How to start Offshore business in Ajman, UAE

Established in 1988 and granted autonomous status under the Emiri Decree No. 3 of 1996 by H.H. Sheikh Humaid bin Rashid al Nuami, Ruler of Ajman, the Ajman Free Zone (AFZ) in the UAE has recently launched Ajman Offshore. Spanning just over two years, this brand-new initiative serves as an investment medium for businesses and offers them the benefits of an offshore company, including a zero-taxation system, and total privacy and anonymity. Ajman Offshore works in close collaboration with Ajman Free Zone as a registered agent and assists in proposing offshore company set up services to form a personalized and customized offshore company in Ajman. Offshore companies in in AFZ can benefit from AFZ’s status as a reputable jurisdiction for offshore purposes and can take advantage of more than 40 Double Taxation Treaties.

An offshore company may refer to a company, group or a division of a group that engages in offshoring business processes, or an international business company, or companies and other types of legal entities that fall under the laws of a jurisdiction that proscribes local economic activities.

Ajman Offshore has become one of the most desired offshore jurisdictions in the world due to its location within the Ajman Emirate, a rapidly growing region that provides a hassle-free process of incorporation for businesses. Relative to other offshore centers, Ajman has a fast process for offshore company formation in UAE. From the date of application for registration, which occurs once all the relevant documents and information have been submitted and approved, incorporation of the company takes approximately 1 working day. Furthermore, the shareholder is not required to be present at the time of incorporation.

Information required to set up an offshore company in Ajman is:

• The name of the offshore company.
• The share capital of the offshore company.
• The number of shares in the offshore company.
• The description of the company’s activities.
• The name(s) of the shareholder(s) and how many shares each shareholder holds.
• The name, address, and nationality of each director and secretary of the company.
• Bank account information (which can be opened in the UAE).

Benefits of Offshore business startup in Ajman, UAE

There are multiple advantages for establishing an offshore company in Ajman. The benefits include:

• Complete 100% ownership- A local partner is not mandatory.
• Exemptions of income taxes.
• Exemptions of import and export duties.
• Low-cost labor and low-cost company set-up.
• Secure and 100% repatriation of profits and capital.
• Easy to open company bank account in the UAE.
• No residency visa is required.
• No compulsory annual audit.
• No foreign currency restrictions.
• No requirement to posses an office space.
• The privacy of directors and shareholders is preserved.

Established in 1985, Jafza is one of the world’s largest & fastest growing freezones. Today Jafza is spread over an area of 48 sq. kms and is home to over 6400 companies, including over 120 of the Fortune Global 500 enterprises, from across the world. It is a leading driver of the burgeoning UAE economy. With its impeccable track record, Jafza stands for innovation, customer centricity, transparent operations and entrepreneurial dynamism.

JAFZA Offshore Company Setup

JAFZA, under Jebel Ali Free Zone Offshore Companies Regulations 2003, allows the formation of an offshore Company by individuals or corporate bodies, as a non-resident company, having a corporate legal entity.

Documents & Details Required For Individual Applicant

• Applicants Personal Profile (CV).
• Bank Reference from anywhere in world ( Template can be provided).
• Proof of residence (Recent Utility Bill like Electricity Bill or Telephone Bill in the name of applicant).
• Passport Copy (With at least 6 months validity).

Features

Dubai has passed a law for incorporation of Offshore Companies in Jebel Ali freezone in the Emirate of Dubai. The laws have been framed in a manner such that authority maintains a clean image of the companies vis-a-vis international financial authorities.

Some of the unique features of the Companies are as follows:-

• No bearer shares will be allowed.
• The Company shall file audited accounts each year.
• The Company can open bank accounts with all banks operating in Dubai and also in other jurisdictions.
• Company Status : Limited Liability.
• Number of Shareholders : Minimum One & Maximum not limited.
• Suffix to the name : “Limited”.
• Capital Structure : Decided by the shareholders.
• Directors: Minimum number of Directors shall be two.

Permitted Activity

• Professional Contact with legal consultants, lawyers, accountants and auditors.
• To hold shareholders and Directors meetings in the UAE.
• To hold lease of property for use as registered office or own real property in the Palm Islands or Jumeirah Islands or any property owned by Nakheel company LLC or any other real property approved by authority.
• To hold an account in a Bank in the UAE for the purpose of conducting its routine operational transactions.
• To become shareholders of Freezone & Limited Liability Companies.

Formation Procedures

• Submit application to the Registrar.
• Attestation of Memorandum & Articles of Association prepared as per the regulation.

Registration

The Registrar is the final authority to accept or reject the registration. Upon registration an Offshore Company registration number will be allotted and registration certificate will be granted.

Shares

• All shares must be fully paid when allocated.
• No Bearer shares allowed.
• No different classes of shares allowed.