An ‘Offshore Company’ is a legal business entity that is set up with the intention of operating outside its registered jurisdiction and/or the location of its ultimate ownership. The three principal jurisdictions offering offshore companies in the U.A.E. are Ras Al Khaimah (RAK), Ajman Free Zone and the Jebel Ali Free Zone (JAFZA). All are “tax free” jurisdictions that levy no income tax or corporate tax and permit 100% foreign ownership. The U.A.E. has double tax treaty agreements with over 40 other countries. INTRODUCTION The Jebel Ali Free Zone Authority (JAFZA), in conjunction with the Dubai Government, introduced the Offshore Company in 2003 under the Jebel Ali Free Zone Offshore Companies Regulations 2003. It is an industrial area surrounding the Jebel Ali Port, one of the world’s biggest shipping ports, which allows the international companies based there to enjoy the special privileges of the free zone. These include exemption from corporate tax for 15 years, no personal income tax, no import or export duties, no restriction on currency, and easy labour recruitment. JAFZA OFFSHORE COMPANY FORMATION KEY FEATURES OF A JAFZA OFFSHORE COMPANY A minimum of one shareholder is required and corporate shareholders are permitted. International corporate shareholders are required to have all company documents attested. A minimum of two directors are required and corporate directors are not permitted. Details of directors are not available on the public register. Every company must have a secretary. A company director may also act as company secretary. No minimum share capital requirements. Every company must keep accounting records for 10 years from the date of preparation. The company must appoint an auditor (from an approved list) to examine and report on accounts. SHAREHOLDERS DIRECTORS SECRETARY SHARE CAPITAL ANNUAL REPORTING OFFSHORE COMPANY FORMATION IN UAE Your Qualified & Trusted Partner for Offshore Company Formation GET IN TOUCH Office No. 501 & 502, Al Manara Tower, Business Bay, Dubai, UAE T: +971-4-580-8003 | E: info@mbgcorp.com Office No. 805-806, Building 726, National Bank Of Kuwait Building, Sheikh Rashid Bin Saeed Street, Abu Dhabi, UAE T: +971-2-642-6777 | E: info@mbgcorp.com
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An ‘O�shore Company’ is a legal business entity that is set up with the intention of operating outside its registered jurisdiction and/or the location of its ultimate ownership.
The three principal jurisdictions o�ering o�shore companies in the U.A.E. are Ras Al Khaimah (RAK), Ajman Free Zone and the Jebel Ali Free Zone (JAFZA). All are “tax free” jurisdictions that levy no income tax or corporate tax and permit 100% foreign ownership. The U.A.E. has double tax treaty agreements with over 40 other countries.
INTRODUCTION
The Jebel Ali Free Zone Authority (JAFZA), in conjunction with the Dubai Government, introduced the O�shore Company in 2003 under the Jebel Ali Free Zone O�shore Companies Regulations 2003.
It is an industrial area surrounding the Jebel Ali Port, one of the world’s biggest shipping ports, which allows the international companies based there to enjoy the special privileges of the free zone. These include exemption from corporate tax for 15 years, no personal income tax, no import or export duties, no restriction on currency, and easy labour recruitment.
JAFZA OFFSHORE COMPANY FORMATION
KEY FEATURES OF A JAFZA OFFSHORE COMPANY
A minimum of one shareholder is required and corporate shareholders are permitted. International corporate shareholders are required to have all company documents attested.
A minimum of two directors are required and corporate directors are not permitted. Details of directors are not available on the public register.
Every company must have a secretary. A company director may also act as company secretary.
No minimum share capital requirements.
Every company must keep accounting records for 10 years from the date of preparation. The company must appoint an auditor (from an approved list) to examine and report on accounts.
SHAREHOLDERS
DIRECTORS
SECRETARY
SHARE CAPITAL
ANNUAL REPORTING
OFFSHORECOMPANYFORMATIONIN UAE
Your Qualified & Trusted Partner for Offshore Company Formation
GET IN TOUCHOffice No. 501 & 502, Al Manara Tower, Business Bay, Dubai, UAE T: +971-4-580-8003 | E: [email protected]
Office No. 805-806, Building 726, National Bank Of Kuwait Building, Sheikh Rashid Bin Saeed Street, Abu Dhabi, UAE T: +971-2-642-6777 | E: [email protected]
KEY BENEFITS OF AN OFFSHORE COMPANY REGISTRATION IN JAFZA
100% Foreign Ownership
Local Real Estate
Ownership
Local Bank Account
Shares in Local
Companies
No Local Shareholding
Permitted to Directly Own Local Dubai
Real Estate
Hold Multi-Currency Bank Accounts in the
U.A.E. to carry out Routine International Transactions
Shares of Both Free Zone and Onshore
(LLC) Companies
Ras Al Khaimah, situated approximately an hour’s drive from Dubai, is one of the fastest growing of the seven Emirates that form the U.A.E. RAK has the highest level of industrialization in the U.A.E, with manufacturing at 26% of the GDP. It has built its reputation on a business-friendly investment environment and competitive costs. The cost of doing business in RAK is 25 to 50% lower than the U.A.E average, allowing companies to maximize their return on investment.
In September 2006, the Ras Al Khaimah government launched the International Company structure, also known as the RAK O�shore Company. These are regulated under the Ras Al Khaimah Free Trade Zone Authority International Companies Regulations 2006.
RAK OFFSHORE COMPANY FORMATION
KEY FEATURES OF A RAK OFFSHORE COMPANY
A minimum of one shareholder is required and corporate shareholders are permitted. International corporate shareholders are required to have all company documents attested.
A minimum of one director is required and corporate directors are permitted. Details of directors are not available on the public register.
Every company must have a secretary. A company director may also act as company secretary.
No minimum share capital requirements;
Every company must keep accounting records for 7 years from the date of preparation. The accounts do not however have to be �led with the RAK authorities.
SHAREHOLDERS
DIRECTORS
SECRETARY
SHARE CAPITAL
ANNUAL REPORTING
GET IN TOUCHOffice No. 501 & 502, Al Manara Tower, Business Bay, Dubai, UAE T: +971-4-580-8003 | E: [email protected]
Office No. 805-806, Building 726, National Bank Of Kuwait Building, Sheikh Rashid Bin Saeed Street, Abu Dhabi, UAE T: +971-2-642-6777 | E: [email protected]
KEY BENEFITS OF AN OFFSHORE COMPANY REGISTRATION IN RAK
Shareholder/Director Details – The names of shareholders and directors do not have to be
disclosed on a public register.
100% Foreign Ownership
FastIncorporation
Local Bank Account
Shares in Local
Companies
The RAK International Company Regulations require
no local shareholding
RAK IC company registration will typically take 1 week after receiving
all application and due diligence documentation.
An O�shore Company can hold multi-currency bank accounts
in the U.A.E. to carry out routine international transactions.
The authorities do allow O�shore Companies to hold the shares in
both Free Zone and Onshore (LLC) Companies.
Strategically situated at the entrance of the Arabian Gulf, Ajman Free Zone is well placed to serve the eastern and western markets to set up a business. Ajman’s proximity to Sharjah and Dubai provides easy accessibility to the two international airports and four ports. In 2014, Ajman Free Zone expanded to include formations of o�shore international companies, often known as International Business Companies (IBC’s) located in the Emirate of Ajman.
To that end, the Ajman Free Zone O�shore Companies Regulations of 2014 (the “Ajman O�shore Regulations“) were enacted allowing the incorporation of o�shore entities in the Ajman Free Zone.
AJMAN OFFSHORE COMPANY FORMATION
KEY FEATURES OF A RAK OFFSHORE COMPANY
A minimum of one shareholder, whether individual or corporate in nature, is required. Shareholders meetings should be held periodically (at least once a year). Every Company shall maintain minutes of all proceedings at general meetings.
Minimum of two directors are required and corporate directors are not permitted. The number of directors can be �xed in the memorandum and articles of association.
Every Ajman o�shore company is required to have a secretary, which is appointed by the shareholders for such period as the shareholders may determine. A shareholder / director may be appointed as a secretary.
No minimum capital is required.
Accounts are not required to be �led with the Ajman authority. Audited accounts are not required, but they may be audited by auditors approved by the directors. The company shall keep such accounts and records as the directors consider necessary or desirable to re�ect the �nancial position of the company.
SHAREHOLDERS (MEMBERS)
DIRECTORS
SECRETARY
SHARE CAPITAL
ANNUAL ACCOUNT & AUDITS
THE SALIENT FEATURES OF AN AJMAN OFFSHORE COMPANY
100% foreign ownership.
Ajman o�shore companies are not subject to any taxes or duties in the U.A.E.
Ajman o�shore companies can hold a bank account in the U.A.E.
No capital deposit required.
Privacy and anonymity.
Low incorporation and operational cost.
GET IN TOUCHOffice No. 501 & 502, Al Manara Tower, Business Bay, Dubai, UAE T: +971-4-580-8003 | E: [email protected]
Office No. 805-806, Building 726, National Bank Of Kuwait Building, Sheikh Rashid Bin Saeed Street, Abu Dhabi, UAE T: +971-2-642-6777 | E: [email protected]
