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JEBEL ALI FREE ZONE ISSUES NEW OFFSHORE REGULATIONS

JEBEL ALI FREE ZONE ISSUES NEW OFFSHORE REGULATIONS

11 Aug 2020
JEBEL ALI FREE ZONE ISSUES NEW OFFSHORE REGULATIONS

Even though the New Regulations do not set out the exact enforcement date, the JAFZ authorities have informed that the date shall be updated in the New Regulations soon. 
 
The New Regulations are considered more advanced and contains provisions to provide foreign investors with attractive ways to structure their investments in the UAE. Some of the new amendments include: 
 
1. Permitted Activities (Art.14.2): as per the New Regulations, an Offshore Company shall be permitted to hold a lease of property for use as its registered office in any of the designated freehold area in the UAE, own a stake in another operating company within the UAE and own property in one of the designated freehold areas.
 
2. Residence Visas (Art 31.2):  as per the New Regulations, members (directors) of an Offshore Company may apply for a residence visa if the offshore company owns property in any of JAFZA’s freehold areas. The approval is subject to the concerned authority’s eligibility requirements. 
 
3. Re-Domicile & Conversion of the Offshore Company: as per the New Regulations, an Offshore Company can apply to re-domicile into another foreign jurisdiction. It can also apply to convert into a Free Zone Company inside the Jebel Ali Free Zone and carry out commercial business. 
 
4. No. of Directors (Art.33.1): as per the New Regulations, the affairs and business of the Offshore Company shall be managed by at least one director. The old regulations had a mandatory requirement of at least 2 directors. 
 
5. Registered Agent: as per the New Regulations, if an Offshore Company has an office in the Jebel Ali Free Zone it is not mandatory for the company to have a registered agent.
 
6. Different class of Shares: as per the New Regulations, the Offshore Company may apply to have different class of shares. 
 
James Berry & Associates Legal Consultants are registered agents for the JAFZ and can set up offshore companies for you. 
 
Being one of the top law firms in Dubai, we have qualified and experienced lawyers in Dubai who can assist you with the interpretation of the Jebel Ali Free Zone Offshore Companies Regulations. 
 
To know more contact Deepa 
 
This is a general guide on the subject matter and should not be construed as specific legal advice.

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