JAFZA (Jebel Ali Free Zone) offshore company formation is one the preferred choices of global investors, thanks to some amazing facilities and business opportunities available across a number of industries and sectors in this incredible free zone. Apart from allowing the investors to set up their free zone companies, the UAE’s biggest and oldest free zone, JAFZA also allows the incorporation of offshore companies. The “JAFZA Offshore Companies Regulations 2003” allows the investors to incorporate offshore companies in this free zone.
Offshore companies are established with the aim to benefit from exemption from taxes, low-cost company set up and guaranteed confidentiality of personal and corporate records. JAFZA is one of the business hubs in the country with international investments welcomed in a number of industries and sectors, which makes it an ideal location for any new type of offshore business set up.
Jafza Offshore Company Types and Regulations
When it comes to types of JAFZA offshore business set up, investors are offered the option to form a Limited Liability Company under the JAFZA Offshore Company Regulations. There are specific rules and regulation that investors need to follow to set up their Limited Liability Company in JAFZA.
Here are some of the most notable rules and regulations for setting up an offshore company in JAFZA:
- Someone looking to incorporate an offshore company must first file an application.
- The application that is submitted to the registrar must be signed by all the incorporators.
- The name of an offshore company ends at with word “Limited.”
- The address of the company, nature of the business and purpose of the offshore company should be clearly mentioned in the application.
- Investors must mention the shared capital amount and its division into shares of the fixed amount.
- All other required documents must be submitted to complete the initial process of offshore company formation in UAE’s biggest free zone, Jebel Ali Free Zone.
Process of Jebel Ali Offshore Company Registration
The process of registration of an offshore company in JAFZA is simple, however, investors must meet all the requirements and submit all the important documents to the Jebel Ali Free Zone Authority. The process of company registration has been divided into three phases. In the first phase, the applicants need to submit all the required documents to the JAFZA Authority in line with the rules and regulations for setting up an offshore company. The second phase attributes to the incorporation of the offshore company while in the third phase, the investors are introduced to the bankers to open an account for the offshore company in Jebel Ali Free Zone.
In the first phase, following documents are required to be submitted by individual applicants:
- Legally Attested Passport Copy
- Personal statement or CV
- Residential Proof
- Original Bank Reference Letter
- Proposed Name of the Offshore Company
Following documents need to be submitted by the corporate applicants to register their offshore company in JAFZA:
- Passport copy of Director and all Shareholders
- Board Resolution
- Memorandum and Articles of Association
- An authentic Good Standing Certificate
In the second phase of company registration, applicants need to submit the application form and three copies of Memorandum of Association to the authorities. For bank account opening procedure in the third phase, the applicants need to provide with the originals and copies of the company documents, passport copies of the shareholders, and original passport for the verification purpose. The whole procedure for company registration can take between 5-7 days.
JAFZA Offshore Company Setup Fee
JAFZA offshore fees include the registration fees, bank account opening fees and the fees of a specific firm hired for assistance in the company set up process. The registration fee for offshore company set up in Jebel Ali Free Zone is AED 11,000. The bank account opening fee and the fee to be paid to a firm for assistance vary from company to company. There are a number of companies offering their services to investors to set up their offshore business in JAFZA. Investors must select a firm that offers cost-effective solutions and guarantees to complete the process quickly.
JAFZA Registered Agent
For setting up an offshore company in JAFZA, it is a legal requirement to appoint a registered agent from the provided list of registered agents. Appointing a registered agent bears significance to ensure a smooth flow of communication between an offshore company and JAFZA authorities for the completion of all important procedures.
Benefits of JAFZA Offshore Company
As mentioned earlier, JAFZA is the free zone of choice for global investors, thanks to a number of benefits and incentives available to set up a free zone company or an offshore entity.
The list of some notable advantages for setting up an offshore company in JAFZA is provided below:
- No requirement for minimum capital to set up an offshore company in JAFZA
- 100% foreign ownership
- 100% tax exemption
- Low-cost registration and company set up
- Limitless scope of growth with opportunities available in multiple industries and sectors
- Permission to hold a bank account in UAE
- Details of Shareholders are never included in the public records
- Guaranteed confidentiality of corporate records
These are some of the most amazing advantages of JAFZA offshore company formation. All these advantages and incentives offered to investors draw global interest and make JAFZA an ideal location in UAE to start an offshore company.