JAFZA Offshore Company Formation
Jebel Ali Free Zone Authority (JAFZA) is the oldest and most appreciated of the free zones that have been allowed to function in the emirate of Dubai. JAFZA offshore company incorporation is allowed to trade globally and is permitted to own property in Dubai. Corporate shareholders are allowed in JAFZA offshore company. One director’s residence visa will be granted if an offshore company gets lease of office space within JAFZA. Like all UAE offshore incorporations, JAFZA offshore is also allowed to own and operate a Dubai bank account and open to international bank accounts. The JAFZA offshore company allows the investor to enjoy 100% repatriation of capital gains and its assets, with no limitations on foreign exchange or capital movements inside or outside the country.
The Jebel Ali Free Zone was set up in 1985 by the Government of Dubai, and now comprises more than 100 square kilometers worked around the biggest man-made port in the world. Jebel Ali Free Zone contains workplaces, distribution centers and storage rooms inside for a wide range of products, and a container port with 70 billets. Companies registered at JAFZ have generally been required to have a physical existence in Jebel Ali. However, taking after the review of the rules and regulations for Jebel Ali Free Zone (JAFZ) Offshore Companies, which came in the idea of offshore company arrangement was initially presented in Dubai in 2001 yet it got a legitimate structure in 2003 when JAFZA Offshore
Company enrollment in 2003 appeared. JAFZA Offshore Company incorporation regulations 2003 implemented comprehensive rules for offshore company formation and incorporation. JAFZA offshore organization is all around characterized as a non-resident organization that is having a corporate lawful structure in Jebel Ali Free zone Dubai UAE. JAFZA Offshore Company arrangement 2003 grants the incorporation of an offshore organization by an individual or by companies.
All activities and regulatory obligations, that require dealing JAFZ Authority in connection to the offshore organization, are performed through the registered agent on the behalf of the shareholder(s). The registered agent will likewise liaise with the JAFZ organization registry to pay the yearly renewal of enlistment expenses for the offshore organization. As offshore organizations are by and by not allowed to have their particular enlisted address, the enrolled address of the offshore organization is that of its enlisted agent.
Licensing and Permitted Activities
Dissimilar to an operating company with a business permit that is registered in the UAE, whether incorporated in JAFZ, UAE mainland jurisdiction, or any other free zone, Jebel Ali free zone (JAFZ) an offshore company is not allotted with a business license at the time of its incorporation. Or maybe, the offshore company just gets an endorsement or certificate of incorporation. Other corporate documents for the offshore company will incorporate a memorandum and articles of association (MOA). Since a business permit is not issued, the offshore company can’ t directs any business movement with people inside the UAE. Be that as it may, as business exercises led outside the UAE are not subject to laws of the United Arab Emirates, the offshore company may direct business exercises outside the UAE.
While the JAFZ offshore company is not allowed to lead any sort of business or movement in the UAE, it subjects, to JAFZ Authority’ s endorsement and the Dubai Land Departments’ current rules and regulations hold the privilege to obtain freehold property inside particular assigned regions in Dubai. A JAFZ offshore can likewise go about as a holding company by method for procuring offers in UAE mainland organizations and other free zone companies, and also, subject to the appropriate banks arrangement, open a bank account, vow its shares, and secure advances, loans and other facilities.
To incorporate a JAFZA offshore company one or more shareholders are essential, a shareholder can be legal or natural persons. Also, there are no restrictions on the nationality of the shareholder as per authority.
To incorporate a JAFZA offshore share capital requirements is a minimum. The share capital is denominated in United Arab Emirates Dirham (AED).
JAFZA offshore company name must have the following suffix “Limited’’, LTD.
JAFZA offshore company formation requires two or more directors, who must be natural persons. As per rule and regulations, a natural person shareholder can also be a director of the offshore entity. There are no restrictions on the nationality of the director of the company.
As per requirements of authority, one secretary is required, who must be a natural person. As per rules and regulations by the authority director and or natural person shareholders can also be a secretary of the company. There are no restrictions on the nationality of the secretary of the company.
JAFZA offshore has No corporate, capital repatriation, capital gains or any other tax is levied on the offshore company.
JAFZA offshore company does not allow office space, however, the registered office space of the JAFZ an offshore company is that of its registered agent office.
A JAFZ offshore company is not issued with a license by the authority it only gets a certificate of incorporation hence, it is not permitted to conduct business with persons within the UAE.
JAFZ Registration & amp; Renewal Fees
As per JAFZA, a registration fee of an offshore company is AED 10,100 and AED 2,500 for annual renewal of registration by the authority.
Note: The registration and renewal fee plan is current as per JAFZA website and it may change by authority at anytime
Benefits of JAFZA Offshore Company formation
- JAFZA offshore company formation and company setup do not require having office premises.
- JAFZA offshore company incorporation provides a high level of asset protection and privacy.
- JAFZA Offshore offers a 0% tax environment.
- JAFZA Offshore company incorporation allows 100% foreign ownership.
- Offshore Company formation in JAFZA requires minimum operational cost
- It has an easy and flexible transfer of shares and assets procedures.
- Easy to busy freehold properties in Dubai that are approved by JAFZA