Business Setup in UAE-JAFZA Offshore | Push Digits Chartered Accountants

Business Setup in UAE-JAFZA Offshore

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Jaafza Offshore Company Formation in Dubai – U.A.E

JAFZA (Jebel Ali Free Zone Authority) was Established in 1985, it is the largest of the Free Zones operating in Dubai. Under authority of the Emirate of Dubai, JAFZA independently governs the incorporation of offshore companies and their operations within the Free zone. With the exceptions of banking and insurance a JAFZA Offshore company can be licensed to carry on any legal business within the UAE. JAFZA licensed companies may also own interest in immovable property (IE. Real Estate) in Dubai.

Features and advantages

Some of the features of JAFZA Offshore companies are:
• The company can hold bank accounts in the UAE
• 100% foreign ownership – no local sponsor required
• Zero taxes and duties
• Can conduct licensed business elsewhere in the UAE
• Company shareholders are not required to be present in Dubai to establish the business
• No UAE or Dubai residency requirement
• Ownership is not disclosed in public records
• Company may purchase and own its own shares
• Shareholder meetings can be anywhere in the world

Rules and Requirements

Some basic legal requirements of JAFZA Offshore companies are:
• At least one registered shareholder – may be individual or foreign company
• At least two directors and one secretary – only individuals allowed
• Only one class of shares allowed – registered only – no bearer shares
• There must be a registered address in the Free Zone or in Dubai
• There must be a registered agent in the Free Zone or Dubai
• Regular company meetings no more than 18 months apart
• Accounting records must be maintained for ten years
• Minimum capital is 1 AED and capital must be in UAE Dirhams
• A Dubai resident must be designated as contact person for company-owned real estate

This is a partial list of the major regulations. Some of these regulations and rules are subject to change and new rules may be initiated. Prospective business owners and managers should perform due diligence before starting business formation in JAFZA Offshore. A qualified local agent will be very helpful in navigating the requirements and documentation.

Required Documents

There are several documents required as part of the business formation process. Here is a partial list of documents:
• Application Forms (available from the JAFZA)
• Trade name registration documents (The applicant must submit three proposed names for the business) The registrar will issue approval documents
• Passport Copy for individual applicant or passport copies of shareholders for corporate applicant
• Bank Reference Letter issued by the applicant’s existing bank.
• Proof of residence that establishes the physical address of the applicant
• Passport copy and C.V. (Resume) for the designated Manager
• Proof of initial approval for the activities from the Free Zone Authority
• Personal Information sheet for each shareholder and manager
• Memorandum of Association (for individual applicant)
• Memorandum of Association for your existing company attested and notarized by the UAE Embassy in the country of origin (for corporate applicant)
• Article of Association for your existing company in the country of origin
• For corporate applicant a Board resolution from your existing company expressing intent to establish a new setup abroad – attested and notarized by the UAE Embassy
• Certificate of registration or certificate of incorporation for existing company notarized by the UAE Embassy
• Certificate of good standing issued by the registrar of companies in the country of origin
• The registrar may require additional documents

We Can Help You

Push Digits is a consulting firm with experience in business formation. We maintain awareness of current rules and regulations and we can quickly navigate around the obstacles on the route to starting your new business. We know the right people and the correct offices to make the process as quick and painless as possible. Proper document handling is a key to the process and we can make sure the required documents are completed in order and on time then delivered to the proper authorities. Without a local agent like Push Digits most prospective business owners will founder in the sea of rules and regulations. And after your business is up and running, we will continue to help you with valuable additional services. Just a few of the services we can provide are: bookkeeping, accounting supervision, management accounting, statutory audit preparation, internal audits, and ERP implementations. We can relieve you of many of the time consuming tedious tasks and give you back your personal time.

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