Tuesday, January 31

How to set up a company in the free zone of Ajman?

Strategically built on the Arabian Gulf, the Ajman Free Zone (AFZ or Free Zone) is the country’s smallest and most famous free zone and can serve both the eastern and western markets.

AFZ was recognized in 1988 under Amiri Decree Number 6 of 1966 by His Highness Sheikh Hamad Bin Rashid Al Nuaimi. The proximity of the free zone to Dubai and Sharjah provides convenient access to ports and airport terminals.

The free zone is one of the most popular places to establish a business.

The free zone is one of the iconic destinations for establishing a business. AFZ has contributed significantly to improving the economy of the United Arab Emirates in recent years by attracting investors to carry out varied activities under a single license.

The United Arab Emirates has recognized great development in Ajman free zone authority. In addition, constant development in the free zone area will soon house 9,000 companies.

Advantages of the Ajman Free Zone

Compared to other free zones in the Emirates, foreign investment in AFZ has continuously increased without interruption. The only reason for such tremendous growth is the unlimited benefits offered to the establishment.

Below are some of the main advantages of establishing a company in this free zone:

  • 100% foreign ownership and no local sponsor requirement;
  • Free of corporate and personal income tax;
  • Ease of transferring capital and profits;
  • Economy;
  • Free of import and export duties;
  • State-of-the-art infrastructure;
  • Comparatively low prices for leasing;
  • Unlimited water and electricity supply at a discount;
  • Easy access to two international airports;
  • One-stop shop for all procedures.

Types of licenses

The first and most important scenario for a company that wishes to establish its presence in AFZ is to opt for a license considering the activity they wish to carry out. As for options, AFZ offers four types of business licenses as follows:

  • Business License: Companies that want to do business can apply for this license;
  • Industrial license: companies wishing to undertake industrial and manufacturing operations must opt ​​for the exclusive industrial permit;
  • Professional service license: for companies that provide professional services;
  • National Industrial License: This license is specific to companies that meet the following criteria:
  • Companies must be LLCs: (Limited Liability Company) that have a local partner with 51% shares in any GCC country;
  • The company must carry 40% of manufacturing within the free zone.

In addition to these advantages, another benefit of this free zone is the variety of corporate structures that can be established in Ajman.

To consider:

  • Free zone establishment;
  • Free zone company;
  • Branch of a foreign company;
  • Branch of a local company.

Company formation consultants in UAE willing to incorporate their client’s business in the Ajman Free Zone must undergo several procedures, including submitting the application form and obtaining the license.

Companies can opt from the Ajman Free Zones Authority (AFZA) list of activities, depending on the types of business they want to do. It is important to note that obtaining a business license will take about 4-5 weeks, subject to the company submitting the necessary documents on time.

Below is a complete list of all the documents required by the free zone authority to obtain the license:

  • Application form
  • Proof of trade name reservation
  • Intention letter
  • Audited financial report
  • Company profile
  • Bank statement for the last six months
  • Bank reference letter
  • Shareholder passport copy
  • Power of attorney, copy of passport, and summary of the company manager
  • Personal information of the manager and shareholder
  • Leasing contract
  • Parent company certificate registration
  • MOU and AOA of the parent company
  • Board of Directors resolution of the parent company
  • Letter of appointment, power of attorney, and passport copy of the legal representative
  • Power of attorney and passport copy of the secretary

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