The United Arab Emirates is a federation of seven emirates or states, each with its own unique character and personality but yet united with a common goal and destiny. The seven emirates are Abu Dhabi; Dubai; Sharjah; Ajman; Umm Al-Qaiwain; Ras Al-Khaimah and Fujairah.
The UAE is an amazing amalgamation of the traditional values of the East and the modern technologies of the West and a melting pot of various nationalities and cultures living together and working in harmony.
Offshore Companies in UAE
One of the latest initiatives by the Dubai government has been the setting up of offshore companies which will be regulated by the Jebel Ali Free Zone (JAFZ) offshore Companies Regulations 2003 which came into effect on January 15, 2003. This Company can be used to own real estate developed by any of the leading property development companies like EMAAR, Nakheel, Dubai Properties or any other real estate properties approved by the JAFZ – Authority.
Offshore companies have been used by people all over the world to hold their property/ investments in a safe and secure jurisdiction tax free. In most jurisdictions, confidentiality is guaranteed and the details of beneficial owners remain with the registered agent of the Company. This is also a very good vehicle for people who do not wish to conduct business locally. Receiving commission payments or for consultancy services rendered offshore is possible. Offshore Companies can have a local bank account provided all due diligence is submitted. UAE offers offshore company set ups in Jebel Ali and Ras Al Khaimah. However property in UAE can be held only by using a Jebel Ali offshore company and only after receiving a NOC from the Jebel Ali Authorities. Physical presence is required for forming a company in Jebel Ali but for most other jurisdictions, company formation can be done via email and courier