Jebel Ali, in the emirate of Dubai has its own Offshore operations free zone called the Jebel Ali Free Zone Area or JAFZA.
Benefits of operating in the JAFZA
- There is no minimum capital to start an offshore company here
- 100% foreign ownership is possible
- No income or capital tax, total duty exemption
- Business-friendly regulatory regime
- Bank account can be opened and operated in any bank in Dubai
- Capital need not be deposited in the Bank
Restrictions while operating in the JAFZA
Unlike the RAKICC, there are some restrictions for operating in the JAFZA.
- All shares must be fully paid when allocated
- No bearer shares or differential classes of shares are permitted
- The minimum number of Directors must be two
- The company should have a Secretary who is a UAE national, who can also be a Director of the company
- A registered agent must be appointed by the Company from an approved list of registered agents provided by the JAFZA
- Accounts must be audited and submitted to the concerned Govt. departments
- The company cannot rent local premises outside the JAFZA
- The shareholders must visit JAFZ regularly
- The company cannot conduct activities such as Banking, Insurance, Consultancy, Advertising etc…
Setting up an offshore company in the JAFZA
There are several formalities for setting up an offshore company in the RAKICC. Please consult CSU for more information.