The Government of the United Arab Emirates has always been contributing to developing the region and building a favourable business ground to invest in. The offshore business has been continuously spiking globally, and, thus, the government of UAE, too, takes the call of focusing on the same.
This guide will help you to understand the core essentials that need to be focused on while registering the company members and certificates for an offshore company.
If you are an investor looking forward to incorporating an offshore company in JAFZA, then this is a must-read for you.
JAFZA- The UAE’s Offshore Ground
Established in the year 1985, Jebel Ali Free Zone Authority has been a perfect ground for the establishment of the free zone and offshore companies.
Also known as Dubai Offshore (JAFZA), has been serving exceptionally well when it comes to the establishment of the offshore company.
Over the years, JAFZA has turned out to be a perfect business platform for business investors to invest in. Here’s a guide on the Reasons to start a business in JAFZA.
How to Start an Offshore Company in JAFZA?
Incorporating a business in JAFZA is one of the best investment options that a business investor can proceed with. Starting an offshore company in JAFZA involves the following steps:
- Select a certified business consultant
- Be handy with the required documents
- Submission of the documents to the business experts
- Obtainment of the required approvals
- Open an offshore bank account
- Operate the business activities
To know more about the incorporation of an offshore company in JAFZA, here’s the complete information on How to Set Up Dubai (JAFZA) Offshore Company.
Registration of Members
When it comes to offshore business incorporation in JAFZA, the registration of the company members is a crucial task.
Registration of the offshore company members should include the following:
- Name and address of the shareholders
- Statement of shares held by each member
- Date of registration
- The date on which any person ceased to be a member
Now, failure to comply with the regulations would result in an offence, which would try out to be a troublesome process.
Purchase of Share Certificates
An offshore company in JAFZA has got the flexibility to purchase its shares. The purchased shares can be:
- Only be bought to an approved contract backed by an advanced Resolution of the offshore company
- They shall not carry the right to vote on the Resolution authorizing the purchase
Once the purchase has been made successfully, they need to be registered with the company registrar, and can also be transferred accordingly.
Registration of Shares and Transfer
Now, when it comes to transfer and registration of company shares, that needs to be done through an instrument in writing.
The complete steps need to be noted, which then will be transferred to the Registrar for approval.
Upon the obtainment of the approval, the Registrar will record the share transfer in the register, which will come into effect from the date on which the share transfer is entered into the registry.
Thus, you have seen the guidelines that have been outlined by the JAFZA Authority that needs to be met while registering an offshore company in JAFZA, a tax-haven jurisdiction.
Meeting the legal proceedings might turn out to be a troublesome process if one is not well-versed with the legal grounds. Proceeding ahead alone also turns out to be a risky move that might turn out to be a hindrance to the registration process.
To avoid such errors, business investors prefer to take the initiative from the business experts. Here’s a guide on Core Reasons to Hire an Offshore Consultant, which an investor must know.
Business Setup Worldwide has been performing as one of the top business consultants who has been providing the best business incorporation services.
Our experts’ team is well-versed with the business establishment process and can help you to start your offshore business by providing tailored solutions suiting the business needs.
If you are looking forward to setting up an offshore business in JAFZA, feel free to have a word with our experts. Contact us today-we’d be glad to assist!