Before economic development, the United Arab Emirates (UAE) was one of the least developed countries in the world. At present, however, it has reached an income level comparable to that of the economically most developed industrialized nations. The oil revenues have allowed the country to skip different stages of development and focus on mass consumption, leading to savings and capital accumulation necessary for its economic development. The country's authorities have successfully implemented human development policies since the early 1970s, leading to long-term economic development in the UAE that has been followed by industrialization, urbanization and modernization.
The UAE is not a territory dependent on any other country or government agency, which means it is not subject to EU regulation either. The UAE is not a member of the Organization for Economic Co-operation and Development (OECD) and does not participate in foreign automatic exchange of information. It is famous for its modern offshore legislation that allows for full foreign ownership without the need for a local partner while conducting business in UAE territory. It also has efficient and up-to-date means of communication that can easily handle all business activities in a short time.
Authorities of the UAE Free Zones
The UAE has two main offshore authorities, one located in Jebel Ali Free Zone (JAFZA) and the other in Ras Al Khaimah (RAK), and another jurisdiction called Ajman Freezone (AFZA), a free trade zone in Ajman and from seven emirates in the United Arab Emirates. They have been known for shipbuilding and commercial activities in the maritime field in recent decades. Today, however, they are better for their industrial sector. These refer to international business companies that do business internationally and offer business people the opportunity to own property in the UAE that can be further used as a vehicle of trade, as well as to hold bank accounts and other useful commercial options for doing business on a global scale.
These offshore agencies offer fairly competitive prices, business transparency along with the protection of clients' private data via secured systems and also a dedicated manager who is available all year round. Another feature is that company registration with UAE offshore authorities usually takes around 2 days to be completed, which is another attractive feature for all business people worldwide.
Benefits of the UAE company
In general, there are various advantages that can be associated with offshore companies in the UAE, due to which they have had a good reputation over the decades, especially in the last 20-30 years when the UAE and its companies have become one global economies despite having no tax-refugee stigma attached to them. UAE offshore company is also known as international company or non-resident company. First of all, these are anonymity, protection of privacy, lack of an audit, lack of accounting or reporting requirements, lack of obligation to deposit the capital with the bank, lack of a minimum capital requirement. In addition, there is a full tax and duty exemption as well as a full third-party ownership permit. All nominee services are performed by solicitors and another added bonus is that the established offshore company can own property in the UAE.
Businesses in the UAE conduct rigorous international due diligence to ensure adequate levels of protection and have rigorous risk control procedures in place to prevent unregulated or undesirable elements in doing business. These are the conditions that are suitable for businessmen and entrepreneurs who trade via the Internet, a wide range of traders, expatriates, consultants and consultants who hold intellectual property rights for the custody of real estate or for inheritance purposes.