Dubai Airport Freezone is a dynamic business hub located at the very heart of global trade, benefitting from direct access to the world’s busiest international airport. DAFZA offers the ideal gateway to the Middle East and also unrivalled connectivity to Europe, the Indian Subcontinent and the Far East.

DAFZA is now home to more than 1,600 registered companies and 15,000 professionals, who benefit from a business-focused regulatory and tax environment that offers total ownership, full repatriation of earnings and a range of world-class facilities.

In 2003, Jebel Ali Free Zone Authority (JAFZA) which manages one of the largest free zone in the region, promulgated JAFZA Offshore Companies Regulation which permits setting up of an offshore company.

• 100% Foreign Ownership
• 100% repatriation of capital
• 100% exemption from personal income tax, corporate tax, service tax, import and export tax,
• No currency restrictions,
• Strategic location next to Dubai Airport,
• State-of-the-art infrastructure and facilities,
• 24/7 customs services and rapid cargo clearance,
• Dedicated logistics center

Characteristics of DAFZA company setup:

• Activities Permitted – Trading, Service & Industrial,
• License Provided – Commercial, Service & Industrial.
• Type of Companies – FZCO & Branch,
• Share Capital – AED 50,000/- (Minimum),
• Estimated Time – 4 weeks for obtaining trade license

DAFZA Setup Process:
Step 1:

Identify the legal form of company to be registered in Dubai Airport Freezone

Step 2:

Select activity from DAFZA activity list

Step 3:

Apply for name and initial approval

Step 4:

Payment of fees related to DAFZA business set up

Step 5:

Sign DAFZA company registration and incorporation documents

Step 6:

Apply for DAFZA residence visa

Documents required for JAFZA Offshore Company Registration:

• Passport copy(in color),
• UAE Residence visa & Emirates ID copy(in color),
• Utility bill copy,
• CV/Profile
• NOC from existing sponsor

Company Formation Estimated Cost:

DAFZA Company set up begins from AED 46,000/- subject to availability and fulfillment of DAFZA requirements

How can GBS help?

Global Business Services (GBS) is a professional organization that offers advisory, commercial, accounting, company formation & administration services in tax efficient jurisdictions around the world. The team at GBS has since inception, developed an excellent understanding of corporate requirements. We are known in the market to provide a higher standard of company setup guidance – without higher costs. We provide a free consultation that will help answer every question you may have about setting up a company in the UAE.

For more information on setting upDAFZA company, do get in touch with us on +971 50 899 2852 or email us at info@gbsei.com

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal, tax or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions. We also suggest that independent legal, tax, professional advice be obtained by the user of this information before proceeding with incorporation.

#dafza company formation #company setup in dafza

The post Business set up in DAFZA appeared first on GBS.

Jebel Ali Free Zone is a free economic zone located in the Jebel Ali area at the far western end of Dubai. A leading Free Zone of the region that lies at the centre of trade and is part of a unique ecosystem that offers end to end solutions and growth opportunities to businesses that operate locally and globally.

In over 3 decades, Jafza grew from 19 companies in 1985 to more than 500 in 1995, and over 8,000 today, which includes nearly 100 Global Fortune 500 enterprises. Most of these companies have set up their regional headquarters in Jafza to serve the wider Middle East region comprising West Asia, the CIS, Africa and Indian Subcontinent.

Today, Jafza proudly stands as a dynamic base for thousands of businesses from over 100 countries, sustains more than 135,000 jobs and attracts 23.9% of Dubai’s foreign direct investment.

In 2003, Jebel Ali Free Zone Authority (JAFZA) which manages one of the largest free zone in the region, promulgated JAFZA Offshore Companies Regulation which permits setting up of an offshore company.

• 100% Foreign Ownership
• Conducting business without corporate/personal taxes
• Conducting business as an international entity
• Open bank accounts locally and internationally
• Protecting investments in other foreign countries
• Easy transfer of capital and profits
• Complete anonymity and privacy
• Transfer of domiciliation of Continuation
• Can own property in Dubai & No requirement of local sponsor
• Conversion to JAFZA Free-zone is allowed
• Fast Incorporation & Re-domicile is allowed

Limitations of JAFZA Offshore Company:

• Cannot carry out business (or provide services) with a UAE based customer/supplier
• Cannot have a physical office
• Cannot sponsor UAE residence visas for employees/directors/shareholder
• Not entitled to tax residency certificate

JAFZA Offshore Setup Process:
Step 1:

Identify the propose structure and activity of the company

Step 2:

KYC and compliance checking

Step 3:

Apply in Dubai Trade Portal and preparation of documents

Step 4:

Payment of relevant fees to the authority

Step 5:

Signing and Filing of application forms with JAFZA Offshore Authority

Step 6:

JAFZA Criminal Investigation Department (CID) approval

Step 7:

JAFZA Offshore department approval for incorporation

Step 8:
Issuance of Certificate of Incorporation and M&AA

Documents required for JAFZA  Company Setup:

For Individual Directors, Shareholders and Ultimate Beneficial Owners:

• Passport and Visa page/ entry stamp in UA
• Original utility bill or local authority tax bill not older than 3 months old
• Bank Reference Letter not older than 3 months old
• CV/Profile
• Fatca Forms/UBO Declarations

For Corporate Shareholders (attested upto UAE MOFA):

• Company Documents (Certificate of Registration, M&AA, Registers etc.)
• Certificate of Good Standing
• Certificate of Incumbency
• Attested Resolution approving the incorporation of the JAFZA Offshore Company

JAFZA Offshore Company Formation  Cost:

JAFZA Incorporation fee is AED 10,040/- excluding Professional Fees and Annual registered agent fees on fulfillment of JAFZA requirements

How can GBS help?

Global Business Services (GBS) is a professional organization that offers advisory, commercial, accounting, company formation & administration services in tax efficient jurisdictions around the world. The team at GBS has since inception, developed an excellent understanding of corporate requirements. We are known in the market to provide a higher standard of company setup guidance – without higher costs. We provide a free consultation that will help answer every question you may have about setting up a company in the UAE.

For more information on JAFZA company formation , do get in touch with us on +971 55 564 3058 or email us at info@gbsei.com

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal, tax or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions. We also suggest that independent legal, tax, professional advice be obtained by the user of this information before proceeding with incorporation.

The post Business set up in JAFZA Offshore appeared first on GBS.

The city’s government started an offshore facility in September 2006, which is regulated by the Ras Al Khaimah Free Trade Zone Authority International Companies Regulations 2006. Some of the features of this regulation include as below:

The RAFKTZ International Company Regulations do not require local shareholding in a company, hence allowing 100% foreign ownership, which is unlike the legislation governing organizations in the UAE.

Although the UAE firms follow the country’s law, RAFTKTZ allows the International Company to choose the jurisdiction it prefers to apply for disputes, inheritance and other matters. It is necessary to mention the law in the Memorandum and Articles of Association.

RAFKTZ has set very less limitations on the activities of International Companies, enabling them to carry out assorted business activities.

Subject to the consent of each Emirates Real Estate Authorities or Land Departments, the International Company can buy real estate properties in the UAE. Although, International Companies are generally not allowed to do trade with UAE residents, the Authorities permit offshore firms to be the shareholders in both onshore and offshore UAE companies (local LLC companies).

A foreign company can have a bank account in the UAE to conduct routine operational transactions. It can also establish professional terms with accountants, legal consultants, management companies or similar other persons doing business within the UAE.

Documents of incorporation can be signed at the agent’s offices/ UAE associate without requiring to visit RAFKTZ.

The requisites of an offshore firm registered in the RAFKTZ include as below:

Shareholders

At least one shareholder is necessary. Corporate shareholders are allowed. Shareholders will fix the

Company’s capital structure Whilst there are no minimum share capital requirements, each share must have a par value of AED 1,000.

Bearer shares are prohibited. Only registered shares are allowed and are to be paid in full at the time of allotment. Every company shall record minutes of all general meetings and other proceedings.

Members’ registration can be inspected by any member of the offshore company. Refusing the inspection will be an offence.

Directors

At least one director is required and corporate directors are allowed. Directors’ details are hidden for public view.

Secretary

Every company is required to have a secretary. Director can also acquire this designation.

Restrictions on Name & Activity

Names must conclude with Incorporated or Limited. The following words and their related activities are prohibited for use:

Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Fund, Imperial, Insurance, Municipal, Mutual Fund, Royal and Trust.

Local Requirements

To abide by the local company law, the company MUST have a registered office address within the Free Zone. It must appoint an approved registered agent.

Timescale

Registration of the International Company in RAK FTZ will take 2 days.

Annual Reporting

Every company must maintain accounting records, which need to be kept for 7 years from the date of their preparation. The directors must approve the accounts and one of them must sign it. The accounts are not required to be filed with RAKFTZ Authorities.

Taxation

RAK FTZ IC is not taxed in the UAE.

Limitations

RAK FTZ IC is not allowed to

• Do business (or provide services) with a customer /supplier based in the UAE
• Maintain a physical office in the UAE
• Sponsor UAE residence visas for shareholder/ employees / directors

Company Renewal

Renewals for RAKFTZ-IC are carried out at every anniversary date of incorporation, failing which result in penalties.

If the company does not renew within 6 months from the due date of renewal, it will be removed from the companies’ register.

At every renewal, valid passport copy and recent utility bill as an address proof of director/shareholder are required as a part of enhanced due diligence. In case the shareholder is a corporate body, then latest incumbency certificate and aforementioned docs of directors would be required.

#RAK Offshore company cost  #Ras Al Khaimah offshore company setup

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