The United Arab Emirates comprises seven emirates – Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al-Khaimah, Sharjah and Umm Al-Quwain located along the southeast coast of the Arabian Peninsula.
The Country covers an area of around 84 thousand square kilometres’ and has a population of about 10 million. More than one million people live in the capital, Abu Dhabi. Arabic is the Country’s official language.
Approximately 93% of the population are expatriates, English, and other languages are acceptable in UAE
The United Arab Emirates is one the oil-rich Country, state of the art infrastructure, conducive to all businesses, vibrant economy, and investor-friendly business environment available. The Country has more than 51 banks, including foreign banks of various countries, and the banking system is a very dynamic build with state-of-the-art safe and secured banking infrastructure.
About 30 per cent of the Country’s gross domestic product is solely based on oil and gas output. The discovery of oil in the UAE has become a modern state with a high standard of living. The currency is the dirham.
UAE Economic data
The United Arab Emirates allow to set up business in the following three areas
- Non-free zone area, all seven emirates allow expatriates to register a company having 51% UAE national as a shareholder and 49% are expatriates.
- Free Zone area, The United Arab Emirates has more than 40 free trade zones across the Country.
- Offshore Jurisdiction area, the offshore companies are most suitable for various businesses, corporates, individuals, family houses for holding different assets and select purpose vehicles. Offshore companies in UAE are not eligible for a resident visa and not allowed to do business with UAE onshore companies.
The Offshore company formation Jurisdictions in the United Arab Emirates are.
JAFZA offshore company incorporation
Jebel Ali free zone authority regulates JAFZA Offshore company set up in UAE will cost about US Dollars 4650.00. JAFZA Offshore features and limitations are:
- 100% foreign ownership
- Asset Protection
- Profit Maximization and tax minimization
- No requirement to submit audited financial statements
- No Minimum capital and no need to deposit the money in the bank.
- Flexibility to open a corporate bank account in Dubai
- Protection of investments and can hold properties in Dubai
- Complete anonymity, confidentiality, and secrecy in operations
- Ease of doing business and control
- Exemption from all kinds of local taxes (personal, corporate, professional)
- Transfer of shares, activity change, company name change, director change and others are allowed
- One shareholder is required at a minimum
- Two Directors are required at a minimum
- A UAE resident secretary is mandatory
Documents Required for registration:
- Passport copy shareholder/ (For Corporate Shareholder-All KYC documents)
- Resident proof utility bill-either In English or Arabic
- Shareholder CV
- Shareholder’s Six months bank statement’s
- Company Secretary Passport Copy
- Address Proof for Company Secretary
- RAK ICC offshore company incorporation
RAK International Corporate Center (RAK ICC) regulates RAKICC Offshore company set up in the UAE. The RAK ICC offshore company starting cost about US Dollars 1799.00
The registry operates from Ras Al Khaimah, United Arab Emirates.
RAK ICC allows the following types of offshore companies can be registered.
- Company Limited by shares
- Company Limited by guarantee
- Restricted Purpose Company
- Segregated Portfolio Company
- Unlimited Company
- Intellectual Property Holding Company
- Transfer of Domicile
- Premium Product includes Offshore and Onshore Combination to facilitate to do business with onshore companies.
RAK ICC Offshore features and Advantages:
- Conducting business as an international entity
- 100% Foreign Ownership
- Dispute resolution for the settlement of commercial disputes
- Open bank accounts locally and internationally
- Conducting business without corporate/personal taxes
- Protecting investments in other foreign countries
- More straightforward transfer of assets and properties held in several countries
- Transfer of domiciliation or Continuation
- Investor confidence boosted by Ras Al Khaimah partnership with DIFC Courts
- RAK ICC, ADGM Courts and Abu Dhabi Global Market ally to foster sufficient dispute resolution for businesses and investors
- Premium Product to manage multiple tasks
- Restriction on financial, media, banking, and insurance activities
- Wills and Probate Registry
Documents Required for registration:
- Passport copy shareholder/ (For Corporate Shareholder-All KYC documents)
- Resident proof utility bill-either In English or Arabic
- Shareholder CV
- Ajman Offshore company incorporation
Ajman Free Trade Zone regulates Ajman Offshore company set up in UAE. The Ajman offshore company starting cost about US Dollars 2050.00
The registry operates from Ajman, United Arab Emirates.
The salient features of an Ajman offshore company are as follows
- 100% foreign ownership.
- No Tax
- Ajman offshore companies can hold a bank account in the UAE.
- No capital deposit required.
- Privacy and anonymity.
- Low incorporation and operational cost.
- The flexible and straightforward procedure of company establishment.
- No minimum capital is required
- A minimum of one shareholder required
- Bearer shares or different classes of shares are not allowed
- Minimum of two directors are required, and corporate directors are not permitted.
- Company is required to have a secretary
- Audited financial statements are not mandatory
Documents Required for registration:
- Passport copy shareholder/ (For Corporate Shareholder-All KYC documents)
- Resident proof utility bill-either In English or Arabic
- Shareholder CV
- ADGM SPV under Abu Dhabi Global Market
Abu Dhabi Global Market regulates ADGM SPV company set up in UAE. It is a unique purpose vehicle company to hold and manage those for a specific purpose. The ADGM offshore company starting cost about US Dollars 3500.00
The registry operates from ADGM, Abu Dhabi, United Arab Emirates.
The salient features of an ADGM SPV company are as follows
- No restrictions on the nationality of ownership
- No restrictions on the number of shareholders.
- One shareholder and One director permitted.
- Corporate directors are permitted.
- No secretary requirements.
- No minimum share capital.
- Non-regulated under ADGM
- An ADGM SPV could form as an ADGM Holding Company which is typically a parent corporation, can own other companies, property such as real estate, patents, trademarks, stocks and other assets.
- Different classes of shares possible.
Documents Required for registration:
Individual Shareholder Documents:
- CV.
- Passport Copy/Visa/ID
- NOC if a shareholder holds UAE resident visa
- Latest Utility Bill
- Latest Bank Reference Letter
- Business Plan
Corporate Shareholder Documents:
- All Corporate KYC Documents License, Memorandum and Article of Association, Incorporation Certificate, Registration certificate, Shares Certificate, etc.)
- Latest Incumbency Certificate
- Resolution to form a new company
- Power Attorney will sign on behalf of corporate shareholder
- Business Plan
For a free consultation on specific inquiries, feel free to contact us
The blog is written by Senior consultant at Alfamc.com
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