Any entrepreneur who wishes to start a business in the UAE must be familiar with the free zones. Free zones can be quite advantageous for establishing a business because of the advantages they provide. The Ajman Free Zone Authority is one of the most well-known UAE free zones for industrial activity (AFZ). The ruler of Ajman, H.H. Sheikh Humaid Bin Rashid Al Naumi, awarded it independent independence in 1988. As they continue to improve their infrastructure, AFZ has a large number of businesspeople forming Ajman Free Zone companies.
When forming a corporation in the Ajman Free Zone, business owners can select from four different types of ownership:
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Free Zone Establishment (FZE) license
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Free Zone Company (FZC) license
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Branch of a Local Company
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Branch of a Foreign Company
Thus in today’s blog, Dhanguard will extensively discuss how to form Offshore Company in the Ajman Region of the United Arab Emirates. So without any further ado, let’s learn!
Offshore Company: What is it?
An offshore corporation could refer to:
A corporation, organization, or sometimes a branch of a company that offshore business processesInternational Business Companies (IBCs) or other forms of legal entities created under the laws of a jurisdiction that forbids local economic activity
The Advantages of Creating an Offshore Company in the Ajman Free Zone-
The Advantages are enumerated below-
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Foreign ownership is 100 percent.
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100 percent capital and profit repatriation
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The cost of starting a business is low.
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There's no need to rent office or industrial space. The offshore Ajman agent's legal address is the offshore company's address.
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There is no requirement for an annual audit.
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There is no requirement for paid-up share capital.
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The registration process is the simplest because the company establishment documentation can be given in a day.
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Businesses in Ajman offshore company creation are permitted to buy and sell real estate. They are also permitted to purchase property in the UAE, subject to the land department's prior approval.
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AFZ is well-known all across the world.
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Offshore firms can also open a bank account in Ajman.
The procedure is basic and straightforward. These documents must be presented to the Ajman Free Zone Authority, and if the paperwork does not have any loopholes, they will be cleared within a day or two, and you will be ready to depart.
Why should you establish an offshore company in the Ajman Free Zone?
For entrepreneurs/investors wishing to start an offshore company in Ajman, AFZ offers a number of advantages:
Trade Licenses are issued quickly
The cost of obtaining a license in the Ajman Free Zone is low, and the process is simple. The AFZ is a great spot to start a business because trade licenses are issued quickly. Apart from that, the one-day documentation clearance process demonstrates how successfully the feed zone is run.
A variety of visa options
For enterprises establishing themselves in Ajman, many visa options are offered. Up to 3 visas are allowed in the Smart Office package, while up to 5 visas are allowed in the Executive Office package.
Low Entry Barriers
Ajman's pro-business atmosphere makes it simple for entrepreneurs to start a business fast and easily. Not only is there no need to furnish paid-up share capital when forming an Ajman free zone company, but there are no continuing auditing or bookkeeping obligations as well.
Several Shareholders
In order to start a business in Ajman, you must have at least one shareholder. Up to five shareholders are allowed in new free zone corporations, which are essentially limited liability partnerships within the free zone.
Activities Allowed under Ajman Offshore Company Formation
The activities that one can start in the Ajman Region are enumerated below-
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Investment and Joint Investment Companies
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Advisory/Consultancy Services
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Commission Agents/Brokers
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General Trading
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Professional Services
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Stakeholding
Conclusion
If you're sold on the advantages of starting a business in AFZ, the next step is to figure out what to do next. To establish an offshore corporation in Ajman, a number of procedures must be followed; typically, the first step is to choose a business activity. After that, you must gather paperwork, obtain approvals, create a bank account, and submit an application for a visa. To make the procedure easier, you can employ a consultant who will take care of the entire registration process for you. If you're looking for one, our team of specialists at Dhanguard can assist you with company formation, registration, and counseling. For more information on other related aspects, feel free to check out our Website as well.