Ajman Free Zone (AFZ) Offshore International Business Company

Characteristics of an offshore company registered in the AFZA are as follows:

• Shareholders : Minimum of one shareholder is required. Corporate shareholders are permitted. Shareholders will decide capital structure of the company. Single class of shares permitted and bearer shares are not permitted.
• Directors : A minimum of two directors are required and corporate directors are not permitted. Individual shareholder can be a director as well.
• Restrictions on Name & Activity : Names must end with Limited.
• Local Requirements : Company must appoint an approved registered agent.A registered agent’s office in the UAE can be used as the registered office of the offshore company.
• Timescale : Registration of the AFZ Offshore will take approx. 3 days. Shareholders or their authorized attorneys need to visit in person to sign in presence of AFZA officials for incorporation of the company.
• Annual Reporting : Every company is 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.AFZA 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.
• Confidentiality : Details of shareholders & directors need to be filed with authorities but are not available for public record.
• Limitations : Ajman offshore cannot:
  1. engage in any activities outside the Fee 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