The Jebel Ali Free Zone Authority (JAFZA) introduced regulations in 2003 for the establishment of Jebel Ali Free Zone Offshore Companies. The international business community can now establish offshore entities at JAFZA in line with other international offshore jurisdictions. Regulations were framed in a manner so as to deliver the convenience and efficiency of global offshore locations and maintain a high repute with international financial authorities.
Features and regulations
Regulations have been framed to deliver the convenience and efficiency of global offshore locations but at the same time maintain a high repute with international financial authorities – A very critical determinant in our opinion going forward.
- An offshore company has the capacity and privileges of a natural person.
- No minimum capital requirement.
- All shares must be fully paid when allocated and no bearer shares or differential classes of shares are allowed. There is no requirement to deposit the capital in bank.
- The minimum number of Directors shall be two. Every offshore company should have a Secretary (a UAE resident) who may also be a Director of the company.
- 100% foreign ownership permitted.
- Total tax and duty exemption.
- An efficient regulatory regime.
- Opening corporate bank account in a bank at Dubai .
- A registered agent (legal firms, auditors, consultants) is required to be appointed by the Company from the approved list of registered agents maintained by JAFZA. We are an approved registered agent with JAFZA.
- The Offshore domicile is located in the Jebel Ali Free Zone (JAFZ).
Limitations of Dubai Offshore
- Accounts have to be audited and submitted to the Authority.
- Company cannot rent local premises
- The shareholders should visit JAFZ physically.
- Company cannot carry on the activities like banking, insurance, consultancy, advertising etc…
||6-7 working days (approx.) on completion of documentation
|Shareholders' visit to the Authority
|Minimum no. of shareholders
|Minimum no. of directors
|UAE resident secretary*
|Minimum capital requirements
||The capital of the Company can be any amount and in any denomination
|Deposit capital in the Bank
||Ltd. (eg: Abc Holding Ltd.)
|Repatriation of profit
|Documents required (Individual shareholding)
- Passport copies
- Original proof of residence
- Original bank reference letter
- Resume (profile) of the shareholders
Please contact a Commit executive for more details