Ajman Free Zone Offshore – IBC

Characteristics of an AFZ International Business Company Set Up:

1. Shareholders:
   Minimum of one shareholder is required for AFZ International Business Company registration. Corporate shareholders are permitted. Shareholders will decide capital structure of the Company. Single class of shares permitted and bearer shares are not permitted.
2. Directors:
   A minimum of one director is required is required for AFZ International Business Company registration. Corporate directors are not permitted. Individual shareholder can be a director as well.
3. Secretary:
   For AFZ International Business Company set up, a secretary is a must. Director can be a secretary as well.
4. Restrictions on Name & Activity:
   Names of AFZ International Business Companies must end with the word Limited.
5. Local Requirements:
   International Business Companies registered in AFZ must appoint an approved registered agent. A registered agent’s office in the UAE can be used as the registered office of the International Business Company.
6. Timescale:
   AFZ International Business Company registration will take approximately 3 days.
7. Annual Reporting:
   AFZ International Business Companies are required to keep financial books and prepare auditor’s reports within 3 months by the end of every financial year. These must be approved by the shareholders. The accounts / audit report however, do not need to be filed with the Authority.
8. Taxation:
   AFZ International Business Companies pays no corporate taxes in UAE. However if it has taxable supply in UAE, VAT may be applicable. AFZ International Business Companies are non-resident companies and hence not entitled to tax residency certificate and also can not avail benefits under any Double Tax Avoidance Agreements.
9. Confidentiality:
   Details of shareholders & directors of AFZ International Business Companies need to be filed with authorities but are not available for public record.
10. Limitations of AFZ International Business Company:
    Ajman International Business Company cannot:
    1. engage in any activities outside the Free Zone or carry out business with persons outside the Free Zone and within UAE (however permitted to deal with companies in Ajman Free Zone)
    2. have a physical office in UAE
    3. sponsor UAE residence visas for employees / directors / shareholder
    4. obtain tax residency certificate
    5. own more than 3 properties