Foreign investors can create offshore companies in three developed free economic zones:
Jebel Ali (JAFZA)
Here is the port – a major international trade hub. A big plus is that the jurisdiction of Jebel Ali can own real estate in Dubai. This is a suitable option for those who want to open a 100% foreign offshore company formation in Dubai to own real estate.
Cons:
- the costs here are much higher than in other jurisdictions;
- more complex registration process;
- registration requires the shareholder to make a personal visit to the UAE or issue a legalized power of attorney;
- required annual audit
All this increases the cost and the amount of paperwork.
Emirate of Ras Al Khaimah (RAK ICC)
Registration of a company in an offshore zone of this jurisdiction requires at least one director, who may be a legal entity.
Pros:
- low cost of registration and maintenance of a company compared to other jurisdictions;
- Jurisdiction can own property in both Ras Al Khaimah and Dubai.
Emirate of Ajman (AFZA)
This northern emirate attracts with its loyal prices for starting a business.
Pros:
- any natural or legal person (except for private foundations and trusts), regardless of citizenship and country of incorporation, can be a shareholder of the company;
- low cost of registration and maintenance for the company;
- annual audit reports are not required.
