Is Jafza contract limited or unlimited?
This means it is a limited contract. Jafza follows the provisions of the UAE Labour Law as does this contract, which has been signed by both the employer and RN on each page.
How many companies are in Jebel Ali Free Zone?
Jebel Ali Free Zone (Jafza) is a trade catalyst that is home to more than 8,000 companies from 140 countries, including Fortune-500 firms.
How is gratuity calculated in Jebel Ali Free Zone?
Gratuity payment at termination An employee whose service exceeds one year shall be entitled to a gratuity payment on termination of service at the rate of 21 calendar days pay of the last month’s basic salary (or more if the employment agreement so specifies) for each year of service for the first 5 years.
What are the benefits of a free zone?
Free Zone Benefits and Costs
- 100% foreign ownership.
- 100% repatriation of capital and profits.
- 100% import and export tax exemption.
- 100% exemption from income and corporate taxes.
Why is it called Jebel Ali?
The word Jebel in Arabic translates to mountain/hill which in turn makes the literal translation of Jebel Ali, the Mountain Of Ali. The area of Jebel Ali is said to have got this name because of the religious man named Ali, who lived on a high mountain there.
What is my gratuity amount?
The formula is: (15 * Your last drawn salary * the working tenure) / 30. For example, you have a basic salary of Rs 30,000. You have rendered continuous service of 7 years and the employer is not covered under the Gratuity Act. Gratuity Amount = (15 * 30,000 * 7) / 30 = Rs 1,05,000.
What is the meaning of free zone visa?
In free zones, the most common type of residence visa is available through an employment contract with a free zone company. This type of UAE residence visa is valid for up to 3 years. Free zone visas are obtained solely from the Immigration Department (GDRFA) without the necessity of contacting the Ministry of Labour.
When did the JAFZA company regulations come into effect?
The Jebel Ali Free Zone (JAFZA) issued new company regulations known as the Jebel Ali Free Zone Companies Implementing Regulations 2016. It was announced on 23 May 2016 and came into action in 24th August 2016. It focuses on development of market which shall provide facilities that are prompt, secure and form the best international practice.
Are there different regulations for free zone companies?
Earlier JAFZA had separate set of regulations governing free zone establishments and free zone companies, the changed Regulations 2016 bring all types of companies within JAFZA under one regulation. Below are few of its features and key changes:
What’s the minimum share capital for a Jafza company?
Previously, an FZE within JAFZA was required to have a minimum share capital of AED 1,000,000 and an FZCO AED 500,000. While now, with change under the Regulations, a company must only have a share capital that is sufficient for the activities for which it is licensed.