Registration of a company in Dubai at Jebel Ali. JAFZA

15 / 07 / 2020

On 01.01.2011 certain amendments entered into force by the Government of Dubai. These amendments relate to property rights for offshore companies established outside the United Arab Emirates. Now, only offshore companies that have been registered in the JAFZA Free Economic Zone can register real estate for themselves. If another company has registered the property before 01.01.2011 (before the entry into force of these amendments), then it remains the owner of the registered property.

It is worth noting that there are a number of restrictions on the ownership of real estate in Dubai:

     ● Property must be located within Palm Islands and Jumeriah Islands;

     ● The owner of the property must be Nakheel Company LLC;

     ● Restrictions in the form of various approvals from JAFZA.

Obtaining approval is not particularly difficult, because JAFZA is doing everything to increase foreign demand and capital flow, and simplify registration procedures.

With the help of new legislation, the UAE government is showing that it can guarantee the necessary verification of all potential property owners in Dubai. The main requirement is to notify the Dubai Land Department of any possible adjustments regarding the ownership of the company's shares. However, first you need to get a solution from JAFZA. It is important to know that the beneficial owner is subject to all necessary checks.

Distinction of the JAFZA offshore company:

     ● Only 1 shareholder is needed;

     ● Shares can only be issued in a form that has been set in advance;

     ● The company must have 2 directors and 1 secretary, this is a minimum;

     ● Corporate directors are prohibited;

     ● The director of the company is not required to be a tax resident of the Emirates;

     ● Details of the register of shareholders and directors are not available in a public format;

     ● A registered company office and agent is required;

     ● Closed access to the domestic market of the UAE;

     ● To register a company with JAFZA FEZ you will need to pay a government fee of 10 thousand dirhams ($ 2,700). Also, it will be necessary to pay an annual fee of 2.5 thousand dirhams ($ 680).