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Setting up an Offshore Company in the Jebel Ali Free Zone Corporate Services

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Setting up an Offshore Company in the Jebel Ali Free Zone Corporate Services SETTING UP AN OFFSHORE COMPANY IN THE JEBEL ALI FREE ZONE CORPORATE SERVICES It is in the very heart of our activity that we search for our goal. Rabindranath Tagore INTRODUCTION located between one of the world’s • To hold shareholders and largest airports and a sea port. The directors meetings in the U.A.E. Dubai has passed a law for JAFZA has Jebel Ali Port, world’s • To own real property of the Palm incorporation of offshore companies 7th largest container port on one Islands or Jumeirah Islands or side and the Jebel Ali International any property owned by Nakheel in the Jebel Ali Free Zone in the Airport, one of the world’s largest Company LLC or any other Emirate of Dubai. The laws have cargo airports on the other side. real property approved by the been framed in a manner such that authority. the authority maintains a clean RESTRICTION ON ACTIVITY FOR • To hold an account in a bank image of the companies vis a vis JAFZA OFFSHORE COMPANIES: in the U.A.E. for the purpose international financial authorities. of conducting its routine Jafza, under Jebel Ali Free Zone NOT ALLOWED operational transactions. Offshore Companies Regulations • To become shareholders in FZE, 2003, allows the formation of an • To carry on business with persons FZCO, LLC. offshore Company by individuals or resident in the U.A.E. corporate bodies, as a non-resident • Own an interest in the real Offshore Investors can avail benefits company, having a corporate legal property situated in the U.A.E. from various Tax treaties concerned other than approved by the with the avoidance of double entity with 100% foreign ownership. Authority. taxation. As of 2009, the United • To carry on banking, insurance, Arab Emirates has entered into The new developments at the Jebel re insurance, insurance agent or double taxation agreements with Ali Free Zone and the surrounding insurance broker. 47 countries. This network includes region are designed to make JAFZA • To carry out any trade in the free treaties with Armenia, Austria, world’s one of the most efficient zone or in the U.A.E. sea-air hubs, complete with a continued on next page.. 6-lane highway that will help keep ALLOWED goods custom-bound (helping to minimize processing time) as they • Professional contact with legal are transported from port to cargo consultants, lawyers, accountants Adding value to aircraft in just 20 minutes. JAFZA is and auditors. the business we serve An independent member of UHY International SETTING UP AN OFFSHORE COMPANY IN JAFZA Belarus, Belgium, Canada, China, Czech, Finland, France, Germany, India, Indonesia, Italy, Korea, Malaysia, Mauritius, Netherlands, New Zealand, Pakistan, Poland, Romania, Seychelles, Singapore, Spain, Thailand, Turkey, Ukraine etc. UAE has also entered into a Transport Tax Treaty with India, Netherlands, Singapore, Sri Lanka, Switzerland and United States. CHARACTERISTICS SOME OF THE UNIQUE FEATURES OF RESTRICTIONS ON NAME VISA ELIGIBILITY THE OFFSHORE COMPANIES IN THE Names must end with the word No visa eligibility. JAFZA ARE AS FOLLOWS: “Limited” for offshore company. Few words for eg: “Dubai, U.A.E.” INVESTOR VISA AVAILABILITY COMPANY STATUS and religious words are prohibited. No Limited Liability BANK ACCOUNTS REGISTRATION SHAREHOLDERS The company can open bank Offshore companies registered Minimum one and maximum not accounts with major banks under Jebel Ali Free Zone Offshore limited for Offshore company. operating in Dubai and also in other Companies Regulations 2003 jurisdictions. SHARES GOVERNING LAW No bearer shares will be allowed. AUDIT Companies are subject to the UAE All shares must be fully paid when As per regulation, annual audit is law in general and for some specific allocated. No different classes of required. function law of the Emirates of shares allowed. Dubai. MEETINGS SHARE CAPITAL Shareholders’ meeting and Shareholders will decide capital Board meeting can be conducted structure for Offshore company. periodically in the U.A.E or anywhere else. DIRECTORS A minimum of two directors are TAXATION required and corporate directors are There are no taxes on profits, capital not permitted for offshore company. gains or any other form of tax on the company levied by the government. www.uhyuae.com SETTING UP AN OFFSHORE COMPANY IN JAFZA DOCUMENTATIONS DOCUMENTS REQUIRED FOR Note: ESTABLISHING AN OFFSHORE 6. Original banker reference of each shareholder The shareholders have to be in Dubai for COMPANY IN JAFZA executing the governing documents of the company before the Jebel Ali authority or have 1. Information form duly filled 7. Current Utility bill (e.g. electricity to give a duly notarised / attested Power of bill or telephone bill) of each Attorney. 2. Three proposed names of the shareholder, director and company secretary. 3. Brief note on the proposed 8. Curriculum Vitae of each activity of the company shareholder 4. Share capital of the company 9. No Objection Letter from Local Partner / Employer if resident in 5. Clear passport copy of each UAE. shareholder, director and secretary UHY SERVICES We offer a complete and comprehensive solution for incorporating companies in Jebel Ali Free Zone. Apart from the incorporation services we can offer clients with other services as detailed ADMINISTRATION AND INFORMATION AND TECHNOLOGY below: ACCOUNTING SERVICES SERVICES BANK ACCOUNTS Our firm has a large pool of qualified We provide a full range of IT software staff which can take care of most and business solutions through In opening the company’s bank of your administrative & accounting MultiMission, a division of the firm. account in the U.A.E and in some services jurisdictions outside the U.A.E. BANKING AND TRADE FINANCE SERVICES AUDITING SERVICES Outsourcing of banking and trade Professional audit and assurance finance. services in accordance with international standards. www.uhyuae.com SETTING UP AN OFFSHORE COMPANY IN JAFZA ABOUT US LET US HELP YOU ACHIEVE FURTHER UHY EXECUTIVE OFFICE BUSINESS SUCCESS Quadrant House UHY is a leading audit and 4 Thomas More Square To find out how UHY can assist your London E1W 1YW United Kingdom consultancy firm in the United Arab business, contact us at the following Emirates, established in 1992. The offices: Phone +44 20 7216 4622 firm also specialises in corporate Fax +44 20 7767 2600 formation in the UAE free zones, JUMEIRAH LAKE TOWERS Email [email protected] mainland and offshore location, both 16th Floor, Mazaya Business Avenue in the UAE and globally. BB2 Tower, Jumeirah Lake Towers P.O. Box 23271, Dubai, UAE DISCLAIMER: The brief setout herein is for information UHY has a team of qualified Phone +971 4 425 6616 purposes only and does not constitute professionals on its panel supported Fax +971 4 425 6610 legal of professional advice. No by over 90 well- experienced and Email [email protected] responsibility will be accepted for loss trained staff. The core team has a incurred directly or indirectly as result of rich, collective experience ABU DHABI acting, or refraining from acting, wholly Office 105, The Avenue Business Centre, or partially in reliance upon information and their diverse skills sets span Marina Mall Extension, Break Water Area, contained herein. across functional domains and P.O. Box 113693, Abu Dhabi, UAE geographies, enabling the firm to deliver value added solutions to its Phone +971 2 412 2220 UHY Chartered Accountants *(the “Firm”) clients. Fax +971 2 412 2204 is a member of Urbach Hacker Young Email [email protected] International Limited, a UK company, and forms part of the international In 20 years since its inception, the UHY network of legally independent DUBAI accounting and consulting firms. UHY is firm’s clientele has grown to include 108, Atrium Centre, Khalid Bin Walid St. more than a thousand companies the brand name for the UHY international P.O. Box 23271, Dubai, UAE network. The services described herein are covering a wide range of business provided by the Firm and not by UHY or and trade. They include governments, Phone +971 4 351 7007 any other member firm of UHY. Neither private and overseas clients. Fax +971 4 351 7157 UHY nor any member of UHY has any Email [email protected] liability for services provided by other members.” UHY is a member of UHY JEBEL ALI International. Established in 1986 P.O. Box 17870 © 2012 UHY and based in London, UK, UHY is a Jebel Ali Free Zone, UAE network of independent member firms. The network’s teams, who Phone +971 4 881 4199 cover nearly 250 business centres Email [email protected] in 81 countries, pride themselves on their ability to combine local SHARJAH knowledge with regional, national 403, Index Tower and international skill sets. UHY P.O. Box 70828 brings together the global expertise Sharjah, UAE of independent member firms, who Phone +971 6 537 9770 are all highly regarded, professional Fax +971 6 537 9771 and reputable in their own local Email [email protected] markets. The above offices are part of UHY Saxena. www.uhyuae.com.
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