All you need to know about The Ajman Free Zone Authority
Ajman Free Zone Authority is one of the best economic zones in the UAE today. Established in Ajman in 1988 and since then has witnessed more than thousands of companies operate their business. It allows to set up any free zone company, offshore company, and even direct foreign investment.
There are several reasons for AFZA being one of the top economic zones in the UAE. Today, it attracts more than 1000 companies in its zone. How? Let us understand in detail.
Reasons to choose Ajman Free Zone Authority:
• Ajman Free Zone Authority is one of those zones connected well via waterways and airways, making it a globally well economic zone.
• AFZA is one of the easiest company formations and setting up the business zones. All you have to do is select your type of business, apply, submit all the required documents, pay the needed fees, and collect the license. That's it. It is also said to be a faster process here than other zones comparatively.
• Another excellent reason for choosing AFZA is it allows you to have 100 percent ownership of your company instead of parting it with any party.
• UAE is one of the best strategic places for business for sure. Hence, one of the top places in the UAE, like AFZA consists of efficient and excellent infrastructure. It offers everything from small equipment required in business spaces to large ones.
• All the laws surrounding the business sector in AFZA are business-friendly. These laws include well-thought strategies regarding taxes, capital, profit, and more.
Type of business setups in The Ajman Free Zone Authority:
After discussing why business owners go for AFZA, let's know the types of business setup here. It can be divided into four major categories:
1. Foreign Company Branch: This type of setup is for the owners of companies launched outside the UAE and want to launch a branch within the UAE. No matter what the business type: service-based, skill-based, commercial etc., you can choose to establish a branch here. You will have 100 percent ownership over it.
2. Local Company Branch: This type of setup and license is for the companies operating locally, that is, within the boundaries of the UAE. In this setup, ownership is similar to that of a foreign company branch. You will need to select a proper license based on your commercial activities.
3. Company Formation in Free Zone: You will have to go for a license application first to start a free zone company.
4. Establishment in the Free Zone: Establishments under free zones serve more freedom and ownership of 100 percent. Any company that falls under this category is free from the taxes for corporates, and complete repatriation of the capital is allowed.
1. Commercial License
2. Freelancer License
3. Services License
4. Offshore License
5. Pioneers License
6. Industrial License
7. E-Commerce License
For a new company establishment-
• Early approval of the application and proof of the reserved trade.
• The passport copies of every shareholder.
• The copy of resume and passport of manager.
• Every shareholder and manager’s sheet of personal information shall be considered.
• Documents needed for the agreement of the lease.
• MOA/AOA that is attested and notarized for the corporates.
• Appointing a business advisor and a power of attorney that is attested and notarized for the same.
• Certificate of registration that is attested and notarized. This step is for the corporates.
• The address for the business.
Often, businesses are hard to launch due to improper awareness of either procedure or facilities. That is the time consultancy steps in as a solution. Hundreds of entrepreneurs today have found their businesses way better than the others only due to proper mentors' correct consultancy and guidance.