Offshore companies or international business company (IBC) or Non- resident company are described as companies that conduct an insubstantial or zero volume of business within their jurisdiction of incorporation. The International Business Company (IBC) registry allows foreign investors to register offshore companies under any Offshore authority, work over there as a division of Investment authority without the need to establish a physical presence in that country. An offshore company has a restriction to do business inside the country where it is formed. This is also work as a virtual company; you can open bank account and operate international business.

Common Advantages of Offshore Company Incorporation in UAE

Jebel Ali Offshore Free Zone Authority

The Jebel Ali Free Zone Authority is the oldest and most respected of the free zones that have been allowed to operate in the emirate of Dubai. This type of incorporation is allowed to trade internationally and is allowed to own property in the emirate of Dubai. Corporate shareholders are permitted. Should the incorporator lease an office space within JAFZA, they will then be entitled to one director residence visa. As usual with all UAE incorporations, this entity is also allowed to own and operate a Dubai bank account. The JAFZA offshore company allows the incorporator to enjoy 100% repatriation of capital and assets, with no limits on foreign exchange or capital movements inside or outside the country.

Jebel Ali Offshore Company Main Characteristics:

RAK International Corporate Centre (RAKICC)

RAK International Corporate Centre (RAKICC) is a Corporate Registry operating in Ras Al Khaimah, United Arab Emirates. RAK International Corporate Centre is responsible for the registration and incorporation of International Business Companies, as well as providing a full suite of Registry services related to International Business company activity. RAK International Corporate Centre is a modern, world class Company Registry operating in full compliance with international standards and best practices in the International Business company formation industry.

RAK International Corporate Centre Company Main Characteristics:

Type of License:

Industrial License:

This allows the process of manufacturing, assembling and packaging, etc.

Trade License:

Import/export, distribution, most forms of trading (five activities of similar products must be specified or three very different activities consisting two different product types).

General Trading:

Most extensive forms of trading, import/export and the distribution of goods.

Commercial License:

Contracting, repair and maintenance, rental, shops and restaurants etc.

Consulting/Services:

All types of consultancy activities including management, business, industrial or professional services license (including real estate related consulting activities).

Media License:

Every form of media and communication services.

Limited Liability Company Structure (FZ-LLC/LLC):

This type of company must comprise a minimum of two partners. The partners can be individuals or companies.

Foreign or Local Branch:

Under this category, licenses are only possible for existing companies which hold a valid license from any other acceptable licensing authority, be it local or foreign.

Establishment (FZ/IZ):

This incorporation is for the single shareholder, which can be either an individual or a company.

Corporate Banking for Offshore Companies in the UAE

UAE Offshore companies can open bank account domestically or in any other country. The section below covers the domestic banking aspect. UAE is one of the region’s leading business centers which makes a safe, secure, advanced banking system vital. The UAE has a stable and strong banking sector regulated by the Central Bank. Established in 1980, The Central Bank supervises monetary, credit and banking policies and its implementation in accordance with UAE rules and regulations. It reinforces the national economy and boost the reliability and stability of the local currency. It also maintains the UAE government’s reserves of precious metals and foreign currencies and regulates banks operating inside the UAE

Process of Opening a Bank Account in the UAE

Opening a bank account in the UAE is easy, safe and regulated by the Central Bank. SFM’s expert team will make a pre-evaluation of your profile and provide a list of potential banks suitable for your requirements. Once the bank is selected, RAZ will contact the chosen bank and organize a meeting in Dubai which you are required to attend personally.
After meeting the bank, providing the documents required and signing all the bank forms, the bank will need around 15 days to process the account opening. Finally, once the account is opened, the bank will provide your banking details and access for you to fund your account and start your business activity.