It is possible for offshore businesses to create a bank account in the United Arab Emirates; however, these businesses are not authorized to issue work permits or maintain a physical presence anywhere within the country. Offshore licenses are often utilized as holding corporations and are primarily created for the purpose of doing operations in other nations for the goal of obtaining financial, legal, and tax benefits. Real estate in the United Arab Emirates may be owned by offshore corporations operating within free zones such as JAFZA and RAKICC.

Advantages:

  • Reduced costs for business beginnings
  • Quick and easy incorporation procedure
  • 100 percent exempt from taxes 100 percent open to ownership by foreigners
  • No paid-up share capital or audit requirement
  • Several different bank accounts