There’s nothing we love more than keeping you in the loop! The Jebel Ali Free Zone authority recently issued some new and amended regulations for Offshore Companies and we want you to know exactly how this may impact you.
- Residence Visas: An Offshore Company that owns property in one of the designated freehold areas is eligible to apply to JAFZA for the residence visa of its members (shareholders and/or director).
- Property and stakes: Said Offshore Company is also permitted to hold a lease of a property to use as its registered office space, in any of the designated free hold areas in the UAE. The Offshore Company is also permitted to own a stake in another operating company within the UAE as well as owning property in one of the designated freehold areas.
- Management: Whereas previously Offshore Companies were required to appoint 2 directors to manage their affairs, the authorities have now reduced this quota to just 1 director or corporate body.
- Conversion into a Free Zone Company: An Offshore Company can now apply for its corporate form to be converted into a Free Zone Company in Jebel Ali Free Zone, by way of a resolution presented to the registrar. New Free Zone Company’s date of incorporation will match that of the Offshore Company and all rights and obligations of the Offshore Company will continue with the new Free Zone Company.
In other news, the Dubai Land Department (DLD) signed a memorandum of understanding (MoU) with the Registration Authority of Abu Dhabi Global Market (ADGM). This MoU is an expression of the DLD’s continued interest to establish cooperative relations with the Financial Free Zone Authority by facilitating international companies registered in ADGM to own properties in Dubai’s freehold areas within DLD’s legal controls, registration procedures and overall framework.
More updates regarding these new regulations, coming soon!