Summary
RAK ICC and JAFZA Offshore are the UAE’s two best-known offshore registries. RAK ICC offers the wider range of structures, including holding, IP holding and foundations, and accepts companies migrating from abroad. JAFZA Offshore is Dubai-based and lists property ownership as a core use. Both can hold Dubai freehold property under Dubai Land Department arrangements, and both can open bank accounts.
When clients want a UAE offshore company, the shortlist almost always comes down to RAK ICC in Ras Al Khaimah or JAFZA Offshore in Dubai. Both are government registries, both require a registered agent, and both are used for holding companies and property.
You will read a lot of confident claims online, such as “only JAFZA Offshore can own Dubai property” or “RAK ICC companies cannot open bank accounts”. Official sources tell a different story. This RAK ICC vs JAFZA Offshore comparison uses registry and government documents to show where each one genuinely wins.
RAK ICC vs JAFZA Offshore: At a Glance
| Factor | RAK ICC | JAFZA Offshore |
|---|---|---|
| Emirate | Ras Al Khaimah | Dubai |
| Legal basis | Decree No. 12 of 2015; RAK ICC Business Companies Regulations 2018 | JAFZA offshore company rules |
| Scale | 40,000 incorporations, 160 nationalities (RAK ICC figure) | Not published |
| Structures | Company limited by shares, holding, IP holding, segregated portfolio, foundation and more | Offshore company |
| Minimum officers | 1 shareholder and 1 director | 1 shareholder, 1 director and 1 secretary |
| Registered agent | Required | Required |
| Dubai freehold property | Yes, under a DLD agreement (conditions apply) | Yes, listed as a core use |
| Bank account | RAK ICC lists local and international accounts as a benefit | JAFZA says UAE or foreign bank accounts are possible |
| Moving in from abroad | Transfer of domicile accepted | Re-domicile out to another Dubai free zone |
| Published fees | Not published | Some service fees published (e.g. re-domicile) |
Quick verdict: choose RAK ICC for flexible international holding, foundations or IP structures. Choose JAFZA Offshore when you want a Dubai-registered offshore vehicle built around property holding.
RAK ICC: A Leading UAE Offshore Registry
RAK International Corporate Centre (RAK ICC) is a government-owned corporate registry in Ras Al Khaimah, created under Decree No. 12 of 2015 and operating under the RAK ICC Business Companies Regulations 2018 (RAK ICC About). RAK ICC describes itself as one of the fastest-growing government-owned corporate registries and reports 40,000 incorporations from 160 nationalities.
Why investors choose RAK ICC:
- Wide choice of structures: companies limited by shares, holding companies, IP holding companies, segregated portfolio companies and RAK ICC foundations (RAK ICC)
- Flexible company law: a company limited by shares needs at least one shareholder and one director, and can be used for holding, joint ventures or project companies (RAK ICC CLS)
- Inbound migration: companies from other jurisdictions can transfer their domicile to RAK ICC and keep their legal identity (RAK ICC transfer of domicile)
- Banking: RAK ICC lists the “ability to open bank accounts locally and internationally”
- Upgrade path: its Global Product is a midshore free zone company with offices and residence visa eligibility (RAK ICC Global Product)
Myth check: RAK ICC companies can hold Dubai property. RAK ICC published a Dubai Land Department agreement allowing registered RAK ICC companies to register freehold property in Dubai, generally where shareholders are individuals, with a no objection letter and DLD fees.
For wealth planning, see our guide on how to establish a foundation in the UAE.
JAFZA Offshore: Built for Holding Dubai Property
JAFZA Offshore companies are registered by Jebel Ali Free Zone in Dubai. According to JAFZA, offshore companies are commonly used for holding companies, real estate ownership, international trade, international consulting, and copyright and patent registration.
Key features:
- One or more shareholders (individuals, companies or both), plus at least one director and one secretary
- A registered agent from JAFZA’s approved list handles all dealings with JAFZA
- A certificate of incorporation, not a business licence, so the company “cannot conduct any commercial activity with persons within the United Arab Emirates” (JAFZA insight)
- Bank accounts with a UAE or foreign bank are possible, according to JAFZA
Is JAFZA the only offshore that can hold UAE property? No. JAFZA Offshore is a strong, Dubai-based choice for property holding, but RAK ICC companies can also register Dubai freehold property under their own DLD agreement. The real question is which registry’s rules, costs and shareholder conditions suit your structure.
For more on JAFZA’s onshore options, see our JAFZA company formation guide.
Cost: RAK ICC vs JAFZA Annual Fees
Neither registry publishes a simple all-in annual price, so be cautious with blogs that quote exact figures.
RAK ICC describes its pricing as “cost efficient registration and renewal fees” but does not list them publicly. Registered agents quote a package that usually covers the registry fee, the agent’s fee and the registered office.
JAFZA Offshore points applicants to its cost calculator for setup fees. JAFZA does publish some service fees. For example, if you later move a JAFZA Offshore company to another Dubai free zone, the re-domicile guide lists:
| JAFZA re-domicile item | Fee |
|---|---|
| No objection letter | AED 200 |
| De-registration | AED 5,000 |
| Advertisement | AED 1,500 plus 5% VAT |
| Confirmation letter | AED 200 |
That is useful context: exit costs matter as much as entry costs for a long-term holding vehicle.
How to compare fairly:
- Ask both registered agents for a three-year quote, including renewals
- Check what is included: registered office, annual returns, document attestation
- Add bank account support and any legal drafting
- Ask about exit or transfer costs
Corporate tax: the Federal Tax Authority treats juridical persons incorporated under UAE laws, including free zone regulations, as UAE resident for corporate tax (FTA). Older articles call offshore companies tax-exempt; take advice on how current rules apply. See our corporate tax services.
Bank Account: Which Is Easier to Open?
Both registries say their companies can open bank accounts. RAK ICC lists the ability to open accounts “locally and internationally”, and JAFZA states its offshore companies can bank with a UAE or foreign bank in the currency of their choice.
In practice, neither is automatically easier. Banks focus on:
- Who owns and controls the company, and where they live
- The source of funds and what the company will hold
- Whether there is any UAE connection, such as a resident shareholder or a related UAE company
- Clear, consistent documents from the registered agent
My advice: prepare a structure chart, shareholder and director KYC, proof of address, a short business rationale and evidence of the assets the company will hold. If you need help, see our corporate bank account opening service and our guide to non-resident bank accounts in the UAE.
Use Cases: When to Choose RAK ICC vs JAFZA
| Your goal | Better fit | Why |
|---|---|---|
| Hold Dubai freehold property in a Dubai-registered vehicle | JAFZA Offshore | Property holding is a listed core use |
| Hold Dubai property, individual shareholders, wider structuring needs | RAK ICC or JAFZA Offshore | Both have DLD arrangements |
| International holding company | RAK ICC | Wide choice of structures |
| IP or trademark holding | RAK ICC IP holding company or JAFZA Offshore | Dedicated IP holding option; JAFZA lists patents and copyright |
| Succession and family wealth | RAK ICC foundation | Foundation regime alongside companies |
| Moving an existing foreign company to the UAE | RAK ICC | Accepts transfer of domicile |
| Need visas or a UAE office later | RAK ICC Global Product or a free zone company | Pure offshore companies cannot trade in the UAE |
Consultant’s view: I usually start with RAK ICC for international holding and family structures, and with JAFZA Offshore when the main asset is Dubai property and the client prefers a Dubai-registered vehicle. Either way, confirm the current Dubai Land Department requirements for your shareholders before buying. Many clients pair either one with a free zone operating company. For the bigger picture, read our guide on how to start a holding company in Dubai, compare Ajman Offshore, or talk to our team about offshore company formation in Dubai and free zone company setup.
FAQs
Which is better, RAK ICC or JAFZA Offshore?
RAK ICC is usually better for flexible international holding, IP holding, foundations and companies moving in from abroad. JAFZA Offshore suits investors who want a Dubai-registered offshore company mainly for property holding.
Can a RAK ICC company own property in Dubai?
Yes. RAK ICC has published a Dubai Land Department agreement allowing registered RAK ICC companies to register freehold property in Dubai, generally where shareholders are individuals, with a no objection letter and DLD fees.
Is JAFZA Offshore the only offshore company that can hold Dubai property?
No. JAFZA Offshore lists real estate ownership as a core use, but RAK ICC companies can also hold Dubai freehold property under their own DLD arrangement.
Can RAK ICC and JAFZA Offshore companies open bank accounts?
Yes. Both registries state that their companies can open bank accounts, but banks apply strict due diligence on ownership, source of funds and purpose.
How much does a RAK ICC or JAFZA Offshore company cost?
Neither registry publishes a simple annual price. Registered agents provide quotes. JAFZA does publish some service fees, such as AED 5,000 for de-registration when re-domiciling.
Can a UAE offshore company trade in the UAE?
No. JAFZA states its offshore companies cannot conduct commercial activity with persons within the UAE. For UAE trading, you need a free zone or mainland company.
Can I move my foreign company to RAK ICC?
Yes. RAK ICC accepts transfers of domicile from other jurisdictions through a registered agent, and the company keeps its legal identity.
