The JAFZA was formed in 1985. It is an industrial area surrounding the Jebel Ali Port, one of the world’s biggest shipping ports. Companies based here enjoy exemption from corporate tax for 15years, zero personal income tax nil duties on imports and exports, no limit on currency and easy labour recruitment procedures.
Jebel Ali is an hour’s drive away from Abu Dhabi, the capital city of the UAE, and is just outside Dubai. The proposed Al Maktoum International Airport is going to be the largest airport in the world in both freight and passenger volume, just outside the port area.
KEY FEATURES OF A JAFZA OFFSHORE COMPANY:
- Shareholders – It is mandatory to have at least one share holder; It is obligatory to have International corporate shareholders International to have all company documents attested;
- Directors – A minimum of one director are required and corporate directors are not permitted.
- Secretary – Every company must have a secretary. A company director may act as company secretary;
- Share Capital – No minimum share capital necessities;
- Annual Reporting – Every company must keep accounting records for 10 years from the date of grounding. The company must appoint an auditor (from an approved list) to inspect and report on accounts.
KEY BENEFITS OF AN OFFSHORE COMPANY REGISTRATION IN JAFZA:
- 100% Foreign Ownership
- Local Real Estate Ownership
- Shares in Local Companies
- Local Bank Account
- Shareholder/Director details are kept confidential
- Inspection by registrar
- Use of doing Invoicing on international Trade
- Act as holding Company