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Jafza Reports Rapid Expansion In 2014

by Lorys Charalambous, Tax-News.com, Cyprus

07 May 2015


The Jebel Ali Free Zone (Jafza) in the United Arab Emirates (UAE) announced on May 3, 2015, that it registered 679 new companies in 2014, an increase of 17 percent against 2013 activity.

Company revenues grew by 10 percent, and profits were up more than 13 percent to AED1.18bn (USD321m).

"In 2014 Jafza companies are estimated to have generated trade worth AED370bn," the zone said. "Jafza accounts for more than 75 percent of the total trade generated by all the free zones together in Dubai."

Asia Pacific firms accounted for 29 percent of the new companies formed. The Americas and Europe together accounted for 27 percent. 14 percent of the new companies came from India, six percent from China, and eight percent were from either the US or the UK.

Jafza offers a number of benefits to companies established in the zone, including: 100 percent foreign ownership, zero percent corporate tax guaranteed for 50 years, zero percent import and re-export duties, zero percent personal income tax, and no restrictions on the repatriation of capital and profits.

TAGS: United Arab Emirates | Asia Pacific | tax | company formation | India | law | international financial centres (IFC) | China | offshore company formation | offshore | trade | Dubai | The Americas | Europe

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