JAFZA offshore company formation in Dubai, UAE
Overview of JAFZA offshore jurisdiction
One kind of offshore business that Dubai’s Jebel Ali Free Zone registers is called JAFZA offshore.
It was the only offshore business that was able to own real estate in Dubai until recently. Property owners were very interested in the JAFZA offshore business setup because of this function.
The property can now be registered in a less expensive organization, RAK offshore corporation, as the situation has changed.
Office
JAFZA Offshore is not permitted to rent any offices or facilities in the United Arab Emirates. It has an agent’s legal address, just like any other offshore business.
Such a company is prohibited from conducting business in the UAE, where it was incorporated. It can only conduct business internationally.
A UAE bank account is possible for Jebel Ali Offshore Company in UAE. Since most banks offer internet banking, it is typically possible to manage the account online. Debit cards are also provided by certain banks.
Company activities
JAFZA offshore company formation business activities are neither categorized nor restricted to any one area. It implies that a wide range of operations is possible for the business.
Activities should still be categorized and given specific names. Having it will be beneficial when you apply for a bank account.
JAFZA Offshore company formation in Dubai: setup costs
The costs of starting a Jabel Ali business in Dubai can vary depending on several factors, such as the type of business, the services needed, and the fees charged by service providers. The cost of starting a Jabel Ali business in Dubai is generally estimated to be between 18,000 and 50,000 AED.
It’s important to understand that this estimate is only a general guideline and that the actual cost may differ depending on the specifics of the company’s creation.
JAFZA Offshore Company Formation in UAE
Forming a JAFZA offshore company requires working with a registered agent, as individuals cannot directly interact with government authorities for this purpose.
The process typically involves the following steps:
Engaging a Registered Agent:
A Dubai-based business setup service can act as your registered agent, managing the paperwork and legal formalities.
Document Submission:
The required documents are submitted for compliance checks.
Signature Verification:
You must visit Dubai in person to verify your signature. If applicable, a company director may also need to attend.
Approval and Registration:
Once approved, the company is officially registered. The entire process generally takes 1-2 weeks, subject to compliance clearance.
Note: Two directors are required for the registration of an offshore company in Dubai, unless it is a JAFZA offshore. Different UAE authorities require only one director for any other company.
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Resident visas
JAFZA offshore companies are not eligible for UAE resident visas, just like any other offshore company in the United Arab Emirates.
You must think about setting up a company in Dubai’s free zones or on the mainland if you require a resident visa. As long as your business is registered in a free zone, you can verify business establishments in the United Arab Emirates in any emirate.
License Renewal
Your registered agent is responsible for renewing your JAFZA offshore business. You don’t have to be there in person.
All you have to do is send the money to the agent, and they will take care of the rest. A Certificate of Good Standing, which is an official document confirming the existence of your business, will be sent to you upon renewal.
Depending on your agent, the renewal typically costs around 11,000 AED (3,015 USD).
Amendments
Amendments to a JAFZA offshore company, such as changes to its name, activities, directors, or share transfers, must be facilitated through the registered agent.
Common changes consist of:
- Shares transfer
- Activity change
- Company name change
- Director change and others
Unless it’s a share transfer, you can process those adjustments without being in the UAE. However, if you provide your agent with a Power of Attorney to sign on your behalf, your agent can even do that.
JAFZA offshore license liquidation
You are advised to use your agent to carry out a proper liquidation process if you wish to shut down your JAFZA offshore business.
Some people fail to renew their offshore businesses, and eventually they are automatically removed from the registry.
A legal liquidation must be carried out, though, if you require documentation confirming your business has been shut down and is liability-free.
It would take roughly a month and cost approximately 8,000 AED (2,200 USD). Your agent can complete the formalities. However, you must ensure that:
- You return original company documents to your Agent
- You close your corporate bank account
Benefits of an Offshore Company Registration in JAFZA
100% Foreign Ownership
No local shareholding is required by the JAFZA Offshore Companies Regulations;
Local Real Estate Ownership
The only offshore business allowed to own local real estate in Dubai directly is the JAFZA Offshore Company. JAFZA offshore businesses are permitted to own the majority of properties in Dubai; however, both developer and Free Zone authorization are necessary.
Shares in Local Companies
Although offshore companies are generally forbidden to do business with UAE residents, the authorities permit offshore companies to own shares in both free zones and onshore (LLC) companies. Authentication is not required for documents used in the United Arab Emirates, Bahrain, Saudi Arabia, or Qatar.
Local Bank Account
An offshore business can conduct regular international transactions by maintaining multiple currency bank accounts in the United Arab Emirates.
Shareholder/Director details
Directors’ and shareholders’ names are exempt from being listed on a public registry;
Inspection
The registrar may appoint inspectors to look into an offshore company’s operations. The business’s owner may pay all inspection fees.
Dubai business setup experts' opinion
The JAFZA offshore company is a tried-and-true method of conducting business.
Although it no longer monopolies company registration for Dubai property holdings, JAFZA is still a reliable and well-liked location for UAE business registration.
Conclusion
Choosing JSB Incorporation for your JAFZA offshore company formation is a strategic decision ensuring seamless and professional guidance.
With their extensive expertise in corporate structuring, regulatory compliance, and offshore business setup, JSB Incorporation is dedicated to helping businesses maximize their potential in the UAE’s dynamic market.
Book your free consultation call today with us.
FAQs
No, JAFZA offshore companies do not require a physical office space in Dubai.
Yes, JAFZA Offshore Companies can own property in designated freehold areas of Dubai.
JAFZA offshore companies do not require a minimum share capital.
No, shareholder information is kept confidential for JAFZA Offshore Companies.
Typically, the process takes 1-2 weeks, depending on document submission and approval.
Don't miss out on this limited-time opportunity!
We'd Love To Hear From You
contact us
Find us Here
Office No 20, 4th Floor, Al Moosa Tower 2,
Sheikh Zayed Road Dubai, United Arab Emirates P.O. Box 27614.
Get In touch
+971 4 824 4842
info@jsbincorporation.com