Emirate of Ajman is one of the 7 emirates of the United Arab Emirates. Spread across 260 kilometers, it is also the smallest one. It is bordered on south, north, and east by Emirate of Sharjah and is home to a population of 240,000. Around 95% of the population is settled in the Ajman city, which is also the capital of this Emirate and is part of the Dubai-Sharjah-Ajman metropolitan area.
Business Setup in Ajman freezone
Before we take a deep dive into the business setup in Ajman Free Zone, it will be worthwhile to know what are the key business sectors. The economy of Ajman is divided into five major sectors:
- Manufacturing and Construction
- Retail and Wholesale
- Real estate and business services
- Transport storage
All these 5 sectors contribute to 87% of the GDP with manufacturing and construction being the front-runners.
Ajman port and Ajman freezone are major contributors to the economy at any given time. Ajman freezone has the capacity to accommodate 1500 companies and 1000 vessels a year. The port exports to 65 countries and 250+ companies operate from this freezone.
Ajman offshore was established in 1988 and is under the jurisdiction of Ajman free zone authority.
Advantages of operating in Ajman Freezone
Here are the advantages of an operating a company in freezone in Ajman.
- 100% foreign ownership
- 0% corporate tax
- 0% personal tax
- Minimal capital requirements
- Complete privacy and confidentiality
- Protection of assets
- Repartition of company profits and capital
- Freedom to claim to intellectual property
- No foreign currency restriction
- Relaxed custom duty guidelines
Ajman freezone offshore has additional benefits of an offshore company account
Here are the main benefits that your business will get if you open an offshore company in Ajman.
Protection of assets
You can protect your company's assets by opening an offshore account in Ajman. Often emirates like Ajman have very relaxed laws in terms of foreign account holders and they do assist an individual in maintaining privacy pertaining to their business entities. Opening an offshore account gives you the peace of mind on your business extension.
Tax laws are very simplistic and Ajman offshore is considered to be tax neutral. There are nominal taxes and in due time due to proper accounting techniques, taxes can be reduced to a minimum or zero.
Speak to business consultants Commitbiz on how to maximize your tax savings while opening an offshore account in Ajman.
Complete Privacy of account holders
An offshore account guarantees that you get complete privacy in terms of financial security and are free from threats of financial enemies, scam artists, and criminals. If you are a high net worth individual who is looking to open an offshore account in a safe haven, then Ajman is the place for you. Not only do you get the tax advantages you also get the benefit of conducting the business of choice.
Low administration costs:
In addition to low or zero minimum capital requirements, there is an easy procedure for a company set up in the offshore free zone. As far as setting up a virtual office, accounting and documentation are concerned, Commitbiz team is very well connected with on ground authorities to make the process simpler for you.
Simplicity of Business
This is an important factor. With the benefit of having a virtual office in an offshore location, there is the simplicity of function. You can be in your country of origin while your business operates in Ajman. With help of a local business partner/registered part
Permissible company entities in Ajman Freezone
Here are four types of business entities that you can operate in Ajman
- Free zone establishment(FZE)
- Free zone Company(FZC)
- Branch of a foreign company
- Branch of a local company
Types of business licenses:
You can apply any of the four business licenses bases of your business activity, that you want to pursue on Ajman offshore company
- Trading license
- Professional/Service license
- Industrial license
- Trading industrial license.
Right before you start, do know what are the permissible activities. Here is a list
- Consulting services
- Advertisement services
- Holding company
- Investment and joint investment company
- Property owning company
- International services
- General Trading
- Shipping and ship management companies
Documentation and registration required
The registration process is simple and a certain set of documents are required mandatorily
- A valid copy of the passport of the company shareholders
- Proof of residence of the company owner
- Memorandum of association
- Article of association
- Duly filled application for incorporation of an offshore account
- Bank reference letter
- Resume of the owner of the offshore account
- Business plan with cost-benefit analysis
Typically according to the Ajman offshore package, the registration fee is AED 9000. There may or may not be a renewal fee involved basis of the business activity and type of business entity you choose to operate.
It is very important to have a registered offshore company setup agent in Ajman. Such a registered consultant like Commitbiz is well versed with offshore account setup. Commitbiz can handle on the groundwork for business setup while you can focus on making your virtual office a profitable hit!
Get in touch with commitbiz today to get started. Write to us at firstname.lastname@example.org