Company Formation in Ajman Free Zone
Should you Consider Company Setup in Ajman Free Zone?
Business setup in Ajman Free Zone is a lucrative option for entrepreneurs due to its strategic geographic location and the numerous incentives offered to businesses’. Ajman Free Zone is located on the west coast of the United Arab Emirates in Ajman which provides easy accessibility to the eastern as well as the western markets. Established in 1996, the Ajman Free Zone Authority operates as the sole regulatory agency in this jurisdiction. Businesses that operate in the Ajman Free Zone are offered various benefits with the aim to attract foreign investors. They offer a comparatively cheaper cost to obtain licenses as well as rental spaces as compared to other Free Zones. Additionally, it is located close to Dubai and Sharjah, which makes it well connected to four seaports and two airports. The following types of companies can be established in the Ajman Free Zone – Branch of Foreign Companies, Branch of Local Companies, Free Zone Establishments and Free Zone Companies.
Procedure for Company Formation in Ajman Free Zone
- Reserving a company name.
- Applying for Operating License. These can range from Trading, Industrial, Professional and National Industrial License.
- Completing and submitting an application along with all the necessary documents to the Ajman Free Zone Authority (AFZA).
- AFZA notifies the client if all the requirements have been met and whether the fees have been settled. Following this, the business license is issued.
Requirements for Ajman Free Zone Company Registration
Basic Requirements for Ajman Free Zone company formation
- Establishing an FZE requires a minimum of only 1 Shareholder whereas the number of shareholders in a Free Zone company can range from 2 to 5 shareholders
- Minimum 1 Director (any nationality)
- Minimum capital requirement is AED 185,000
- Virtual Office or Office Space
- Entry permit
Documents Required for Business Setup in Ajman
- Application Form duly signed by the authorised signatory.
- Certificate of Incorporation or Certificate of Good Standing
- Memorandum and Articles of the Association
- Board Resolution for establishment of FZE/FZC in AFZA
- Copies of passport of the Shareholders
- Coloured Photograph
- No Objection Certificate from sponsor, if the applicant is a resident of UAE
- Gaining an approval for company name and business activity
- Preparing a Business Plan required for company formation
- Assisting in the preparation of Memorandum of Association in accordance with the local laws
- Preparing the Company Registration Documents
- Liasoning with the Government Departments for getting the Company License
- Assisting in opening of bank account
- Assisting in getting Employment Visa, Medical and Emirates ID for 1 person
What are the Benefits of Company Formation in Ajman?
There are various benefits that Ajman Free Zone offers entrepreneurs and businessmen alike. Some of them include:
- Exempt from import & export duties
- The land contract is valid for a period of 20 years, which can be further renewed on completion.
- It offers excellent infrastructure and affordable renting space for offices as well as cheap labour and energy
- Foreign investors can avail 100% ownership
- No red tape
- No corporate tax
- It is one of the fastest growing Free Zones
- Allows for 100% of repatriation of capital and profits
Time Period for Ajman Free Zone Company Setup
Company formation in Ajman takes approximately 30 days which includes the time takes for visa formalities as well.