What is an Offhore International Company “IC”?
The OffShore IC in UAE is a legal entity incorporated in an OffShore financial centre (which are frequently in a free zone) authorized to establish ICs, and regulated by specific legislation, which guarantees a special status. An OffShore IC generally enjoys full tax exemption and a high level of confidentiality and protection for investors. However, these companies have strong limitations such as no VISA for residential/working purposes, cannot carry out any commercial activity in UAE and cannot access to any benefit under the DTAA (Double Taxation Avoidance Agreements) or Conventions against double taxation signed by UAE.
With regard to OffShore IC scenario the following general context must be clarified:
Not in the whole territory of UAE is possible establish ICs.
Not in the whole territory of the unique 2 Emirates: (Dubai and Ras AlKhaimah) is possible to establish ICs, but only in specific FTZ area (Jafza-Dubai, RAKFTZ-Ras AlKhaimah).
ICs in UAE are not equal, different ICs have different functions and limits.
Not everyone can set up offshore companies, only certificated and registered Agents can do it.