JAFZA Offshore Company formation
Dubai Offshore Company Setup
The Jebel Ali Free Zone Authority (JAFZA) introduced regulations in 2003 for the formation of Jebel Ali Free Zone Offshore Companies. The international business community can now setup offshore Companies in JAFZA in line with other international offshore jurisdictions. Regulations were enclosed in a manner so as to deliver the accessibility and efficiency of worldwide offshore locations and maintain a high repute with international financial authorities.
Dubai Offshore Company formation – features and regulations
The Regulations of Dubai Offshore Company have been framed to deliver the convenience and efficiency of global offshore locations but at the same time maintain a high repute with global financial authorities – A very critical determinant in our belief going forward.
- JAFZA Offshore Company has the capacity and privileges of a natural person.
- JAFZA Offshore company does not required minimum capital.
- Under Dubai Offshore company all shares must be fully paid when allocated and no differential classes or bearer shares or are allowed. In JAFZA Offshore company, there is no requirement to deposit the capital in bank.
- In JAFZA Offshore company the minimum number of Directors shall be two. Dubai offshore company should have a Secretary (May a UAE resident) who may also be a Director of the JAFZA offshore company.
- Dubai Offshore Company permits 100% foreign ownership.
- In offshore Company, total tax and duty exemption.
- By having JAFZA Offshore company a person can Open corporate bank account in Dubai .
- A registered agent (may be business consultants or a legal firm) is required to be appointed by the Company.
- Dubai Offshore domicile is located in the Jebel Ali Free Zone (JAFZ).
Bank account for JAFZA Offshore Company Incorporation
JAFZA offshore company formation permits you to open and maintain Bank accounts local or international banks, We at RIZ & MONA have good relations with differents bank and we can introduce you to open a bank account. Offshore bank accounts are subject to approval and requirements of local or international banks where banks hold the right to open a bank account or not.
Characteristic of JFZA Offshore Company Setup
JAZFA Offshore company formation – Shareholders
- JAFZA Offshore Company requires minimum one shareholder.
- In JAFZA Offshore company formation both corporate and individual shareholders are permitted.
- JAFZA offshore Company provide the liberty to shareholders to choose the capital structure of the company.
For Dubai offshore company formation no minimum capital required.
- In Dubai offshore company formation no bearer shares are allowed.
- Under JAFZA offshore company different classes of shares are not allowed and shares have to be fully paid when allotted.
- It is mandatory in Offshore company in Dubai to conduct a owners meeting from time to time (at least once in a year).
JAFZA Offshore company – Currency
For Dubai offshore company where earlier the denominated currency of the share capital was to be stated and paid up in UAE Dirhams however now the capital can be stated in U.S. Dollars.
Dubai offshore company – Directors & Company Secretary
- JAFZA Offshore Company requires minimum of 2 individual directors.
- In JAFZA Offshore company formation Corporate directors are not allowed to be appointed or corporate entity is not permitted to act as directors of an offshore company.
- In JAFZA offshore company must appoint a secretary who may or can also be a director of the offshore company.
- The proposed directors of JAFZA Offshore Company who have currently on resident visas shall require a NOC from their current employer to take up a position of a director in JAFZA offshore company Registration.
Criminal Investigation Department (CID) Approval
During the process of JAFZA Offshore Company the directors, shareholders and company secretary are required a security clearance by the CID in the JAFZA Free Zone certify that the directors, shareholders and secretary are not having any criminal record or not involve in any criminal activity. The process of screening and approval should be taken before start the Offshore company formation process.
JAFZA Offshore Company – Confidentiality
In Dubai offshore formation ,the details of Dubai offshore company are not available for publically so the details of the Dubai offshore company registration are fully confidential. The registered agent of JAFZA offshore company is the only person who has the right to access the information related to Dubai offshore company.
Document required for JAFZA offshore company formation
Documents for an Individual
- Passport Copy
- Proof of Residence (copy of utility bill)
- Bank Reference letter
- Applicants personal profile (short CV)
Documents for a Corporate Shareholder
- Certificate of registration of the company *
- Certificate of good standing of the company *
- Memorandum and Articles of Association of the company *
- Board Resolution stating the same as formation of the offshore company with a power of attorney authorizing individual to sign on behalf of the company to establish Dubai offshore company *
*Note: Al the Document should be Notarized and Attested by the UAE Embassy in the country if origin and ministry of foreign affairs in Dubai.
Restrictions on activities for offshore company in JAFZA
Jafza offshore company cannot perform the following activities:
- Dubai offshore company cannot Own an interest in real property situate in the United Arab Emirates, other than a lease referred to in Regulation 15(2) or as approved by the Authority
- Dubai offshore company cannot carry on business as an insurance, insurance agent, re-insurance company or insurance broker.
- Carry on any other business which may, by regulations made by the Authority, be prohibited by the Authority.
- JAFZA offshore company cannot carry on banking business,
- JAFZA offshore company cannot do any business with persons resident in the United Arab Emirates
- If an offshore company wishes to conduct trade or other business in the Zone or elsewhere in the United Arab Emirates, it must obtain the appropriate license to conduct the trade or other business activity from the competent authorities
- An offshore company shall not be treated as carrying on business with persons resident in the United Arab Emirates by reason only that: It makes or maintains professional contact with legal consultants, accountants, management companies or other similar persons carrying on business within the United Arab Emirates,
Registered agent of offshore company formation JAFZA
Setup a jafza offshore company| Method of jafza offshore company formation
One or more individual person may setup a jafza offshore company, by signing an application of jafza offshore company formation and delivering to the Registrar of offshore companies.
An offshore company may be incorporated to conduct business, under the regulation of Jafza regulation authorities.
The application which is submitted to the Registrar under shall be signed by the shareholder of the offshore company and shall contain:
- The name for jafza offshore company, which will end with, the word ‘Limited’’
- Register address of the offshore company (It will be the address of register agent office address).
- The nature of the business to be conducted. It shall be sufficient to state that the purpose of the jafza offshore company is to engage in any activity for which offshore company is incorporated.
- The amount of share capital, which the jafza offshore company proposes to be registered, and its division into shares of a fixed amount;
- The full names and address of each of the shareholders and (if they are different) the persons who are to serve as directors
- The jafza offshore company articles of association
- Other particulars as the Registrar may require.
Dubai Offshore company incorporation process
It takes 12-15 working days to register a JAFZA Offshore Company after providing all all the documents.We being a offshore company formation advisors will accompany the client to JAFZA and deal with all the required formalities. The client will sign the documents in the presence of JAFZA representative unless legalised POA’s have been given. Once the documents have been submitted , we will take care of the whole process and will handle with any queries which can occur during the Dubai offshore company formation.
Are you looking to setup your Offshore Company in Dubai?
RIZ & MONA provides fast and reliable Offshore Company formation services in Dubai. Our Offshore Company formation fees are highly competitive. Please contact us for professional advise assistance. You can reach us on +971 4 558 6339 or you can send us an email at [email protected] or use the call Back from and one of our expert will get back to you soonest possible. First consultation is FREE