The Jebel Ali Free Zone (Jafza) in Dubai has unveiled new regulations designed to govern offshore companies seeking to register with it.
According to reports in the regional media, offshore firms seeking to locate in the free zone must have a minimum of two directors, and issue a single class of shares.
At least one meeting must be held each year, and the offshore company must produce financial statements to be audited by an approved auditor. Firms must also maintain a registered office in Jafza, or must appoint a registered agent.
The Gulf-News Online news service reported on Wednesday that:
'Licenses of these offshore companies will cover trade and allied services, and will exclude activities such as banking or insurance, which will require the permission of the concerned authorities in the UAE.'
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