Ajman, United Arab Emirates, August 2017; — In a move that would support and reinforce the UAE’s consistent endeavor to enhance FDI flows into the country, Ajman Free Zone (AFZ) today announced that it has started offering corporate re-domiciliation services to global offshore and onshore companies in its premises.
In a statement, AFZ said its re-domiciliation facility comes at a time when there is an increasing trend among corporate entities to move their base to more investor and tax-friendly destinations and the UAE offers an ideal option to relocate to with its business-friendly environment.
“Corporate re-domiciliation facility is a strategic step to enhance foreign investments into the country and we believe AFZ with its cutting-edge investment facilitation services offers the right platform for corporate entities across the world to move in while keeping their assets and legal identity intact for reasons of operational, regulatory and stakeholder transparency,” said Mr. Mahmood Al Hashemi, Director General, AFZ.
He said AFZ has already started receiving keen interest from companies currently domiciled in global offshore locations as well as from onshore corporate entities in the local and regional markets scouting for a comparatively flexible and conducive business environment.
“The AFZ corporate re-domiciliation services complement the overall vision of the UAE to attract increased inward FDI flows to boost the economy. By widening our investment canvas across the globe as well as to regional and local onshore markets, the thrust is to accelerate the free zone’s growth and pro-active vision,” Mr. Mahmoud said.
The target markets for AFZ in corporate re-domiciliation services is across all offshore global locations such as the Caribbean, British Virgin Islands (BVC), Seychelles, Switzerland, US Virgin Islands, Netherlands Antilles, the Philippines, Brunei, Macao, Mauritius etc.. to name a few. In the region, AFZ will also target regional companies wishing to re-locate to the UAE from markets such as Lebanon and Bahrain.
“The new service is an integral part of AFZ’s strategy to woo foreign investments and coupled with our accelerated drive to set up more hub offices in global locations, our mission is to attract more overseas investments into the UAE which will in turn support national economic growth” said Mr. Faisal Al Nuaimi, AFZ Deputy Director General.
“While the new services are largely meant for global offshore companies, it is not limited to those geographies alone and companies that have an onshore and offshore base in the local market can also avail the AFZ advantage,” he said, adding that the pioneering investment-friendly steps taken by the free zone will add to the attraction for global corporate entities wanting to re-domicile to the UAE.
Explaining the corporate re-domiciliation steps to register with AFZ, Mr. Rishi Somaiya, Sales Director, AF said transparency and good conduct by companies wishing to relocate to the free zone was an imperative.
“Companies need to produce a good standing certificate from authorities at the outgoing jurisdiction. A board resolution by the existing company which intends to re-domicile is also necessary,” he said, adding that those companies with no up-to-date accounts and having an ongoing legal process in the existing jurisdiction may not be able to relocate.
About Ajman Free Zone
Ajman Free Zone (AFZ) was established in 1988, leading to massive industrial development in Ajman by attracting a great number of companies to benefit from the investment privileges, thereby strengthening industry and economy in the UAE. AFZ provides competitive privileges and facilities allowing companies to get a considerable return on their investment. AFZ continues to develop its infrastructure, spending millions of Dirhams along its free zone area of more than one million square meters. The strategic location advantages of AFZ include reach to international airports within 25 minutes. AFZ is located opposite Ajman Port. The free zone offers 100% ownership, easy transfer of capital and profits, exemption from personal income tax, exemption from import and export duties, competitive prices on facility usage and competitive prices for power/electricity. The advantage also includes competitive prices on leasing, easy access to low cost labour and well developed infrastructure. It also offers one-stop counter service for effecting transactions and fast and easy procedures and in most cases issues the license within 24 hours.