LET US SHOW YOU THE WAY ... TO THE TOP
For more information and professional assistance please contact us.
There are overall three types of Onshore/Free Zone companies:
1. The first are known as the Fee Zone Companies (FZ CO);
2. The second type are Foreign Company Branches or Companies found in other Free Zones;
3. The third type are Free Zone Establishments (FZE), where there can be only one shareholder and is viewed as a personal unlimited liability structure.
Costs and expenses differ according to the Free Zone. The cheapest Free Zone in the UAE is RAKIA Free Zone.
It is significant to mention that the offshore company option is only available in the UAE Free Zones.
Ras Al Khaimah Offshore Company, also referred to as RAK Offshore, is located in Ras Al Khaimah’s RAK Free Zone. The Free Zones Regulatory Authority is RAK Investment Authority (RAKIA) which also oversees and controls Licensed Corporate Services Providers. The beneficial owners’ details are not compulsory allowing owners to remain anonymous. This is the best, cheapest and most flexible structure regarding Offshore Companies.
RAK Free Zone offers the best offshore regime throughout the UAE. This is because it offers complete confidentiality, where beneficial owners are offered complete anonymity and guarantee no disclosure of UBO to local authorities. Additionally, since RAK’s intention is to enhance its growth, it offers offshore companies minimum number of restrictions and regulations and full flexibility. Further, the costs required and procedures needed to set up an offshore company are low and simple respectively.
The RAK Free Zone offers the lowest set up and operational costs annually throughout the UAE.
Initially an offshore company can be set up for instance in RAK Free Zone, which is then used as the Holding Co of an Onshore Free Zone Company located in any Free Zone in the UAE. The benefits offered are complete anonymity, an investor visa for a three-year period as well as an onshore tax resident status, allowing accessibility to tax treaties and the issuing of a tax residence certificate. Apparently, a foreign individual may also be appointed as a shareholder of a Free Zone Company.