will communicate with all relevant authorities on your behalf.
Both allow 100 per cent foreign ownership and are tax-free jurisdictions with no personal or corporate income taxes. Over 110 countries have signed Avoidance of Double Taxation Treaty Agreements (DTTAs) with the UAE. There are also unique offerings in both jurisdictions: RAK ICC is known as the cheapest and fastest way to form an offshore company in the UAE, with incorporation typically taking just a few days.
The RAK offshore jurisdiction has an enviable roster of more than 14,000 companies in 50 sectors, making it one of the most established offshore jurisdictions in the Middle East. The only offshore entities authorised to own property in the emirate of Dubai are JAFZA & RAK ICC offshore firms. The UAE allows all offshore businesses to open multi-currency accounts and conduct international business.
The number of directors varies depending on the offshore location. Two directors are required for Jebel Ali Offshore Company. RAK offshore just requires one director.
No, you can be the sole proprietor of your offshore business. There won't be a requirement for a local sponsor as a result.
Yes, it is possible for a foreigner to own 100% of a company.