The Jebel Ali free zone has grown significantly in recent years, becoming one of the most sought-after offshore business formation destinations in the UAE by foreign investors. The region is known for having rules and policies that are both flexible and investor-friendly when it comes to forming offshore companies. For example, JAFZA is the only free zone territory where investors are permitted to purchase property in Dubai Lands Department-designated freehold regions. This makes it easier for legal business entities and international investors to own corporate property. The rules and procedures for forming an offshore business in Jebel Ali are designed to provide efficiency and convenience for investors from all over the world, irrespective of their nationality.
Thus in today’s blog, Dhanguard will discuss all the necessary information that you will require to start your own Offshore Company in Jebel Ali Freezone. So without any further ado, let’s learn!
Jebel Ali Freezone: Why is it Unique?
Offshore company in Jebel Ali: One-of-a-kind advantage
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The reputation of Jebel Ali Free Zone advantages an IBC registered in JAFZA greatly. JAFZA is a serious worldwide manufacturing and commercial location, unlike other offshore territories.
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An IBC registered in JAFZA is considered a legal entity capable of conducting legitimate business.
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As a result, it is often accepted in economic transactions, particularly in the Middle East.
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Another significant benefit is owning real estate in Dubai. For the time being, Dubai will only accept property ownership from JAFZA-registered offshore businesses.
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Of course, a property can be owned in both person and corporate identities in the UAE.
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All banks in Dubai accept offshore firms registered in Jebel Ali for the purpose of opening bank accounts.
Features of an Offshore Company in Jebel Ali Freezone
Below mentioned are the features of an Offshore Company operating Jebel Ali Freezone-
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Corporate shareholders are permitted, however a JAFZA offshore firm must have at least one shareholder. Attested firm establishment documentation must be shown by corporate shareholders.
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Without a provision for corporate directors, at least two directors are required. The names of the directors of JAFZA offshore companies, on the other hand, are not made public.
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Where the company director can assume the position of secretary, a company secretary is necessary.
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Accounting records for the company must be reconciled and reported on a yearly basis. Furthermore, offshore firms must keep accurate accounting records for a period of ten years from the date of incorporation.
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If they rent office space in the free zone, JAFZA offshore company registrations are eligible for one director visa.
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In the UAE, business entities are permitted to own and operate bank accounts. To enable international business trades and transactions, the accounts might be multi-currency.
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In the presence of an Ajman free zone official, firm shareholders must sign offshore company incorporation forms.
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Foreign investors benefit from 100 percent asset and capital repatriation within and beyond the UAE region, with no capital movement or foreign exchange restrictions.
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The company registrar in Jebel Ali has the authority to appoint inspectors and order offshore business investigations at any time, with company investors potentially liable for inspection fees.
What are the requirements for forming an Offshore Company in Jebel Ali Freezone?
The requirements to start an Offshore Company in the Jebel Ali Freezone are mentioned below-
No need of Business License
Only a certificate of incorporation is granted to a Jafza offshore company, not a business licence. This means the offshore corporation is prohibited from doing business with UAE residents.
Choosing an Agent
After you've grasped this, the first step in forming an offshore company in Jafza is to select a registered agent. All administrative proceedings relating to relations with Jafza will be handled by this registered agent. You can get a list of all registered agents.
Agent’s Operations
Once you've registered your interest and chosen a registered agent, it's up to the registered agent to handle all communication on the company's behalf.
Documents
The required documents are listed below-
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Articles of association,
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memorandum of association,
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investors' evidence of residency,
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investors' personal profile,
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valid passport copies,
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and a bank reference
Additional Documentations
Please keep in mind that Jafza maintains the right to ask for any additional documents they feel necessary. The sales and registration team will inform you of this in person or via email.
Conclusion
Jebel Ali free zone was created with the intention of serving as an international business formation and operations center with advantageous conditions for foreign companies. As a result, Jebel Ali has continued to provide high-quality infrastructure, superior business operations logistics, and significant business formation locations to investors. As a result, worldwide business-minded Indians might consider forming an offshore company in Jebel Ali by visiting our Dhanguard offices for additional information. Therefore we hope this blog provided you with insightful information. For more information on other related aspects, feel free to check out our website as well.