The Ajman Free Zone Offshore Companies Regulations of 2014 (the Regulations) have been introduced for registering and governing offshore companies in the Ajman Free Zone Offshore. Under the Regulations, an offshore company with limited liability can be formed with at least one shareholder, two directors and one secretary. The capital structure can be decided by the shareholder(s). However, all the shares must be fully paid when allotted and the company is not allowed to create different classes of shares or issue bearer shares.
An offshore company is required, at all times, to have:
- A registered agent, approved by the Ajman Free Zone Authority (“the Authority”). Such registered agent shall be located in the Free Zone or elsewhere in the UAE.
- A registered office, which must be an office maintained in the Free Zone by the company or an office maintained in the Free Zone or in UAE by its registered agent, to which all communications and notices may be addressed.
An offshore company may conduct any lawful business subject to the following restrictions as provided by the Regulations. The offshore company shall not carry on:
- Carry on business with persons outside the Ajman Free Zone in the United Arab Emirates.
- Carry on any other business which may, by regulations made by the Ajman Free Zone, be prohibited.
- Own an interest in real property situate in the United Arab Emirates, other than a lease or ownership as allowed in Regulations or as approved by the Ajman Free Zone.
- Banking business or business as an insurance or reinsurance company, insurance agent or insurance broker, unless it is licensed under applicable UAE law and authorised to carry on that business.
- Any other business which may, by regulations made by the Authority, be prohibited.
If an offshore company wishes to conduct trade or other business in the Free Zone or elsewhere in the UAE, it must obtain the appropriate license from the competent authorities.
An offshore company can hold a bank account in the UAE for the purpose of conducting its routine operational transactions.
Every offshore company is required to keep proper accounting records which shall be examined and reported upon by auditors as provided in the Regulations.
- Banking business or business as an insurance or reinsurance company, insurance agent or insurance broker, unless it is licensed under applicable UAE law and authorized to carry on that business.
If the International Corporate Centre Business Company wishes to conduct trade or other business outside the Ras Al Khaimah Free Trade Zone elsewhere in the UAE, it must obtain the appropriate license to conduct such trade or other business activity from the competent authorities in the UAE.
An International Corporate Centre Business Company can hold a bank account in the UAE for the purpose of conducting its routine operational transactions.