The Emirate of Ajman situated on the coast of the Arabian Gulf extending over a distance of 16 kms between Sharjah & Umm Al Quwain is located on the western coast of United Arab Emirates. It covers an area of 259 sq km and was formed by the Al Nuaimi tribe, well known for their bravery, courage and wisdom who migrated to this region from Oman around 1775.
Ajman Free Zone, established in 1988, was granted autonomous status under the Amiri decree no. 3 of 1996 issued by H.H. Sheik Humaid Bin Rashid Al Nuaimi, Ruler of Ajman. Ajman Free Zone Authority has been named as the sole regulatory agency for Free Zone in the Emirate.
The free zone authority introduced the registration & formation of Offshore Companies under Ajman Offshore Free Zone Offshore Companies Regulations of 2014.
Characteristics of an offshore company registered in the AFZA are as follows:
Every company is required to keep financial books and prepare auditor’s reports within 3 months by the end of every financial year. These must be approved by the shareholders. The accounts / audit report however, do not need to be filed with the Authority.
AFZA Offshore pays no taxes in UAE.
Details of shareholders & directors need to be filed with authorities but are not available for public record.
Ajman offshore cannot:
- engage in any activities outside the Fee Zone or carry out business with persons outside the Free Zone and within UAE (however permitted to deal with companies in Ajman Free Zone)
- have a physical office in UAE
- sponsor UAE residence visas for employees / directors / shareholder
- obtain tax residency certificate
- own more than 3 properties