The free zone authority introduced the registration & formation of Offshore Companies under Offshore Free Zone Offshore Companies Regulations of 2014.
Characteristics of an offshore company registered in the AFZA are as follows:
• Not required to have office \ premises in UAE. Only virtual office
• No trading or business to carry out in UAE. Rest of the world do business
• No visa and residence permit available to owners and directors
Company can do following Business
- General Trading
- Consultancy, Advisory Services and commission
- Investment and holding company, real estate investment
- International and professional services
- Shipping and ship management services
DOCUMENT REQUIRED FOR COMPANY FORMATION:
Director and shareholder – When Individual
• Copy of passport;
• Copy of residential address proof such as a recent utility bill \ phone bill
Director and shareholder – When Corporate Bodies
• Copy of registration documents such as Certificate of Incorporation and Memorandum & Articles of Association of parent company
• Board Resolution for investment with proposed business plan
PERSONAL VISIT TO UAE – ZONE IS NOT REQUIRED.
Minimum of one shareholder is required. Corporate shareholders are permitted. Shareholders will decide capital structure of the Company. Single class of shares permitted and bearer shares are not permitted.
Every company must have a secretary. Director can be a secretary as well.
A minimum of two directors are required and corporate directors are not permitted. Individual shareholder can be a director as well.
D. Restrictions on Name & Activity:
Names must end with Limited. Company can do any business, trading & investment activity
E. Local Requirements \Agent:
Company must appoint an approved registered agent. A registered agent’s office in the UAE can be used as the registered office of the offshore company. We shall provide the same.
F. Timescale for company formation
Registration of the AFZ Offshore will take approx. 3 days. Shareholders or their authorized attorneys need to visit in person to sign in presence of AFZA officials for incorporation of the company. PERSONAL VISIT IS NOT COMPULSORY TO ZONE.
G. Annual Reporting:
Every company is required to keep financial books and prepare auditor’s reports within 3 months by the end of every financial year. These must be approved by the shareholders. The accounts / audit report however, do not need to be filed with the Authority.
AFZA Offshore pays no Income Tax \ Capital Gain \ any taxes in UAE.
Details of shareholders & directors need to be filed with authorities but are not available for public record.
For more information visit.
• Formation of company in UAE USD. 2,000\-
Includes Company formation, Government and License fees