Formation of limited by shares offshore company in Ajman Free Zone (UAE)

Legal Form 
Ajman Free Zone Authority (AFZA) has constituted a new offshore department that is regulated under the Ajman Offshore Companies Regulations of 2014 that governs international companies, conferred by the Emiri Decree No. (2), issued in the year 2014. 
Ajman Offshore Company (International Business Company) does not required to rent an office or industrial premise, trading within UAE is not allowed. 

Permitted Business Activities that must be carried out outside the UAE:

• General Trading
• Consulting and Advisory Services
• Holding Company (Buy/Hold/Sell stakes of companies
• Investment and Joint Investment Company
• Property Owning (subject to the respective local laws of each emirate, city and country)
• Shipping and ship management companies
• Commission Agents Company
• Intermediary Brokers (IB’s)

Company Name 
A Company name must necessarily end in “LIMITED” or “INCORPORATED” and must be approved by the Ajman Free Zone Authority. 

Memorandum And Articles Of Association 
To register a Company, Memorandum and Articles of Association must be prepared by a licensed law practitioner and filed at the Ajman Free Zone Authority. The Memorandum specifies the activities in which the Company may engage and the Articles of Association specify the rules governing the internal management of the Company. 

Shareholders 
A minimum of one shareholder is required. Corporate shareholders and 100% foreign ownership are permitted. A single class of shares is permitted and bearer shares are not permitted. Details of shareholders should be filed with authorities, however they are not available to the public. 

Share Capital 
The minimum share capital requirement is AED 10,000. 

Directors And Secretary 
A minimum of one director is required and corporate directors are not permitted. If a company is incorporated with one shareholder, this shareholder can be appointed as director. Details of directors should be filed with authorities, however they are not available to the public. 

Every company must have a secretary, who can be of any nationality. The corporate secretary is not permitted. A director can be appointed as secretary as well. 

Registered Office 
The company must appoint an approved registered agent. The registered agent’s office in the UAE can be used as the registered office of the offshore company. 

Meetings 
Company meetings need not be held from time to time, not necessary in the UAE. 

Incorporation Time 
Usually 2 business days, as soon as all the original documents are sent to the UAE office. 

Taxation 
Ajman Offshore Companies are exempt from the corporate tax, income tax and VAT. 

Financial Statements And Audit 
Whilst there is no requirement to file audited accounts with the authorities, a company is required to prepare financial statements, which should reflect the financial position of a company.