Geographically, Ajman is the smallest of the seven emirates of the UAE. Spread across 20 kilometers, it is bordered on the north, east and south by Sharjah and has a population of 240,000. According to statistics, approximately 95% of the population is settled in the Ajman city.
If you are planning to expand your financial horizons this year, Ajman offshore company formation is a great start.
Leading Business Sectors in Ajman
As part of your Ajman company setup, it is essential to know the five main sectors in the emirate to determine how your planned business will thrive in the future. They are as follows:
- Retail and wholesale
- Manufacturing and construction
- Real estate and business services
- Transport storage
All these industries contribute to 87% of the GDP with manufacturing and construction being the top contributors. Hence, if your Ajman offshore company formation is related to this sector, you will have higher chances of succeeding in your venture.
Things to Know About Ajman Free Zone
Ajman offshore was formed in 1988 and is now under the Ajman free zone authority’s jurisdiction.
Ajman free zone and Ajman port are key contributors to the emirate’s economy. The former is capable of accommodating 1500 companies and 1000 vessels annually. In addition, over 250 companies operate here. Meanwhile, the latter exports to 65 countries.
Benefits of a Business Startup in Ajman Free Zone
- No corporate and personal tax
- Full foreign ownership
- Complete confidentiality and privacy
- Minimal capital requirements
- Asset protection
- Repatriation of the company’s capital and profits
- Zero restriction on foreign currency
- Freedom to claim for intellectual property
- Relaxed custom duty guidelines
Authorized company entities in Ajman Free Zone
The following are the four types of business entities permissible in the emirate:
- Branch of a local company
- Branch of a foreign company
- Free zone company (FZC)
- Free zone establishment (FZE)
Types of Business Licenses You Can Acquire
Based on the activity of your Ajman company setup, you can apply for any of the following business licenses:
- Trading industrial license
- Industrial license
- Service/professional license
- Trading license
Licensed Business Activities
Here is a list of the permissible business activities for Ajman offshore company formation:
- Advertisement services
- Consulting services
- Investment and joint investment company
- Holding company
- International services
- Property owning company
- Shipping and ship management companies
- General trading
Requirements for an Ajman Company Setup
One of the best things about Ajman company formation is that it entails a simple and quick registration process. Here are the documents required to get started.
- Business plan with cost-benefit analysis
- The CV of the offshore account’s owner
- Bank reference letter Filled application for incorporation of an offshore account
- Article of Association
- Memorandum of Association (MOA)
- Company owner’s proof of residence
- Company shareholders’ valid passport copy
In accordance with the Ajman offshore package, the cost of registration is AED9000. Also, there may or may not be any renewal fee involved depending on the activity and the type of business entity you wish to operate.
These are just some of the things you need to know before venturing into an Ajman company setup. To expedite the process of registration, ensure to submit all the necessary documents and seek help from a reputable business setup service provider.