There are several advantages of setting up businesses in Ajman including 100% foreign ownership and full profit and capital repatriation.
Kinds of Business Licenses Applicable in Ajman
Ajman provides various types of business licenses including the following:
- National Industrial License- Businesses should have GCC (Gulf Cooperation Council) registration with ownership of 51% of shares at least. 40% of manufacturing procedures should be done in the free zone. Businesses in this category can get duty-free customs fees for member states in the Arab Gulf Cooperation Council.
- Trading License- Trading activities covering exports, imports and re-exports require this license.
- Industrial License- This license is given to UAE based, free zone or foreign entity executing manufacturing processes in Ajman.
- Professional/Service License- This license is given to those foreign, UAE or free zone entities offering service or professional services in Ajman.
- E-Commerce License- New license threshold for e-commerce companies.
- General Maintenance License- Maintenance based businesses need this license for conducting repairs and regular inspection/maintenance.
Steps for Registration of Companies in Ajman
Here are the steps to be executed for this purpose:
- Submission of company application form at CSCs (Customer Service Centers) in the municipality for approval initially.
- Following up with Inspection Unit in Ajman municipality for verification of business location that has been selected.
- Obtaining approval of specialized departments in municipality if needed.
- Getting trade name approval and issuing business register and membership certificate.
- Submission of approvals and receipts from Ministry of Trade as the acceptance in the Register of Companies.
- Payment of all fees and submission of application to CSCs for obtaining receipts. It requires a day for getting company licenses accordingly.
Major Documents Needed for Company Formation in Ajman
- Valid passport copies of shareholders of company.
- Memorandum of association.
- Proof of residence of company owner.
- Bank reference letter.
- Article of association.
- Filled application for incorporation of offshore account.
- Resume of offshore account owner.
- Business plan with analysis of costs and benefits.
Authorities for specific business activity approvals
Specific approvals have to be obtained from specific authorities by business. Here’s taking a closer look:
- Private schools, educational institutions, kindergartens, gymnasiums- Ministry of Education.
- Organization of Omrah and Hajj campaigns, Law firms and Quran recital centers- Ministry of Justice, Islamic Affairs, and Awqaf.
- Plant nurseries, bird trading, farms, cattle, fertilizer and seeds trading, fish trading- Ministry of Agriculture and Fisheries.
- Labor Services, Babysitting Services- Ministry of Labor and Social Affairs.
- Industrial Licenses- Ministry of Finance and Industry.
- Organization of Shows/Events, Digital TV and Cable Services, Computer Trading, Advertising and Publicity Office Drawing and Scripting- Ministry of Information and Culture.
- Hospitals, Medical Laboratories, Private Practices and Clinics, Pharmacies- Ministry of Health.
- Foreign Company Branches, Accounts Auditing- Ministry of Economy.
- Money Exchange and Transfer, Banks, Financial Consultancies- Central Bank.
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