Offshore entities are authorized to establish a bank account in the UAE; nonetheless, they are restricted from obtaining work visas or establishing a physical presence within the country. Typically, offshore licenses are utilized as holding companies and are primarily established for foreign operations, aiming to gain financial, legal, and tax advantages. It is worth noting that offshore companies located in free zones such as JAFZA and RAKICC are authorized to possess real estate in the UAE.
The benefits of offshore companies include:
Given below are the key features of an offshore company in the UAE:
A minimum of one shareholder is required and corporate shareholders are permitted. International corporate shareholders are required to have 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 a company secretary.
No minimum share capital is required.
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.