The salient features of a JAFZA Offshore Company are as follows:
100% foreign ownership.
JAFZA offshore companies are not subject to any taxes or duties in the UAE.
Offshore companies incorporated in JAFZA are allowed to own real estate in Dubai.
JAFZA offshore companies are allowed to hold a bank account in the UAE.
No capital deposit is required.
Details of Shareholders and directors are not part of public records.
Guaranteed personal and corporate data confidentiality.
The following are the requirements of a JAFZA offshore company.
A minimum of one shareholder is required. Corporate shareholders are permitted. Shareholders meetings should be held periodically (at least once a year). Every company shall maintain minutes of all proceedings at general meetings.
The minimum capital to be declared in the memorandum and articles of association is AED 10,000/- or USD $ 3,000/-. All shares rank equally and must be fully paid when allotted. Share certificates must be issued within two months from the date of payment of the capital. Bearer shares or different classes of shares are not allowed.
A minimum of two directors are required and corporate directors are not permitted. The number of directors can be fixed in the memorandum and articles of association. Details of the directors are not available for public inspection. The first directors are appointed by the incorporators at the time of incorporation, and thereafter elected by the shareholders. Any shareholder may be appointed as a director and/or a secretary.
Each director holds office for a period determined by the shareholders. In the event of death or resignation, another director may be appointed by the resolution of the shareholders. A vacancy created by removal of a director may be filled by resolution of the shareholders.
Every JAFZA offshore company is required to have a secretary, which is appointed by the shareholders for such period as the shareholders may determine. A shareholder may be appointed as a secretary and/or a director.
The JAFZA offshore company shall keep accounting records. Accounts shall be preserved for 10 years from the date on which they are prepared. Accounts must be approved by the directors and signed by one of them and must be available for inspection by the shareholders concerned. Said annual accounts however are not required to be filed before JAFZA, but should be made available to the JAFZA Registrar upon demand.
Approximately 5 to 7 business days from the time of filing of all the requirements, provided no further security checks are undertaken.
Names must end with “limited”.
JAFZ is not a dependent or ‘overseas’ territory of another country and as such it is not sharing or reporting information to any overseas ‘principal’ or organization. Jebel Ali Free Zone Offshore is not subject to the EU Savings Tax Directive, unlike some other offshore tax havens related to the EU member states.
Required documents for individual applicant(s):
Required documents for corporate applicant(s):
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