STARTING AJMAN FREE ZONE COMPANY
Ajman free zone is located in the smallest Emirate in the UAE and is divided up into 2 zones – Manama and Masfout. One of the biggest benefits of starting a business in Ajman is the fact that it is situated in an almost perfect geographical location. It is situated closely to two big cities namely Dubai and Sharjah, and its main attraction is the Persian Gulf, providing ample maritime investment opportunities for foreign investors. Ajman makes it possible for investors to set up their companies at low costs and the real estate market is very advantageous to foreign as well as local investors.
Types of companies established in Ajman
One of the drawbacks of being a foreign investor in the Emirates is the fact that the investor cannot have any controlling rights in offshore companies in these states. However, full foreign ownership is totally possible in Ajman. The types of companies available for registration in Ajman are joint liability companies, simple commanding companies, limited liability companies, and service agents. Subsidiaries and branches of already established companies may also be set up in Ajman. Businesses are classified as professional, commercial, and industrial in the free trade zone.
Documents and steps required for company formation in Ajman
The very first thing that would need to be done is verify the share capital that needs to be deposited. This amount will depend on the type of company being started. The second step would be to submit the following documents to the Trade Register: articles of association, certificate of incorporation, notarized power of attorney for a local representative, and a copy of the representative’s passport.
The investor should also submit documents that include the feasibility study, a scheme of the project and the time completion expected for the project. These documents need to be certified by the Chamber of Commerce. As soon as the certificate for the company has been released, the Inspection Unit will be able to verify it on behalf of the local authorities.