Setting up an offshore company is an attractive option for a foreign investor if the business activities are intended to be carried outside of the UAE. With an offshore company setup for a de facto foreign company, a registered office is neither needed nor allowed. Magadoa & Co can assist at every step of the offshore company incorporation process.

The offshore company’s management can be located anywhere in the world, thereby making international business activity the main criterion and minimizing administrative efforts. The low costs of establishing and maintaining an offshore company as well as the high degree of liberality, the possibility of anonymous operation, the absence of the obligation to publish financial statements and the exemption from taxation are the main reasons for its growing popularity.

Offshore companies may be setup for various purposes, be that for international trade, as holding company for shareholding, for the registration of vessels, for safeguarding of capital or acquisition of real estate. One potential difficulty to consider with regards to an offshore company is that directors and employees cannot procure a residence visa in the UAE through the company, however  it is still possible to set up a business account with a UAE bank. If you require residency visas with similar benefits to offshore company setup, you should consider a free zone company setup

Offshore Company Setup Benefits:

Offshore companies enjoy a special legal status and comes with numerous benefits such as:

• No Corporate tax
• 100% foreign ownership
• Limited Liability Company
• No Tax Information Exchange Agreements
• Absolute Privacy and Confidentiality
• Ability to maintain multi-currency Bank accounts in the UAE
• Virtual office facilities available in the UAE.

Suitable Businesses:

Offshore companies are the most suitable form for following business:

• International trading
• Brokerage
• Property holding
• On-line advertising
• Consultancies
• Ship registration
• Stock-market trading

Restricted Businesses:

It is important to note that there are some restricted business which are not permitted:

• Financial activities
• Insurance and re-insurance
• Any activity related to media
• Any activity related to aviation
• Any business with UAE “onshore” companies
• Establishing a branch in the UAE

In UAE there are 3 offshore Jurisdictions: Ras Al Khaimah International Corporate Centre (RAKICC), Jebel Ali Freezone Authority (JAFZA) & Ajman Freezone.

Magadoa & Co. Legal is the registered agent for Ras Al Khaimah International Corporate Centre (RAKICC) & Jebel Ali Freezone Authority (JAFZA) offshore companies.