JEBEL ALI FREE ZONE ISSUES NEW REGULATIONS

11 Jan 2017

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JEBEL ALI FREE ZONE ISSUES NEW REGULATIONS

The Jebel Ali Free Zone (JAFZA), which is one of the first and largest free zone in the UAE, has now issued a new set of guidelines for the companies operating out of JAFZA

These regulations titled as Jebel Ali Free Zone Companies Implementing Regulations 2016 provides all the relevant guidelines for companies already operating in JAFZA and those to be set up in JAFZA.

Some of the key features of this regulation are:

• A foreign company can now redomicile or transfer its business jurisdiction from its current country to the Jebel Ali Free Zone without having to set up a new company or branch.
• All the different types of legal entities in the JAFZA such as the Free Zone Establishment (FZE), Free Zone Company (FZCO) and Branch of a Foreign Company are brought together under this regulation, without having the need to follow different regulations
• FZE’s to also have a Memorandum and Articles of Association
• FZCOs can now have a minimum of 2 and a maximum of 50 shareholders
• A new company type – a Public Listed Company (PLC) has now been introduced which lets it to be listed on the stock exchange
• Converting the type of entity from one form to the other is now simplified
• The plan to have different class of shares provides flexibility to shareholders
• No Minimum Share Capital-only what is sufficient for the activities applied for

As H.H. Sultan Ahmed bin Sulayem, the Group Chairman and Chief Executive Officer of DP World has stated, these new regulations will certainly consolidate the legal requirements relating to registration, administration, benefits and obligations of organizations in the free zone.

Being one of the top law firms in Dubai, James Berry & Associates have qualified and experienced lawyers in Dubai who can assist you with the interpretation of the Jebel Ali Free Zone Companies Implementing Regulations 2016.

To know more contact Deepa - deepa@jamesberrylaw.ae

This is a general guide on the subject matter and should not be construed as specific legal advice.