The Jebel Ali Zones Authority (JAFZA) announced the establishment of companies in Jebel Ali Free Zone in the UAE under the Jebel Ali Free Zone regulations. This official international business community to launch entities in the Dubai and Jebel Ali Offshore, as per the international offshore rules.
These jurisdictions were drawn earlier to allow efficiency and affluence in global offshore locations that enable non-resident companies to have a corporate permissible entity of high repute with international financial authorities.
Benefits of operating in the JAFZA:
Regulations have been formed by Jebel Ali Offshore authority to supply easy accessibility and efficiency of global offshore locations for business owners to invest in Dubai offshore, but with the maintaining a high reputation of international financial authorities.
- There is no minimum capital to start an offshore company here
- 100% foreign ownership is possible
- No income or capital tax, total duty exemption
- Business-friendly regulatory regime
- Bank account can be opened and operated in any bank in Dubai
- Capital need not be deposited in the Bank
Limitations while operating in the JAFZA
Unlike the RAKICC, there are some restrictions for operating in the JAFZA.
- All shares must be fully paid when allocated
- No bearer shares or differential classes of shares are permitted
- The minimum number of Directors must be two
- The company should have a Secretary who is a UAE national, who can also be a Director of the company
- A registered agent must be appointed by the Company from an approved list of registered agents provided by the JAFZA
- Accounts must be audited and submitted to the concerned Govt. departments
- The company cannot rent local premises outside the JAFZA
- The shareholders must visit JAFZA regularly
- The company cannot conduct activities such as Banking, Insurance, Consultancy, Advertising etc.
Setting up an offshore company in the JAFZA, Quickbiz Business Setup Services understand the uniqueness of every client and serve them the effortless procedure of JAFZA company setup.
There are several formalities for setting up an offshore company in the JAFZA. Please consult Quickbiz Business Setup Services for more information.