An offshore company formation is the most advantageous way to start or grow your business in Dubai. Since the growth of offshore company formation, the UAE has transformed into an ideal hub for businesses and multinational corporations worldwide.
The UAE has three principal jurisdictions that allow offshore company formation:
- Jebel Ali Free Zone Authorities (JAFZA)
- Ras Al Khaimah (RAK)
- Ajman Free Zone
This article will lead you to the gulf of opportunities the Jabel Ali Free Zone Authorities ( JAFZA) has in store for you. Browse through it.
JAFZA Offshore: A Powerful Paradise for Investors
Jebel Ali Free Zone Authority (JAFZA) is one of the oldest, biggest, and most well-known free zones in the United Arab Emirates which was founded in 1985. Investors and corporate entities are permitted to establish offshore or non-resident firms in the free zone under the JAFZA company formation regulations. JAFZA offshore company formation will be the right choice for investors looking to set up a business as a holding company or buy real estate in Dubai. Investors typically establish an offshore corporation in JAFZA to reduce tax obligations or safeguard valuables. The Authority will issue a certificate of incorporation in place of a trade licence because JAFZA offshore businesses are not permitted to conduct any business operations in the United Arab Emirates.
JAFZA offshore corporation formation: Characteristics
Offshore businesses can have corporate shareholders and need a minimum of one stakeholder.
If there are foreign corporate shareholders, they must have certified corporate records.
- You must have at least two directors, and corporate directors are not permitted.
- Public registers do not provide the details for directors.
- Every offshore business must have a secretary.
- A corporate director may also serve in the capacity of the company secretary.
- JAFZA has no minimum share capital requirements.
- All JAFZA offshore corporations are required to keep accounting records going back up to ten years from the time of preparation. These
- accounts must also be examined and reported on by a business auditor chosen from an approved list.
JAFZA offshore company formation: Advantages
You can enjoy the following benefits from a JAFZA offshore company formation
- Complete licence to acquire real estate in Dubai 100% foreign ownership of your offshore firm (free zone and developer permission required)
- Authorization to own shares in onshore LLCs and free zones
- Maintain a multi-currency bank account for use in overseas transactions.
- Directors and shareholders may opt not to have their names listed on a public registry.
License Categories for Establishing a Company in JAFZA
Before starting the process of setting up a firm in JAFZA, every investor should first acquire a licence. The licence is connected to the kind of commercial activity that the prospective company intends to engage in.
The JAFZA issues the following licences according to the nature of the business activity:
- Service Licence
- Industrial Licence
- National Industrial Licence
- Logistics Licence
- E- Commerce Licence
- Trading Licence
- General Trading Licence
Documents Required for Company Formation in JAFZA
The following documents need to be supplied to finish the business setup procedure in JAFZA:
- Application Form
- Copies of Passport/ Emirates ID of managers, and directors
- Project Summary of the Proposed Company
- NOC from sponsor (if you are a UAE resident)
- Documents Required for setting up FZE/FZCo in JAFZA
- Certificate of Registration (Duly notarised and attested )
- MoA (Duly notarised and attested)
- Specimen Signature of Manager which is to be attested by JAFZA or UAE Embassy)
- Board Resolution & Power of Attorney which is to be attested by the UAE Embassy
- Document Required for Setting up Branch of a Foreign Company in JAFZA
- Certificate of Registration (Duly notarised and attested)
- Board Resolution or Power of Attorney (Duly notarised and attested)
- Specimen Signature of Manager (Duly attested)
- Documents Required for Incorporating Branch of a Local Company in JAFZA
- Copy of License
- Copies of MoA and Articles of Association
- Copy of Share Certificate
- Letter issued by the parent company in favour of Branch formation in JAFZA
- Original Board Resolution
- Duly Attested specimen signature of the manager
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