Key Facts to know:
One or more Shareholders are required, which can be legal or natural persons. There are no restrictions on nationality*.
The share capital is denominated in United Arab Emirates Dirham (AED). There is no minimum share capital requirement.
All permitted** names must be followed by the suffix “Limited”.
Two or more directors, who must be natural persons, are required. However, a natural person shareholder can also be a director. There are no restrictions on nationality*.
One secretary is required, who must be natural person. However, a director or natural person shareholder can also be a secretary. There are no restrictions on nationality*.
No corporate, capital gains, capital repatriation, or any other tax is levied on the Offshore company.
The registered office space of the JAFZ offshore company is that of its registered agent.
A JAFZ offshore company is not issued with a licence, only a certificate of incorporation. Therefore, it cannot conduct business with persons in the UAE.
* All natural persons undergo a screening conducted by the UAE Criminal Investigations Department (CID). Subject to the CID report and the UAE’s current immigration policies, certain individuals and nationalities are barred from acting as shareholders or company officers.
** Offshore company names may be rejected where they include or allude to an association the following fields of work: Insurance, Banking, Financial, Professional Services, Consulting, Intellectual Property, Media, Security, Publishing, Advertising, Movie Production, Gambling, Casino, Game & Win, Advisory, Real Estate, Military, and Education.
These are the steps for offshore company registration in the Jebel Ali Free Zone:
You need to contact a reliable JAFZA authorized agent for the registration process
- Get an official quote for the scope of work, like registration, nominee services, opening bank accounts, any specific attestations required.
- Submit three names for the company out of which one will be finalized by the authorities.
- Decide upon the activities of your business – property investment, consultancy, trade, or acting as a holding company.
- Determine the share capital.
- Finalize the list of shareholders, a minimum of 2 directors, and secretary.
- Submit the mandatory documents, like passport copy, address proof, reference from bank and shareholders’ resume.
- The Memorandum, Share certificates, fees and application forms signed by the shareholders, secretary and directors is submitted in the presence of the shareholders.
If the Registrar is satisfied that everything is in order, the company is registered in three days.
Offshore company incorporation Dubai JAFZA can be done as limited liability companies. The companies can be formed with a single shareholder, and there is no limit on the maximum number. The company should have ‘limited’ as a suffix to its name.
Companies have to pay a one-time registration fee of AED 10,100 and an annual fee of AED 2,500 to renew it. Land and office space is provided at reasonable rates and easy terms of renewal.
Offshore companies setup in JAFZA can engage in the following activities:
- Interacting professionally with legal consultants, lawyers, accountants and auditors
- Holding shareholders and directors’ meetings
- Opening branches or representative offices worldwide
- Holding shares of a limited liability company being formed in Dubai or elsewhere in UAE
- Holding shares in any other entity formed within the UAE, outside the UAE or within UAE Free Zones.
This post first appeared on How To Start A Business Hamriyah Free Zone (HAFZA), please read the originial post: here