Ajman Free Zone Company Formation Guide
Ajman Free Zone is an autonomous and independent economic region within the emirate of Ajman, United Arab Emirates (UAE). It is also one of the most popular free trade zones in the country. The main purpose of a free zone is to attract foreign investment by providing an environment that offers tax benefits and other incentives such as lower local wages. In this article, we will be going through the steps required for setting up an Ajman Free Zone Company. The process is not complicated and there is no need for any prior experience in business management. Our team has years of experience guiding new entrepreneurs through the process of registration and getting their businesses off the ground.
Why Ajman Free Zone for new business setup?
Ajman Free Zone is a special economic zone in Ajman, United Arab Emirates. It is one of the largest free zones in the world and among the first to be established in the UAE. Ajman FreeZone offers a wide range of services and facilities for businesses to operate from, including:
1. No taxes on profits, sales, or services rendered by the company within the free zone.
2. No corporate tax on foreign investments or dividends paid to shareholders outside of Ajman.
3. 100% ownership allowed for foreigners as well as Emiratis in any type of business except for banks or insurance companies (minimum 51% ownership required).
4. Easy transfer of profits out of Ajman without any restrictions or withholding taxes.
5. Easy approval procedures and Business license within 2 days.
6. Creating an attractive environment for foreign investors.
7. The AFZ offers ready access to high-quality infrastructures such as roads, ports, and air links – making it easy for businesses to import or export goods across the globe. There are also telecoms networks available that allow companies to communicate with customers around the world at low cost.
8. The AFZ offers many added services such as digital gateway, value-added services, proximity, etc. All these factors make it an ideal place for businesses that want to start or expand their business in UAE.
What kind of industries can start in AFZ?
The Ajman Free Zone is a global business hub that offers a range of benefits for businesses. The Free Zone has the following sectors:
Food & Beverages
The company setup process in Ajman Free Zone involves :
- Reserving a Company Name
- Obtaining a License
- Obtaining an Entry Permit
- Registering the Company with the Ministry of Labour and Social Welfare
- Opening a Bank Account
Ajman Free zone company setup cost depends on :
Company Name Reserve: The name of the company should be unique and should not violate any laws in the UAE.
Ajman free zone license Cost: The license is required by all companies that are registered in the UAE to conduct business. It is valid for 2 years from the date of issue and must be renewed annually. There are many types of licenses that Ajman Freezone can give permits, such as Commercial licenses or Ajman free zone trading licenses, service licenses, Ecommerce Licenses, and Industrial licenses.
Business Location & Office Space: If you wish to operate from an office space, then this cost will vary depending on location, size, and facilities offered by the office space provider.
Approvals: The process of obtaining approvals can be time-consuming and costly depending on the nature of your business activity and its compliance requirements under local laws. It may also involve multiple levels of approvals from different authorities which could increase your costs substantially.
Ajman media city free zone Company Establishment Card: The company establishment card is issued by AFZA after the approval of your company’s name, business activity, and registered address. This card is mandatory to open a bank account and sign contracts with third parties. The cost of this process will depend on the nature of your business activity. You can pay it in one installment or in several installments at your convenience.
Paper Work: The legal documentation required for company formation includes a Memorandum & Articles of Association (MoA&A), Shareholders’ Agreement (SHA), and Board Resolution (BR). These documents should be prepared by a local lawyer or certified public accountant before submission to AFZA for approval. The cost of attestation depends on the number of shareholders in your company and their nationality also plays an important role in determining how much you will pay for this process.
Ajman Media City Free Zone:
Ajman Media City Free Zone is Ajman’s first free zone, which aims to provide a wide range of services required by the media sector. The free zone has an area of 36,000 square meters and offers a variety of services that meet the needs of media companies operating in the region. The services include:
A commercial license for companies that do not require a trade license.
Banking services are provided by top financial institutions.
Compliance with all regulatory requirements imposed on media companies by the UAE government and Production facilities with tax-free incentives.
How Legal House Dubai helps you with business setup in Ajman:
We are one of the leading Business consulting firms in the UAE that provides services related to commercial registration and business licensing. Our services are completely affordable charge and we can help you in any aspect of your business. We provide all the necessary documentation required for registration or amendment of your company and also assist you with visa applications if necessary. For more queries, Hassel free to touch with us!