UAE - JAFZA Offshore Company Formation
The Jebel Ali Free Zone Authority (JAFZA), established in 1985, is the largest Free Zone operating in Dubai. In 2003 it established its own company law regime allowing the establishment of offshore entities. A JAFZA offshore company can conduct any business except banking, insurance or reinsurance.
The company can carry on business within the UAE, subject to license. Currently only JAFZA offshore companies are allowed to own immovable property in Dubai. 100% foreign participation is permitted, 0% tax rate on all types of income, can own immovable property in Dubai, and can hold bank accounts in the UAE.
Facts & Info about: UAE - JAFZA Offshore Company Formation
- Minimum Issued Share Capital: One Share AED
- Minimum Number of Shareholders: One (need not be UAE resident)
- Minimum Number of Directors: Two
- Bearer Shares Allowed: No
- Corporate Directors Permitted: No
- Company Secretary Required: Yes
- Beneficial Owners' Disclosure: No public disclosure of information. Shareholder and Director details are provided to the Registry.
- Registered Office / Agent: Yes (in the Jebel Ali Free Zone or in Dubai)
- Local Directors: No
- Local Secretary: No
- Local Meetings: No
- Government Register of Directors: Yes
- Government Register of Shareholders: Yes
- Possible Name Endings: "Limited"
- Possibility of Migration: No
- Annual Return: No
- Audited Accounts: No (only if requested by the Registry)
- Bookkeeping: Yes (Accounting records need to be maintained for a period of 10 years and signed by one of the Directors.)
- Annual General Meetings: Yes (can be held anywhere in the world)
- 100% foreign ownership.
- Zero taxes and duties.
- Only company permitted to own immovable property in Dubai.
- Can do business elsewhere in the UAE with appropriate license.
- Legalization of company documents not required when used in the UAE.
- Shareholders need not visit Dubai to set up the Company.
- Cannot carry out:
- banking business,
- carry on business as an insurance or re-insurance company, insurance agent or insurance broker, or carry on any other business which is prohibited by JAFZA.
- Bearer shares are not permitted.
- Only one class of shares are permitted.
- Incorporation: Incorporation can take 10 to 12 working days. From the date of submission of the incorporation documents, it takes 4-5 working days for the JAFZA Criminal Investigation Department to complete its due diligence investigation of the proposed Shareholders and Directors. On the issuance of the report, Shareholders/Directors need to visit the Registry for attestation of their signatures. If the Shareholders/ Directors are unable to visit to Dubai, they may issue a Power of Attorney in favour of AGP representative to represent them before the Registry. The Power of Attorney needs to be legalized by either the Ministry of Foreign Affairs in Dubai or by any UAE Embassy.
- Shelf Companies: No.
Jebel Ali Free Zone Offshore Companies Regulations, 2003.