UAE's Ajman Free Zone Authority woos Indian cos
New Delhi: Aiming to attract Indian businesses, a delegation from the Ajman Free Zone Authority (AFZA) is here to promote the benefits of investing in Ajman, UAE.
AFZA said it offers 100 percent foreign ownership, repatriation of capital and profits, no corporate tax, no personal income tax and no import and export duties.
Besides, the authority offers benefits like lowest lease prices and tariff, extremely low handling charges, easy access to workforce, single window clearances and cheap energy to businesses interested in setting up an offshore company.
"With a large Indian diaspora residing in UAE and around the Gulf Cooperation Council (GCC), India and its business community is of strategic importance to us," General Manager of AFZA Mahmood Al Hashemi said at a Ficci event here.
"We have a streamlined bureaucracy sans any red tape. The pricing is very competitive. The world-class infrastructure at Ajman Free Zone comes with no hidden fees or service charges," he added.
India is the largest trading partner of the UAE. At present, over 8,000 companies are registered and operating in the Ajman Free Zone out of which 38 percent are of Indian ownership.
"For small & medium enterprises (SMEs) and entrepreneurs who find entry cost prohibitive, office space is available for USD 555 per month and bigger offices for USD 777 per month in 12 instalments.
"Besides, AFZA offers e-commerce licence to its customers at a price far lower than other free zones," Rishi Somaiya, Director-Sales and Marketing at AFZA said.
Ajman Free Zone was established in 1988 by Sheikh Bin Rashid Al Nuaimi, the ruler of Ajman.