As its name implies, an Offshore Company is a legal entity created with the intention of operating outside of the jurisdiction where it is registered and/or its ultimate owner's territory. An offshore company may be registered for many reasons such as better access to global funding, legal and flexible regulatory systems, and international expansion.Ras Al Khaimah (RAK) and the Jebel Ali Free Zone (JAFZA) are the two principal jurisdictions offering Offshore Companies in the UAE. They are both "tax free" jurisdictions which do not levy income taxes or corporate taxes and permit 100% foreign ownership.The UAE permits offshore companies to open multi-currency accounts and transact business internationally. A company may not, however, do business with residents of the UAE or have a physical presence within the UAE.Both RAK and JAFZA have their own specific benefits. JAFZA is the only offshore location that is legally permitted to own property situated in Dubai.A registered agent is required for both RAK International Companies (RAK ICs) and JAFZA Offshore Companies as per the law.
