One of the latest initiatives by the Dubai government has been the setting up of offshore companies, which will be covered under Jebel Ali Free Zone offshore Companies Regulations 2003 with effect from January 15, 2003. The regulations are made by the Chairman of the Dubai Port, Customs and Free Zone Corporation in accordance with the authority given to him by Dubai laws Numbers 1 and 4 of 2001.

Salient Features of Jebel Ali Offshore Facility:

• 100% foreign ownership.
• Company can own real estate properties on Palm islands or any properties owned by Nakheel Company LLC or any other real estate properties approved by the Jebel Ali Free Zone Authority (JAFZA)
• Company can hold an account in a bank in the UAE for the purpose of conducting routine operational transactions
• Despite a general prohibition on International Companies to conduct business with persons resident in UAE, the Authorities frequently allow offshore companies to hold shares in both offshore and onshore UAE companies (i.e. local LLC companies).
• The Company will not be allowed to carry on business with people who are resident in the UAE or carry out any trade in the free zone or in the UAE, unless they have first obtained the appropriate license from the relevant competent authority.
• The registrar has the power to appoint competent inspectors to investigate the affairs of the offshore Company. Upon discretion of the registrar, inspection costs may be charged to any office bearer of the Company.

Characteristics of an offshore company registered in the JAFZ Zone are as follows:

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