Offshore Company
An Offshore Company is designed for asset holding and international trade, not local UAE operations. Visas are generally not available. Timelines are lean—~1–2 working days for name approval and ~3–7 working days for incorporation after KYC clearance. Ongoing costs are typically lower than operating entities, but banking requires strong substance and clear business rationale.
Key Facts
- Not intended for local UAE operations; generally no visas.
- Popular for asset holding, international trading, and IP ownership.
- Lower ongoing costs versus operating entities.
- Banking possible with robust KYC and business substance.
- Common jurisdictions: JAFZA Offshore, RAK ICC.
Steps to Set Up
- Select jurisdiction (e.g., JAFZA Offshore, RAK ICC) and appoint a registered agent.
- Reserve company name and submit KYC for UBOs/directors.
- Prepare incorporation documents (MOA/AOA, board resolutions if corporate shareholder).
- Receive incorporation certificate and corporate documents.
- Arrange bank account if required, demonstrating substance and rationale.
Documents Required
- Passports and recent proof of address for UBOs/directors.
- Bank reference and CVs (if requested by jurisdiction/agent).
- UBO declarations and KYC forms.
- Corporate docs for shareholder entities (COI, MOA/AOA, board resolution).
Timeline
- Name approval: ~1–2 working days.
- Incorporation: ~3–7 working days after full KYC clearance.
- Bank account: ~2–4+ weeks, depending on risk profile and documentation.
Compliance Notes
- Annual renewal via registered agent.
- Accounting/reporting vary by jurisdiction and structure.
- ESR/UBO filings may apply depending on activities and substance.
- Maintain records and minutes as required.
Banking Guidance
- Provide clear purpose (holding, international trade, IP) and expected flows.
- Demonstrate substance (contracts, invoices, office/substance abroad if applicable).
- Expect enhanced due diligence and longer onboarding for certain profiles.
FAQs
Can Offshore companies get UAE visas or rent on-shore offices?
No. Offshore entities are not for local operations or visas; they’re for holding or cross-border activity.
Is banking guaranteed?
No. Approval depends on risk profile, substance, and documentation quality; timelines vary by bank.
Can an Offshore company own UAE assets?
It can hold certain assets (e.g., shares) subject to jurisdictional rules; consult the registrar/agent and bank first.