Ajman Free Zone, situated on the Arabian Gulf coast, was established in the year 1988. It is the smallest but one of the most developed free zones of the UAE. Ajman Free Zone (AFZ) has a strategic location, which offers the benefit of serving both the western and the eastern markets.
AFZ businesses have got the right of entry to 4 seaports and 2 international airports leading to the flourishing of business within the region. All the policies and guidelines in Ajman Free Zone are passed and ruled below the control of the Ajman Free Zone Authority (AFZA). The whole Ajman Free Zone business setup process and issuance of the business license to companies is managed and handled by the Ajman Free Zone Authority.
Advantages of Ajman Free Zone
- Multiple visa options
- Affordable and cost-effective
- Quick and easy registration
- NOC from the local sponsor isn’t required
- Access to state-of-the-art facilities
- Low barriers to entry
- Easy to open your corporate bank account
- Easy to sponsor dependants
- Multiple shareholders
- Great location, global reach
Finally, AFZ additionally has many workplaces throughout the world — in Dubai, Russia, Pakistan, India and the UK — making this a truly international zone.
Step by step guide for business setup in Ajman Media City Free Zone
When you work with a company formation expert, your journey to Ajman Free Zone organization setup includes 5 simple steps.
Step One: Outline your Business Activities
The first step whilst beginning any commercial enterprise in the UAE is to select your business activity or activities. AFZ welcomes most activities that are permitted in the UAE which includes accounting and bookkeeping, consultancy, hospitality, IT, marketing, trading, and transport. While there is a lot of scope in terms of the kind of business you can conduct in AFZ, it’s important that you list all intended activities to your license application. If you failed to do so, it can cause significant complications in your project down the line.
Step two: Choosing Company Name
The next step is to pick out a name for the company. This step takes a little extra concept right here in Ajman than in much of the rest of the world as the UAE imposes a strict, however easy to follow, set of naming conventions that will not be familiar to anyone outside of the region. When deciding on a name for your business, you ought to keep in mind that it can’t encompass any offensive or blasphemous language, nor any references to Allah or Islam. If you want to include your own name in your company name, you ought to use it in complete instead of simply your surname or initials. Finally, you must check that the name you have chosen is available to be registered. Again, a company formation professional can help you to with this step, making recommendations and checking that your selected name is free.
Step three: License Application
The next, and most important step, in establishing your Ajman Free Zone business is to make your application. The exact procedure will vary depending on the type of business you want to start. There are several to choose from: a branch of a local or foreign company, a Free Zone Company (FZE), or a Free Zone Entity (FZE).
In most cases, you will be asked to provide:
- A passport copy with six months validity for each partner
- One colour photograph for each partner
- A business plan if applying for an Industrial or Service license
If you wish to open a branch, you may also be asked to provide:
- Memorandum and Articles of Association
- Board Resolution
- Certificate of Incorporation
- Power of Attorney
A Registration Certificate issued by the competent authority in the country in which the company is registered.
If you give your completed application without any errors, it is possible to get your business license in only one business day. To make sure that is the case, it is a great idea to work with a company formation professional throughout the complete incorporation process.
Step four: Visa Application
With your license secure, you can now apply for any visas you may need. A company formation professional can take care with this step for you, together with your license application.
You can apply for your own visa, as well as those of your employees and dependants including your spouse, children and domestic staff.
In most cases, the number of visas you can apply for will rely upon the size of your business and your preferred license package. When it involves applying of for visas for dependants, the process could be very straightforward providing you meet the eligibility criteria.
Step five: Opening a corporate bank account
The very last step to launching your Ajman Free Zone business is to open your corporate bank account. This isn’t always a straightforward process for international entrepreneurs. There are many local and international banks to pick out from, all with different acceptance criteria and application process thus navigating them may be a minefield.
This is yet another reason you need a reputed company formations services to work alongside you to complete this process. They can also offer you advice on the most suitable bank for your business as well as organise meetings with financial institutions too.
Starting your business in Ajman Free Zone
As you could see, setting up in AFZ is a simple, five-step process. However, at the same time the process might not be difficult, it does need a professional eye. Any mistakes on your application should lead it to being behind schedule or rejected. That’s why it’s an amazing idea to work with a company formations services that will help you set up your business. When you work with a company formation professional, all you want to offer is a few simple documentation and a bit of information about the nature of your business. Then, sit back and let the specialists take care of the rest – dealing with your license and visa applications, communicating with all applicable departments and authorities, and reporting back whilst you’re ready to begin trading. It absolutely is that simple.