JAFZA OFFSHORE
JAFZA OFFSHORE
The Jebel Ali Free Zone Authority has promulgated regulations for incorporating offshore companies in Jebel Ali Free Zone itself. Firms of accountants and lawyers as approved by the Authority are permitted to provide services to clients for registering offshore companies, registered offices and for acting as agents for the companies.
What are the Features of Offshore Companies?
- Limited Liability Company
- No minimum capital requirement
- Requirement to have anapproved registered agent either within the Free Zone or in the Emirate of Dubai
- Minimum one shareholder, no upper limit on maximum number of shareholders
- Minimum one director
- Appointment of one secretary and manager is compulsory
- Bearer shares not permitted
- No personal or corporate income tax
- Issue of shares of only one class permitted.
Looking to Set Up Business in JAFZA?
Offshore companies are allowed to:
- Have contacts with legal consultants, lawyers, accountants and auditors
- Have bank account in UAE
- Become shareholders in a new or existing FZE, FZCO or an LLC
- Hold shareholders and directors meeting within UAE
- Hold lease of property for use as a registered office or own real estate property approved by the authorities
- Carry out International Trading
Offshore companies are not allowed to:
- Carry on business with persons resident in UAE
- Own an interest in real estate property situated in UAE, other than a lease property referred to in the regulations or approved by the authorities.
- Carry on a banking business
- Carry on business as an insurance or reinsurance company, insurance agents or insurance brokers.
- Carry on any other business which may, by regulations be prohibited by the authorities.