Jebel Ali Free Zone is a veritable catalyst for big time investments and big business. It has the largest man-made sea port in the world. JAFZ offers a brilliant environment for logistical activities. Businesses operating in JAFZ have liberal access to international trade lanes. This advantage offered by JAFZ is beyond compare.
Since 2003 JAFZA has formally allowed offshore setups to open up in its Free Zone. The governing rules for offshore setups that are applicable in the rest of the Dubai are also applied here as well.
Both individuals and companies can establish offshore companies in JAFZA.
Advantages of an Offshore Company in JAFZA
- Full ownership allowed
- No need to have an office space for setting up an offshore company
- No requirement for minimum capital
- Secure environment for investment and asset
- Repatriation is easy and unrestricted
- Buy freehold property
- Easy and simple company registration
- Investment opportunities are aplenty
- Lower cost of doing business
- Tax-free haven
Classification of JAFZA Offshore Businesses
- Investment Company
- Joint Investment Company
- Trading Company
- JAFZA Offshore Entity for holding property and assets
- A Holding Company
- Shipping Management Company
- Company for Copyright/Patent Company
Bank account for JAFZA Offshore Entity
Opening a bank account for a JAFZA offshore entity is easy in Dubai. The terms and conditions for opening of bank account may vary from bank to bank. Sometimes, the procedure could be complicated that is why KWS-ME is here to help its esteemed customers with opening a bank account.
Main Features of a JAFZA Offshore setup
- There could be more than one shareholder in the JAFZA Offshore setup
- Minimum number of shareholders is one
- The structure of the company will be decided by the shareholders
- No requirement for the minimum capital
- Bearer Shares are not allowed
- Different classes of shares are not permitted. Shares have to be fully funded when assigned.
- An annual meeting of shareholders must be conducted at least once
- The Register of Members can be reviewed and inspected by any of the shareholders of the JAFZA Offshore setup
- In case of any discrepancies found during the inspection, the company will have to own up to it.
Directors & Company Secretary
- 2 directors minimum
- Corporate director cannot be hired or put in place
- No commercial entity is allowed to be in a director’s position
- A secretary is mandatory
Incorporation Process of JAFZA Offshore Setup
- One or more individuals or companies are allowed to set up an offshore entity.
- An application signed in JAFZ will be submitted to the Registrar of JAFZA.
- The rules of JAFZA will govern the conduct of the offshore entity
- JAFZA Offshore Executive will personally witness the signing of the Application for the incorporation of the JAFZA Offshore entity by shareholders. That application must also fulfill these requirements.
- The name of the offshore entity is mentioned.
- Address of the offshore entity will be the address of the Agent’s Office’s.
- It must be understood that the company will perform duties for which it is being established.
- The names of addresses of the shareholders
- Articles of Association
- The ratio of profit and loss sharing
- If the officer is asking for other documentary details, then those must be provided too.
Certificate of Incorporation for JAFZA Offshore Entity
- As part of the registration process, JAFZA will issue a Certificate of Incorporation
- This certificate is very important as it is a proof of the existence of the company and it has a reference number on it for identification
- And the date on which incorporation is done is also mentioned.
Articles of association of JAFZA Offshore company Formation
The AOA will determine how the company will be regulated.
This will provide provisions for the following actions:
- The rule for transferring of shares
- Annual meeting of shareholders at least once
- Maintenance of accounts and presentation of financial performance in the annual meeting
- Audit date and appointment of auditor is also mentioned
- AOA will be also mentioned the minimum number of shareholders required to constitute the quorum at the annual meeting of shareholders
What You Cannot Do As an Offshore Company in JAFZ
- Barring freehold property approved by the JAFZA, the offshore company cannot hold other properties
- Business or contracts with locals is prohibited
- Insurance business is also off limits
- No banking business either is allowed for an offshore shoot.
Registered Agent for JAFZA Offshore Company Formation
- Without JAFZA’s due approval, no person can act as a registered agent.
- The presence of this agent in the JAFZ is mandatory
- The Registrar maintains the register for approved agents
- If there is change which must be made in the offshore entity, the Registrar must be informed
Documentary requirements for the registration of JAFZA Offshore Entity
- Copies of passports of the shareholder or shareholders
- CV of the shareholder or shareholders
- Proof of Residence in the form of utility bills or credit card bills
- A copy of visa
- Bank Reference Letter
- MOA and AOA of the original company
- Certificate of Incorporation
- Board Resolution
- Certificate of credit worthiness
All the documents must be attested and notarized by the UAE Embassy and KWS-ME will also assist you in getting the right documents to the right people in government offices.
KWS-ME Services for Offshore company setup in Dubai
KWS-ME offers a range of services to its esteemed clients for the registration and incorporation of the offshore business entity. KWS-ME gives its registered agent services and also give the applicant a location address for the office.
KWS-ME provides the following services:
- Preparing registration Application
- Preparing Incorporation Certificate
- Assisting in opening a bank account in Dubai
- Filing applications with the registrar of Companies in Jebel Ali Free zone
KWS-ME is one of the top business advisory and business support Services Company in Dubai with vast experience and expertise in company formation within Dubai as well as offshore Company formation in Dubai, Free zone company setup and accounting & booking keeping service in Dubai for your business setup in Dubai. We perform the duties as your personal business advisors and assist you with your business setup in the UAE.