How to Venture into Company Setup in Ajman

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
Communication
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
Broker/intermediary
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.