Jafza introduces changes for easier businessby Jumana Abdel-Razzaq on Jan 10, 2017
Jebel Ali Free Zone (Jafza) has issued a new set of guidelines for foreign companies that can now make doing business in the free zone easier.
Under the revised Jebel Ali Free Zone Companies Implementing Regulations 2016, companies can restructure and rearrange their operations by converting from an FZE or FZCO to a PLC and vice-versa, enabling continuity of businesses in the free zone, according to Dubai Media Office.
Businesses can now be set-up with capital sufficient for the activities applied for in place of the existing regulation that mandates a minimum amount of capital, giving owners more freedom with their capital.
Foreign companies will also be able to transfer to the free zone without affecting previous commitments, a strategy that Jafza hopes will attract more international businesses to the area.
Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World and Chairman of Ports, Customs and Free Zone Corporation, said: “The new regulations streamline all the mandatory legalities related to the registration, administration, legal benefits and obligations of organisations in the free zone.
“These changes reflect the needs of an ever evolving market in terms of providing facilities that are prompt, secure and form the best international practice.”