Establishing a firm in a UAE-free zone has considerably aided the rise of the economy and expansion. The business hub with over 40 free zones has become an attraction for international entrepreneurs. The Ajman Free Zone Authority offers exceptional
business setup services in UAE and has supported many SMEs and start-ups since its inception in 1988. Further, because of its proximity to airports and ports, the zone is an excellent site for local and international business owners to launch their business. It is also a free trade zone that provides a high investment rate due to several advantages such as tax exemption and complete corporate control.
Prerequisites for AFZA Company Establishment
The process of creating a company in the zone is simple and straightforward. However, there are numerous decisions that ex-pats and local entrepreneurs must take before registering for an enterprise which includes following:
- Receiving an appropriate business permit.
- Acquiring a physical workplace and determine its size.
- Procuring the suffixes FZE and FZC for a single-shareholder company and a multiple-shareholder business, respectively.
- A bank account with a share capital of at least 180000 AED.
- Native and offshore company, as well as subsidiaries that are partially or wholly owned.
- Considering business operations to perform.
- Figuring out number of visas required.
Legal Papers Required
The below-mentioned documents are necessary for forming a company in AFZA:
- NOC from sponsor;
- Certificate of Incorporation;
- 8 passport sized photos;
- 3 proposed names for the company;
- Copy of passport and visa;
- Rough Business Plan.
Process to Create Sole-Proprietor Enterprise
The complete process to form a sole-proprietor company is as follows. All you have to show is a copy of your passport.
- Submission of a detailed plan for retrieving a consulting license.
- Providing clear structure and descriptions along with safety measures for industrial license.
- Determining whether the business activity needs special permissions or approvals.
- Filling and submitting of application for approval of corporation's name.
- Recruiting legal personnel for company registration.
- Depositing amount required for registering a business.
How to Pay for your Company in AFZA
Ajman Free Zone makes it easy to start a business by allowing multiple payments. It allows investors to pay the amount in two, three, or six installments. However, it has to be paid by post-dated cheque, which means that if there are three installments, you must pay the first one in cash, and the subsequent installments by cheque. Business owners must also present a bank statement from the last three months as confirmation of funds.
