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of a JAFZA offshore company has become notably more costly, and the distinct advantages it once enjoyed are no longer applicable.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.