recently, the Jebel Ali Free Zone Offshore Companies Regulation 2003 ("the Regulation") have been introduced for registering and governing offshore companies. Under the Regulations, an offshore company with limited liability can be formed with at least one shareholder, two directors and a 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. The Article of Association specifying the regulation for the offshore company should be delivered to the registrar along with the application for the Certificate of Incorporation