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Ajman is located just 40 minutes from Dubai by road. It offers some of the lowest costs for setting up a free zone company, and there are two free zones in Ajman. One of them is the Ajman Free Zone, and the other is the Ajman Media City. With new infrastructure, the Ajman Media City is one of the newest free zones in the United Arab Emirates, having come into existence only in 2018. Ajman is served by both the Sharjah International Airport, which is only 20 minutes away, as well as the Dubai International Airport.
Along with Sharjah and Dubai, Ajman forms part of a Tri-City Metropolis. Somebody experienced with free zone company setup in UAE can tell you that it is not uncommon for people to live in one city and commute to another for work.
The Sharjah International Airport is home to Air Arabia, which connects several destinations worldwide. The Dubai International Airport serves as the base of operations for Emirates, one of the world’s best known international airlines. Emirates occupies the top spot in terms in international passenger kilometres flown, making it the most popular international airline. Two-thirds of the world’s destinations can be reached within eight hours or less by flight from Dubai.
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Benefits of Setting Up a Free Zone Company in Ajman
With a free zone company in Ajman, you are completely free from all import and export duties for anything you bring in or take out of the country. You are not required to pay any corporate taxes. There are no short-term capital gains taxes or long-term-capital gains taxes whatsoever. 100% foreign ownership of a company is allowed with a free zone company in Ajman. So there is no need to have a Local Partner. You and your partners, if any, can be complete owner(s) of your company incorporated in a free zone in Ajman.
In the United Arab Emirates, you are not required to pay taxes on your personal income. The United Arab Emirates has Double Taxation Avoidance Agreements with 135 countries around the world. If your home country or country of residence is on the list, you might not be required to pay further taxes on personal income as you have already been taxed at the rate of 0%. This, however, is subject to the specific Double Taxation Avoidance Agreement signed with your home country or country of residence.
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There is a 5% Value Added Tax in the United Arab Emirates, but this is only if you transact business with a company or consumer on the mainland. The mainland is the part of the United Arab Emirates that is not part of a free zone. For doing business with a company that is located in one of the two free zones in Ajman or any other free zone in the United Arab Emirates, there is no Value Added Tax applicable. There is also no VAT applicable on business transactions with companies located outside the UAE*.
*Goods and services are treated differently when it comes to the calculation of Value Added Tax. For expert advice, please get in touch with one of our business setup consultants who can provide you with more information.
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How to Start a Free Zone Company in Ajman
The first step is to zero in your business activity. You can also choose to engage in different business activities, for which a single Business License will be issued. You can then proceed to selecting either the Ajman Free Zone or the Ajman Media City for establishing your company. Both companies offer different infrastructure, and you may find one free zone to be more suited for your business activity or range of business activities than the other.
You also need to establish your company before you can apply for a Business License with one of the free zones in Ajman. An experienced company formation expert will tell you that only Limited Liability Company structures are allowed in free zones. The company formation documents may be known as Memorandum of Association if there is only a single owner for the company. It may also be known as Articles of Association if there is more than one owner in the proposed company.
List of Documents Required for Free Zone Company Formation in Ajman
- A copy of your passport
- A copy of your visa, if already in the UAE
- A copy of your Emirates ID, if already a resident of the UAE
- A No-Objection Certificate or NOC from your Local Sponsor, if already a resident of the UAE
- Articles of Incorporation / Company Formation documents
This is only an indicative list and not exhaustive in nature. Sometimes, further documentation may be required. For instance, if you are not a resident of the United Arab Emirates, you need to furnish proof of residency in your country of residence. This could be something as simple as a bank statement or a utility bill. For certain business activities such as manufacturing, additional approvals may be required from various Government agencies, such as the Ministry of Health and Prevention.
A business setup consultant can help you secure these approvals, as well as help you open a corporate bank account for your free zone company in Ajman. Owing to strict anti-money laundering regulations in the United Arab Emirates, it is not easy to open a bank account. With the right business setup consultant on your side, it could be a smooth affair, taking just a couple of hours instead of the whole day. A business setup consultant will also help you obtain visas for yourself and your staff.
Why Choose A&A Associate LLC for Free Zone Company Formation in Ajman?
At A&A Associate LLC, we have years of experience helping entrepreneurs establish companies in the Ajman Free Zone as well as the Ajman Media City free zone. We have helped clients from 100 countries with business setup Dubai and the rest of the United Arab Emirates. We currently have a 98% client satisfaction rate so far, and the aim is to do even better. For more details, give us a call at +971 56 408 6728 or get in touch with us using the form below.
