Are You Updated with the New Regulations at JAFZA offshore?

Jishnu S — Thu, 14 Mar 2019 05:39:45 +0000

JAFZA is a dynamic base for thousands of businesses from over 100 countries and it attracts a significant percent of Dubai’s foreign direct investment. JAFZA offshore is one of the most sought-after business destinations in UAE, that has come up with a host of new regulations off late. These regulations repeal the JAFZA Offshore Companies Regulations 2003.

As per the new regulations, an offshore company registered with JAFZA and Jafza offshore company formation may subject to the consent of the Registrar, create different classes of shares, by providing the different classes of shares in its articles of association.

Offshore companies registered with JAFZA can hold a lease of property for use as a registered office in any designated freehold area in the United Arab Emirates approved by the Authority. It can also own a property in one of the designated freehold areas in the United Arab Emirates and a stake in another operating company within the country.

Other changes in regulations

An offshore company that holds property in a designated freehold area in the country can apply for a residency visa for its visitors.

Unlike the old regulation that requires an offshore company to have 2 directors, the new regulation stipulates that the business and affairs of an offshore company shall be managed by at least one Director. The company can also have a nominee director.

Companies that have an office in JAFZA free zone may or may not appoint a registered agent.

Offshore companies can apply to the appropriate official or public body of a foreign jurisdiction to transfer its incorporation to the foreign jurisdiction and request that the offshore company is continued as a foreign company.

An offshore Company may by a resolution apply to the Registrar for its corporate form to be converted to, and on conversion, to continue as a free Zone Company.

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How to Establish an Offshore Company in JAFZA

Aswani — Tue, 12 Apr 2016 09:30:26 +0000

Dubai has witnessed tremendous growth over the past few decades. It is regarded among the most business-friendly cities in the world. The creation of free zones is one of the main factors that have played an important role in making Dubai an attractive business destination. Today, there are more than 20 free zones in Dubai. Jebel Ali Free Zone (JAFZA) is the world’s largest and one of the most popular free zones in Dubai.

JAFZA

JAFZA is strategically located at the Jabel Ali Port, which is the largest port in the world. It enjoys proximity to Abu Dhabi. Dubai International Airport is also located in close proximity. Established in the year 1985, JAFZA was the first free zone to gain an ISO certification. JAFZA has played an important role in the UAE’s rapid economic growth and development. It currently hosts around 7,000 companies from over 100 countries all around the world.

Why JAFZA?

Here are some of the factors that make JAFZA a popular destination for establishing an offshore company in JAFZA:
An offshore company can have 100% foreign ownership

Businesses are allowed to operate multi-currency bank accounts

A sponsor is not required for company formation

Business setup costs are quite low

Maintaining records/ books is not mandatory

A business can own properties on Palm Islands and other areas approved by JAFZA

There are no restrictions on profit and capital repatriation

How to Setup an Offshore Company in JAFZA?

When it comes to JAFZA offshore company formation, businesses need to avail the services of a registered agent. A reliable agent can help a business prepare registration forms and incorporation certificate, provide assistance in opening multi-currency bank account and also help in filing application with the registrar of companies. These services provided by an authorized agent can make the entire process of business formation in JAFZA easier and hassle-free.

Some of the common types of companies that can be established in JAFZA include General Trading, Investments or Joint Investments Company, Shipping or Ship Management Company, Holding Company, Copyright or Patent Company and Property Owning.

If you’re planning to set up an offshore company in JAFZA, the first step is to find a reliable agent. With its knowledge and experience, a JAFZA offshore registered agent will be able to recommend the best options and make company formation process less time-consuming. There are many reliable agents that can help you with JAFZA offshore company formation.