Jebel Ali Free Zone Authority Issues New Regulations for Offshore Companies

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!

Here is last week’s article about loosing your title deed.

Author: Philip Smith
Philip Smith, LL.B. (Hons.): Founder & Principal of Your POA – The Leading Power of Attorney Company in Dubai and the UAE

Experience the expertise of Philip Smith, the highly-regarded Founder and Principal of Your POA, the premier Power of Attorney company in Dubai and the UAE. Boasting an exceptional legal background, Philip has earned a reputation for his outstanding market knowledge, trustworthiness, and discretion. As an authoritative expert in UAE property matters, strategic advisory, and corporate services, he has advised a diverse range of high-profile clients, adeptly safeguarding their interests while accomplishing their individual objectives....

Philip holds an LL.B. (Hons.) degree and possesses extensive hands-on experience in the UAE. His comprehensive skillset covers property conveyancing, power of attorney representation, private client management, strategic advisory services, business consultancy services, corporate service operations, market entry, asset protection, legal matters, regulatory compliance, real estate, corporate structuring and re-structuring, company administration, and legacy planning.

In addition, Philip's expertise encompasses real estate acquisitions, structuring, ownership transfers, property management, portfolio and account management, corporate structuring and re-structuring, company administration, legacy planning, and asset protection for entrepreneurs and growth companies. This impressive range of skills ensures his clients receive the highest standard of service, tailored to their specific needs.

As the leader of Your POA, Philip directs a dedicated team of professionals committed to upholding his values of excellence and discretion. Together, they have solidified Your POA's position as the top Power of Attorney company in Dubai and the UAE, offering customised services that consistently exceed client expectations.

Place your trust in the proven expertise and impeccable reputation of Philip Smith and the team at Your POA. With an unwavering commitment to understanding and achieving your objectives, and a discreet approach that prioritises the protection of your interests, you can be confident that your affairs are in the hands of seasoned professionals. Philip's wealth of experience and in-depth market knowledge make him the ideal partner for navigating the intricacies of the UAE property and corporate services landscape.
Read more