LAVECO LTD.

Member of

Legal Solutions since 1991 International Tax Planning

Association

AJMAN IBC
United Arab Emirates

Information for 09/2017

end-users www.laveco.com
 LAVECO LTD.
Legal Solutions since 1991

CONTENTS

GENERAL INFORMATION 3

INCORPORATION DATASHEET 5

FEES 7
First year fees 7
Annual fees 7
Opening of a bank account in a local bank: 9
Additional services 9

OUR OFFICES AND REPRESENTATIVES 11

Attention!
This material is protected under copyright. The written consent and permission of the authors is required for the copying or reproduction of
the whole or any part of this material by any means, as well as for the utilisation of the contents of this in other publications. The authors
assume no responsibility for any typing, setting or printing errors that may occur in the material.

LAVECO Marketing Ltd., Belize

Photocredits to: shutterstock.com, freepik.com, maphill.com

2
 LAVECO LTD.
Legal Solutions since 1991

GENERAL INFORMATION
Form of State Constitutional monarchy
Area, sq.km 259 km2
Population: 361,160 (2008)
Capital: Ajman
Business language: Arabic (English is widely spoken)
Currency: UAE Dirham (AED, 1 USD=3.6 AED)
Location: Emirate of Ajman located on the Arabian Peninsula and in the
Persian Gulf.
Time zone: UTC +4

source: ww.maphill.com

3
 LAVECO LTD.
Legal Solutions since 1991

4
 LAVECO LTD.
Legal Solutions since 1991

INCORPORATION DATASHEET
Advantages The United Arab Emirates is an extremely attractive jurisdiction, with
a very good name.The advantages of the UAE include:
-- 0% corporate taxes
-- 0% personal income tax
-- 0% VAT
-- not a typical offshore jurisdiction; the tax free status of
Free Zones is based on cultural traditions
-- the company can open a bank account in the same jurisdiction
-- the company can have local office and employees
-- Free Zone Companies can obtain working visas for investors
and employees
-- easy to obtain a residency permit for investors
-- the full profit of the company can be repatriated
-- high prestige jurisdiction, accepted worldwide in the
business community
Disadvantages The United Arab Emirates is not a member of the Hague Convention
on international authentication, and, as such, the corporate docu-
ments can not be certified with Apostille. Having said that, it is pos-
sible to have corporate documents certified by foreign consulates or
by Apostille in other countries.

Method of The Memorandum and Articles of Association must be signed by the

incorporation / shareholder
registration
Company legal form Private Limited Company by shares.
Company status International Business Company (IBC).

Source of corporate Ajman International Business Company Regulation

legislation

Possible suffixes to Limited or Ltd.

company name

5
 LAVECO LTD.
Legal Solutions since 1991

Time required for 2-3 days.

incorporation
Number of directors Minimum 1 of any nationality, corporate directors are allowed.
Number of Minimum 1 of any nationality.
shareholders
Capitalisation There is no minimum share capital requirement, but the share capital
has to be mentioned in the Memorandum of Association.
Accounting / reporting Required, but not filed with any authorities. There is no audit require-
requirements ment, except in the case of liquidation.
Type of shares Registered.
Information publicly Registered Office and Registered Agent, Directors.
available
Disclosure of Not required for the public records.
beneficiaries
Registered office Local registered office is required by law.
Registered secretary / Local registered agent is required by law.
agent
Double tax treaty United Arab Emirates has double tax treaties with the following coun-
tries: Algeria, Armenia, Austria, Azerbaijan, Belarus, Belgium, Bosnia
and Herzegovina, Bulgaria, Canada, China, Czech Republic, Egypt, Fin-
land, France, Germany, Hungary, India, Italy, Korea, Lebanon, Luxem-
burg, Malta, Malaysia, Mauritius, Mongolia, Morocco, Mozambique,
Netherlands, New Zealand, Pakistan, Philippines, Poland, Romania,
Seychelles, Singapore, Spain, Sri Lanka, Sudan, Syria, Tajikistan, Thai-
land, Turkey, Tunisia, Turkmenistan, Ukraine, Uzbekistan, Yemen.

6
 LAVECO LTD.
Legal Solutions since 1991

FEES
First year fees: 2950 EUR

The fees for the first -- annual licence fee

year are payable prior -- local government fees and duties
to incorporation and -- incorporation duty
include the following -- company name registration
items -- all administration and consultation fees
-- provision of a registered office for one year from the date
of incorporation
-- preparation of the Deed of Foundation
-- preparation of the Memorandum and Articles of Association
-- original Certificate of Incorporation
-- share book
-- minutes of meetings of directors
-- forms to be filed with the court of registration
-- Arabic/English bilingual stamp
-- expenses of personal appearance required for registration
-- 1 VIP transfer from Dubai airport
-- fees for forwarding documents by express courier

Annual fees: 1950 EUR

The annual fees (from -- provision of a registered office for one year from the anniversary
the second year) of the date of incorporation
are payable before -- annual licence fee
the anniversary of -- local government fees and duties
the formation of the -- company renewal duties
company and include -- personal collection of the renewed company documents from
the following items: the Free Zone
-- presentation of the renewed company documents to the
local bank (presentation of the renewed company documents to
the bank in which the company holds an account is obligatory
each year)
-- provision of a stamped certificate from the bank confirming
receipt of the company documents
-- forwarding the original (renewed) company documents to the
client by express courier

7
 LAVECO LTD.
Legal Solutions since 1991

8
 LAVECO LTD.
Legal Solutions since 1991

Opening of a bank account

1250 EUR
in a local bank:

-- Emirates Islamic Bank

-- Mashreq Bank
-- ADIB Bank
-- Emirates NBD Bank
The bank account -- personal meeting with the client in the clients hotel
opening fee includes -- preparing the client for the bank interview
the following items -- collection of the client identification documents from the client
-- filling out the banks forms and documentation
-- continuous assistance during the bank account opening process
-- returning client to their hotel
-- tracking the bank account opening procedure
-- assistance in supplying any missing information/documentation,
and in replying to any possible additional questions
-- assistance in collecting the token and bank card and forwarding
them to the client
-- continuous consultation for the resolution of any situations
which may arise.

Additional services:

Director services: 990 EUR

Nominee shareholder: 490 EUR

Power of attorney: 290 EUR

Consular authentication: from 1500 EUR

Certificate of Good Standing: from 790 EUR

Courier fees: 75 EUR

Nominee services

Advantages -- complete anonymity regarding external partners

-- possibility to have contracts signed

Disadvantages The use of nominees is not accepted in the United Arab Emirates, so
it can be very difficult to open local bank accounts for companies with
nominee structures.

9
 LAVECO LTD.
Legal Solutions since 1991

10
 LAVECO LTD.
Legal Solutions since 1991

OUR OFFICES AND REPRESENTATIVES

HUNGARY HONG KONG

LAVECO Kft. LAVECO LIMITED
LSZL VRADI JAMES WONG
Office Unit No. 6, 26th F.,
33/a Raday Street
Kin Sang Commercial Centre
1092 Budapest, Hungary
No. 49 King Yip Street
Tel.: +36-1-456-72-00
Kwun Tong, Hong Kong
Fax: +36-1-456-72-01 Tel.: + 852-2388-8051
hungary@laveco.com Fax: +852-2388-2960
www.laveco.com hongkong@laveco.com

UNITED KINGDOM BULGARIA

LAVECO LTD. LAVECO EOOD

GIZELLA KOZMA ANDREY GRAMENOV

104 Akad. Ivan Geshov Blvd.
3rd Floor, Blackwell House Entrance A, 5th Floor, Office 8,
Guildhall Yard, London 1612 Sofia, Bulgaria
EC2V 5AE United Kingdom Tel.: +359-2-953-2989
Tel.: +44-207-556-0900 Mob: +359-888-126-013
Fax: +44-207-556-0910 Fax: +359-2-953-3502
london@laveco.com bulgaria@laveco.com

CYPRUS SEYCHELLES
LAVECO LIMITED LAVECO LTD.
GIZELLA KOZMA SHEIRLEY JEAN-CHARLES
Despina Sofia Complex Suite 2, Oliver Maradan Bld.
Ap. 201, 8 Inomenon Ethnon Olivier Maradan Street,Victoria
Drosia 6042, Larnaca, Cyprus Mah, Seychelles
Tel.: +357-24-636-919 Tel.: +248-4-322-261
Fax: +357-24-636-920 Fax: +248-4-324-932
cyprus@laveco.com seychelles@laveco.com

UAE
LAVECO MIDDLE EAST FZC
MICHAEL DWEN
Conrad Dubai, 19th Floor,
Sheikh Zayed Road
Dubai S610 UAE
Tel.: +971-4-3827-758
Mob.: +971-50-173-4428
Fax: +971-4-3266-202
middleeast@laveco.com

11
 LAVECO LTD.
Legal Solutions since 1991

www.laveco.com