JAFZA Offshore Company Incorporation
The idea of JAFZA offshore company was first host in Dubai in 2001. But it took physical shape on 01 – 15 – 2003. When JAFZA Offshore Company 2003 came in to existence. Jebel Ali offshore company is defining as a non resident company having a corporate legal structure. JAFZA Offshore Company formation 2003 allows individual as well as corporate entity to register an off shore company. It is also called Dubai offshore company.
Benefits of JAFZA Offshore Company formation
- First of all in the first place; It is a Dubai base off shore company
- Jafza off shore allow 100% owner ship. That is an expat can get 100% of the owner ship of the off shore company.
- No minimum share capital is need to set up the jafza off shore.
- It is also allow to register Dubai property under jafza offshore
- It also allow full repatriation of profit and as well as capital.
- JAFZA offshore is 100% duty free; that is no income tax as well as no custom duty.
- Ease of control, maintenance as well as the operation is very easy.
- Low set up cost as compare to a free trade zone company.
- It is also use for an asset Protection; as well as for a share holding in some other free zone company.
- It keep the record of share holders in a Confidential way.that is a complete Anonymity are provide to clients.
- Simple process to open a bank account in Dubai with any of the major banks
Bank account for JAFZA Offshore
At this point let me tell you one more thing; that is Jebel Ali Free Zone offshore allow to open Bank account; locally and as well as internationally. So, the name of the bank account is the same that of the company. Bank accounts are subject to the approval of local as well as international banks.
Branch of JAFZA Offshore
Jebel Ali off shore company is allow to open a branch; as well as a representative office in UAE. It can open a branch office; as well as a representative office world wide with office premises and employees. But it depends on the approval of the propose branch jurisdiction.
Characteristic of jafza Offshore Company setup
Share holders of Jafza offshore company
- First of all in the first place; Jafza off shore require a minimum of 1 share holder.
- Both type of share holder are allows. That is, corporate share holders and as well as individual share holders. But keep with this in mind; that share holder will decide the capital structure of the company.
- No minimum capital requires. That is, no share capital require for JAFZA offshore company formation
- No bearer shares are allows. That is, offshore company formation in JAFZA does not allow bearer share.
- Different class of share are not allows. that is, only one class of share are allows for Jafza off shore.
- The owners will conduct meeting from time to time. That is, at least once in a year.
- Finally, every share holder of Jebel Ali offshore company is open for inspection. Because, if share holder refuse assessment, the company will commit an offence.
Directors as well as Secretary of Jafza off shore
- A minimum of 2 directors are require to form a Jebel Ali offshore company.
- Also keep with this in mind that, corporate directors are not allow. That is, only an individual person can hold the director position not a corporate entity.
- JAFZA offshore company must appoint a secretary. Who may also, hold a director position in the off shore company.
- The directors who are currently on resident visas will require NOC. That is, NOC from their current sponsor to take the position of a director.
Criminal Investigation Department (CID) Approval
When setting up jafza offshore company all the members; that is, the directors, share holders and as well as the secretary will pass from CID screening. That is, JAFZA offshore authority will certify that directors, share holders; and as well as secretary are not involve in any criminal activity. There for, JAFZA offshore authority will perform screening process before starting the set up process.
Confidentiality of Jebel Ali off shore
The details of share holders, directors; and as well as secretary are not available for public inspection. So, the details of the off shore are keep in secret. There for, Only the agent of jafza offshore company has right to access the information; that is for an off shore company.
Method of jafza offshore company formation
First of all in the first place, one or more person can setup an offshore company in jafza. There for, they need to sign an application of offshore company and deliver it to our office. While, we will do rest of the set up process. Share holders will sign the application and, which will contain the following:
- The name for jafza offshore company, which will end with, the word ‘Limited’’
- Register address of the off shore company.
- The nature of the business. It is sufficient to define the purpose of the jafza offshore company formation; and as well as a small activity description.
- The amount of share capital, which the jafza offshore company propose. And, as well as it’s division in to share of a fix amount.
- The full names and as well as an address of each share holders. And also address of the directors (if they are different).
- The jafza offshore company MOA as well as AOA.
- Other particulars as the Registrar may require.
Certificate of JAFZA offshore company registration
- The set up of an offshore company in jafza; the authority will provide a certificate.
- This certificate shows the proof of jafza off shore; in addition, each certificate has a number which is the number of jafza offshore company.
- Finally, certificate holds the date of off shore set up. That is, the date of renewal of the jafza offshore company incorporation.
Articles of association for jafza offshore company incorporation
Articles of association (AOA) specify rule for the jafza offshore company incorporation.
The articles shall make provision for:
- The transfer of shares for a JAFZA off shore.
- A general meeting of the JAFZA offshore company incorporation at least once in each year
- The keeping of its accounts and laying of financial statements before general meetings of the offshore company;
- The number of members required to constitute a quorum at any general meeting of the offshore company.
- An audit of the accounts of the offshore company at least once in every year.
- The Registrar may suggest a set of model articles, which the company may use for its articles.
Restrictions on activities for offshore company in JAFZA
Jafza offshore company cannot perform the following activities:
- JAFZA off shore can not do any business with person resident in the U.A.E
- Jebel Ali offshore company can not own real property in the UAE. That is, other than a free hold area.
- It is not allow to carry on banking business.
- Jebel Ali offshore company can not carry on business such as an insurance; insurance agent, re insurance company as well as insurance broker.
- An off shore company can not carry on business with persons resident in the UAE.
- Finally, if an off shore company wish to conduct; any business in the free zone or else where in the UAE. There for, it must obtain a license from the concern authorities.
Register agent of offshore company
- First of all only a JAFZA offshore authority has right to select agents. In addition to this, only a corporate entity can apply for agent license form JAFZA off shore authority.
- An off shore company shall have at all time a register agent in the Zone or in Dubai.
- The registrar shall maintain a register of register agents.
- If any change take place in the details of off shore company. That is, change of register agent, change in address. There for share holder shall notify the Registrar of any change in the name; as well as in the address of the register agent.
Documents require for offshore set up
- Personal profile (A short CV) each of the share holder; for Jebel Ali off shore.
- Bank Reference of each of the share holder.
- Passport Copy of each of the share holder.
- NOC Letter from Director / Secretary sponsor company. That is if such director as well as secretary is resident in the UAE.
- Proof of Residence. That is copy of utility bill.
- A certificate of registration of the company (N & A)*
- MOA, as well as AOA of the company (N & A)*
- Certificate of good standing of the company (N & A)*
- NOC Letter from Director / Secretary sponsor company (if such director or secretary is resident in the UAE).
- Board Resolution calling for the set up of the off shore company. That is, with a POA authorizing a person to sign. That is on behalf of the company to set up an off shore company (N & A)*.
(N & A)* means Notarize and Attest from the UAE Consulate where outside the U.A.E.
Jafza offshore company costs
|No.||Matters in respect of which fee is payable.||Amount of fee in AED.|
|1||To File an application for a certificate of incorporation; that is under the rule No # 5.||2,000|
|2||Upon the submission to the documents; that is under the rule No # 79.||500|
|3||Good standing certificate (GSC) for Jebel Ali off shore.||200|
|4||In respect of an off shore company register under the rule; on 1st January in each year.||1,500|
|5||Application for appointment of an inspectors; that is for Jebel Ali off shore.||1000|
|6||Amendment of the MOA for Jebel Ali off shore..||500|
|7||For an inspection of the documents. That is, store with the registrar of an off shore companies.||50|
|8||Register agent fee for Jebel Ali off shore.||10,000|
|9||For an inspection of each entry in the registrar of the offshore companies||50|
|10||Upon the issuing certificate of incorporation; other than at the time of the registration of a company||200|