Offshore Business Incorporation in JAFZA or RAK

by Zaara 17, Aug 2021

Offshore Business Incorporation in JAFZA or RAK

Dubai offshore company is becoming one of the fastest-growing business hubs in the Middle East. Under the Jebel Ali free zone offshore companies’ regulations, the Jebel Ali Free Zone Authority [JAFZA] in the Emirates of Dubai introduced the establishment of offshore companies in it in 2003. Offshore business formation in JAFZA became a growing trend since then.

According to the international offshore regulations in Dubai, Jebel Ali Free Zone has been permitted for inviting international business communities to launch offshore entities, having a corporate legal entity with individuals or corporate bodies as shareholders. The various advantages that the free zone offers is –

  • Tax liability is reduced.
  • Minimum capital requirements.
  • Stringent confidential policies.
  • Competitive and transparent pricing.
  • Completely confidential.
  • Your company in Jebel Ali offshore in 10 working days.
  • Set up a company with a bank account including e-banking and debit card.

Features of Offshore Business Formation in JAFZA

  • Minimum capital is not required.
  • It permits 100% foreign ownership.
  • Every offshore company should have a secretary who should be a resident of the UAE. He can also be the director of the company.
  • The minimum number of directors shall be two.
  • All shares must be paid fully when allotted and no bearer shares or differential classes of shares are allowed.
  • Flexibility to open a corporate bank account in Dubai.
  • It offers an effective regulatory regime with a total exemption on taxes and duties.

Documents Required

  • Passport copy.
  • Proof of residence.
  • Applicant’s personal profile, [CV].
  • Bank reference from anywhere in the world.

Offshore Business Incorporation in RAK

With the abbreviation, RAK ICC [ Ras al Khaimah international corporation center] is an international business company [IBC] for international business which was established in 2016 as a new type of offshore company. Business setup in Ras-Al-Khaimah has been embraced by many foreign entities. The advantages of business formation in this offshore region are –

  • Full foreign ownership.
  • Taxation is at 0% for corporate income.
  • There is no limitation for the residence of shareholders and directors.
  • Easy to renew RAK ICC company.

Steps for Business incorporation

Listed below are the step by step procedure for registration, if all the required documents are met then it usually takes 1 working day to register your RAK offshore company.

  • Start with getting an approval for the company name and business activities.
  • Get all the incorporation documents signed and submit the same to the registrar in RAKIA, the regulatory body of RAK offshore.
  • Pay the registration fees and other incorporation expenses [This payment can be done via cash, online or through money transfer].
  • Now your business is ready to get started with the operations by creating your corporate bank account.

Documents Required for Corporate Shareholder

  • Incorporation certificate*.
  • Articles and memorandums of the association*.
  • Profile/CV of directors/secretary.
  • As proof of address submits corporate directors and shareholder’s utility bills.

Documents marked* need to be notarized from the home country.

Documents Required for Individual Shareholder

  • Valid passport copies with the UAE entry stamp page for each director and shareholder.
  • Original address proof of the shareholders. [Utility bill/electricity bill. Etc.].
  • Business and personal profile of each shareholder [CV].
  • Bank reference letter for the shareholder [The account should have been sustained for more than two years].

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The energetic and ever buzzing business environment in the UAE always leads new business owners to raise questions on how to set up business in the UAE. Well, that's why UAE is home to industry professionals that cater to providing new business owners with step-by-step solutions to business setup services in UAE. We at Commitbiz have been catering to various clients across a tenure of over 15 years, providing our clients with tailor-made solutions for all their administrative activities, from accounting to company secretarial services. Our consultants have been diligently working to provide clients with nothing but the best in class services. Contact us to know more about starting your entrepreneurial journey in the UAE.

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