Jebel Ali Offshore Company comes under the authority of Jebel Free Zone (JAFZA) which was introduced in the year 2003 for the establishment of Jebel Ali Free Zone Offshore Companies. The Offshore entities can be established by the international business community at JAFZA in line with other international offshore jurisdictions. For delivering efficiency and convenience of global offshore locations and maintaining a high reputation with international financial authorities, regulations are framed in an ideal manner.
The Jebel Ali Port, one of the largest shipping port in the world is surrounded by an industrial area that aid the international companies to enjoy the special privileges of the free zone like exception from corporate tax for 15 years, no import or export duties, no personal income tax, easy labor recruitment and no restriction on currency.
Jebel Ali is located just outside the boundaries of Dubai and can be reached within an hour’s drive from Abu Dhabi, the UAE’s capital city. The largest airport in the world on the basis of passenger volume and freight, is built just outside the port area.
The offshore company was introduced in the year 2003 under the offshore companies’ regulations 2003 by the Jebel Ali Free Zone Authority, in conjunction with the Dubai Government.
JAFZA Offshore Company Key Features:
- Shareholders – Corporate shareholders are permitted and minimum one shareholder is required. The documents are attested by the international corporate shareholders.
- Directors – Corporate directors are not permitted and the required directors should be at least 2. The public register do not have the details of directors.
- Secretary – A secretary is important for every company. A company director can also act as a company secretary.
- Share Capital – Requirement of no minimum share capital.
- Annual Reporting – From the date of preparation, every company should keep accounting records for at least 10 years. To examine and report on accounts, every company should appoint an auditor.
Benefits of an offshore company registration in JAFZA:
- 100% Foreign Ownership – No local shareholding is required by the JAFZA offshore company regulations.
- Local Real Estate Ownership – The permission to directly own the Dubai Real Estate is only granted to JAFZA offshore company with the approval of both free zone and developer.
- Shares in Local Companies – The offshore companies which are conducting business with the residents in UAE are not allowed by the authorities to hold the shares of onshore (LLC) and free zone companies.
- Local Bank Account – Multi-currency bank account can be hold by offshore company in the UAE for carrying out routine international transactions.
- Shareholder/Director details – The public register does not include the name of the directors of the company.
- Inspection – The appointment of inspectors for investigating the affairs of an offshore company is one of the power of the registrar. The company’s owner is liable to pay the inspection fees.