JAFZA offshore is a type of offshore company registered in Jebel Ali Free Zone in Dubai.
Until recently, it was the only offshore company that could hold real estate in Dubai. Due to this feature, the establishment of a JAFZA offshore company was in high demand among property owners.
The situation has now changed and the property can be registered under a RAK offshore company
JAFZA offshore cannot have any office or facilities in the UAE rented under its name.
As any offshore company, it has a legal address of its agent.
Such company is not allowed to carry out the business in the country of its incorporation in UAE. It can do the business on the international scale only.
Jebel Ali offshore can have a UAE bank account. The account can normally be managed online most of the banks have internet banking facility. Some banks provide debit cards as well.
Business activities for JAFZA offshore company formation are not classified or categorized. It means that the company can engage in a wide range of activities.
It is still recommended to group activities and precisely name them; this will help when applying for a bank account.
If you are setting up an offshore, JAFZA company setup cost will slightly differ depending on the registered Agent you choose.
Only a registered agent can establish an offshore company in Jebel Ali. This means that you cannot deal directly with the government agency.
The registered agent can be a Dubai company that handles the paperwork and registration process.
Depending on the approval of the authorities, an offshore company in Jebel Ali is usually registered within 1-2 weeks.
A personal visit is required to verify the signature. If the company director is another person, his presence is also required.
Note that only JAFZA offshore companies require two directors to register an offshore company in Dubai. Other companies in other UAE authorities only require one director.
JAFZA offshore companies, like all other offshore companies in the UAE, are ineligible for UAE resident visas.
If you require a resident visa, you must consider other business setup options in Dubai, such as free zones or the mainland. As long as your company is registered in a free zone, you can check business setup in UAE in any emirate.
Your registered Agent will renew your JAFZA offshore company. It is not necessary for you to be present.
You only need to transfer funds to the Agent, who will handle the paperwork. You will receive a Certificate of good standing upon renewal, which serves as formal proof that your company is active.
Amendments, just like setup and renewal, can be done only through the Agent.
Standard amendments include:
You do not have to be in UAE to process those amendments unless it’s a shares transfer. But even that can be done by your agent if you provide a Power of Attorney to sign on your behalf
If you want to close your JAFZA offshore company it is advisable to do a formal procedure of liquidation through your Agent.
Some people keep their offshore companies non renewed after a while they get struck off the register automatically.
However, if you need proof that your company has need closed and has no liabilities, an official liquidation needs to be done.
It would take about approx. 1 month. Formalities can be done by your agent, but you need to make sure that: