A minimum of one shareholder is required for a JAFZA offshore company registration. Corporate shareholders are permitted. Shareholders will decide the capital structure of the company and can have different classes of shares.
A minimum of one director is required for JAFZA offshore company registration, and Corporate Directors are permitted.
A secretary is a must for for a JAFZA offshore company. The director can also become a secretary.
All companies registered in JAFZA are required to maintain a register of Ultimate Beneficial Owners, and the same is required to be filed to JAFZA Authority.
The name of a JAFZA Offshore company should end with Limited. The following words and their associated activities cannot be used – Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Fund, Imperial, Insurance, Municipal, Mutual Fund, Royal, Consultants, and Trust.
A company registered in JAFZA Offshore must appoint an approved registered agent. A registered agent’s office in the U.A.E. or the Jebel Ali Free Zone can also be used as the registered office.
The registration process for JAFZA offshore company will take around 7 to 8 daysafter approval from the compliance department, shareholders or their authorized attorneys need to visit in person to sign the papers in the presence of JAFZA officials for JAFZA Offshore company incorporation.
JAFZA offshore companies are required to prepare accounts for not more than 18 months beginning on the date of the Offshore Company incorporation or, if the Offshore Company has previously prepared a profit and loss account, beginning at the end of the period covered by most recent account. Accounting records should include detailed transactions and accurate financial statements. Also, the underlying documentation such as invoices, contracts and all other relevant documents about accounts records, including business transactions, should be maintained for 10 years with their Registered Agents at the Registered Office.
JAFZA offshore companies should undertake to maintain and arrange for the inspection and submission of any relevant documents and records as determined by the Registrar and per The Jebel Ali Free Zone Authority Offshore Companies Regulations 2018. Failure to respond to any of such requirements as determined by the Registrar will result in sanctions and or penalties as applicable.
Companies and establishments that are involved in ‘relevant activities’ in the U.A.E. are required to submit economic substance notifications six (6) months after the financial period and economic substance reports twelve (12) months after the financial period to the regulatory authority in accordance with the provisions of the Cabinet Resolution, which stipulates the submission of these notifications.
Companies registered in JAFZA Offshore pays no corporate taxes in the U.A.E. However, if it has a taxable supply in U.A.E., V.A.T. may be applicable. JAFZA Offshore cos are non-resident companies and hence not entitled to tax residency certificate and also can not avail benefits under any Double Tax Avoidance Agreements.
Details of shareholders & directors and U.B.O.’s need to be filed with authorities but are not available for public record.
11. Annual Renewal of JAFZA Offshore Company:
Renewals for JAFZA Offshore companies fall on every anniversary date of incorporation. Failure to do so would result in penalties of AED 120/- per month. If the company is not renewed within 6 months of the renewal due date, the company will be struck off by the registrar of the companies.
The latest valid passport copy and recent utility bill/address proof of shareholder/director are required to be submitted at every renewal as a part of enhanced due diligence. If a shareholder is a corporate entity, then the latest certificate of incumbency and above-stated docs of directors would be required.
12. Documents Required for JAFZA OFFSHORE Company Registration:
Individual’s KYC Docs:
Corporate Shareholder’s KYC Attested upto UAE Ministry:
All shareholders (or authorized attorney in case shareholder is a corporate entity) are required to personally visit and sign in presence of JAFZA Offshore Authority before incorporation of the company. Alternatively they can issue a POA duly attested by UAE consulate in their country of residence & thereafter attested by UAE Ministry of Foreign Affairs (which may cost approx.. AED 2,500/- per POA).
To know more about the complete requirements for JAFZA offshore company formation, call us now on 050-8992852 or send an email to firstname.lastname@example.org
|1st Year Fees & Charges:|
|Authority fees for incorporation||AED 10,042/-|
|2nd Year Onwards:|
|JAFZA fees for renewal||AED 2,500/-|