Tonga

Situated east of the Fiji Islands in the South Pacific, Tonga (also called the Friendly Islands) consists of some 150 islands, of which 36 are inhabited. Most of the islands contain active volcanic craters; others are coral atolls.

Economy

Tonga has a small, open, South Pacific island economy. It has a narrow export base in agricultural goods. Squash, vanilla beans, and yams are the main crops. Agricultural exports, including fish, make up two-thirds of total exports. The country must import a high proportion of its food, mainly from New Zealand. The country remains dependent on external aid and remittances from Tongan communities overseas to offset its trade deficit. Tourism is the second-largest source of hard currency earnings following remittances. Tonga had 39,000 visitors in 2006. The government is emphasizing the development of the private sector, especially the encouragement of investment, and is committing increased funds for health and education. Tonga has a reasonably sound basic infrastructure and well developed social services. High unemployment among the young, a continuing upturn in inflation, pressures for democratic reform, and rising civil service expenditures are major issues facing the government.

Form of Government

Jafza Offshore's flexible and advanced rules of investment have contributed in creating a suitable environment that encourages many international companies to use Jafza Offshore as a springboard to reach their targeted markets. The massive logistic support base offered by Jafza also helps investors to move freely in borderless areas. Jafza Offshore was among several UAE institutions that participated in the forum, including the UAE Central Bank and the Sharjah Chamber of Commerce.

With the introduction of the Regulations for Jebel Ali Free Zone Offshore Companieson 15 January 2003, international business community can establish offshore entities at JAFZ, in line with other international offshore jurisdictions.

Universal Consultants JLT will assist you to obtain a license and get your offshore company registered in the Jebel Ali Free Zone. A Jebel Ali offshore company is free to carry out any lawful activity other than banking or insurance business.

Setting up a Dubai offshore company or an off shore company in any other Emirate of UAE calls for excellent understanding of offshore jurisdiction laws. We help you avoid common mistakes while structuring your company and provide you all essential guidance and support for the offshore jurisdiction of your choice.

Tonga offshore jurisdiction

Tonga was one of the fastest offshore jurisdictions to react to OECD's outlined recommendations, and it improved its local legislation by adhering to international anti-money laundering standards. Even though Tonga officially abolished its offshore financial regime, it maintained financial intelligence and attractive business conditions for business world participants, and significant incentives are available to companies in different market segments.

Banking Sector

Banking sector is well regulated in Tonga and many international banks established their branch in this country. In order to conduct banking activity, a company must apply for and obtain a license there. In order to obtain a banking license, a company must demonstrate its minimum capital and liquidity capabilities, it must submit all the requested documents and have an adequate organizational model.