This jurisdiction came into existence through the combination of the two largest offshore incorporators in the UAE. Prior to 2017, these authorities functioned separately as RAKIA and RAK FTZ offshore authorities. Their merger was undoubtedly a positive step, as it aimed to enhance competitiveness with other Freezones. Incorporating offshore in this region offers the continued advantages of being part of a well-established business hub like the UAE, along with a streamlined registration process in RAK ICC that attracts entities from around the world seeking to hold assets or shares, or establish legal entity partnerships.

Previously, Jebel Ali Offshore companies held a significant advantage as they were the sole legal form allowed to own real estate property in Dubai. However, in 2019, this changed, and other types of companies, including RAK ICC companies, were also permitted to hold UAE and Dubai properties. With the addition of these new options, the incorporation of a JAFZA offshore company has become notably more costly, and the distinct advantages it once enjoyed are no longer applicable.

While DMCC offers an offshore company registration process, it has never been the primary focus of the Authority. Instead, Freezone company registrations within DMCC have consistently ranked among the highest compared to other Freezones. The returns from Freezone fees are significantly greater since they encompass incorporation, licensing, and office lease fees, making them a more prominent aspect of DMCC’s offerings.

Ajman Freezone was a relatively late entrant in the registration of offshore companies in the UAE. Like DMCC, offshore company registrations were not their primary focus or core business.

For several years, the Dubai International Financial Centre (DIFC) has been providing registrations for Special Purpose Vehicles (SPVs). These legal entities are akin to offshore companies, designed exclusively for specific purposes such as investment holdings, estate planning, or fund and share holding. While the registration cost of an SPV in the DIFC is higher than in other offshore jurisdictions, the prestige of being registered in this zone, which operates under its own laws based on UK common law and has its own courts, may indeed justify the additional expense.

The Abu Dhabi Global Market Authority serves as the financial freezone in Abu Dhabi, much like the IFC in Dubai. In 2018, they began offering registrations for Special Purpose Vehicles (SPVs) as well. Despite some initial learning curve challenges, they have effectively established a strong market position. Notably, their online portal and responsiveness have been user-friendly and received positive feedback.

Each of the mentioned offshore jurisdictions allows for the redomiciliation or continuation of foreign companies within their respective jurisdiction. Redomiciliation involves a company from another country relocating to one of the jurisdictions mentioned above. Notably, RAK ICC has gone a step further by waiving any fees associated with accepting companies from other jurisdictions and has optimized the process, ensuring redomiciliation can be completed within just 7 days.