Business Setup In Ajman Media City Freezone (AMCFZ)
Are you looking to set up a business in the UAE? Consider Ajman Media City Free Zone (AMCFZ) as your next business destination. AMCFZ is a rapidly growing free zone that offers various advantages to investors and entrepreneurs. In this article, we will discuss how to set up a business in AMCFZ and the benefits of choosing this free zone. Additionally, we will introduce you to BizzSetup, a company that provides business setup services in AMCFZ.
Ajman Media City Free Zone (AMCFZ) is a media and entertainment hub located in the Emirate of Ajman. It was established in 2018 and is one of the most cost-effective free zones in the UAE. AMCFZ provides state-of-the-art infrastructure and business-friendly policies that encourage entrepreneurs to establish their businesses in the free zone.
Setting up a business in AMCFZ has several advantages. Firstly, AMCFZ offers 100% foreign ownership, which means that investors can own their businesses without having to partner with a local sponsor. Secondly, businesses in AMCFZ are exempt from paying corporate and personal income taxes. Additionally, businesses are allowed to repatriate 100% of their capital and profits, which is not possible in mainland UAE.
Company Formation in AMCFZ
Business Types
AMCFZ offers various business types, including Free Zone Establishment (FZE), Free Zone Company (FZC), and Branch of a Foreign Company. Investors can choose the type of business that suits their needs and objectives.
Company Formation Procedure
The company formation process in AMCFZ is straightforward and fast. The process involves the following steps:
- Choose a business type
- Choose a trade name
- Apply for a license
- Submit required documents
- Receive license and start business operations
Documents Required for Company Formation
The following documents are required for company formation in AMCFZ:
- Passport copy of shareholders and directors
- No Objection Certificate (NOC) from the sponsor (if applicable)
- Proof of residence
- Bank reference letter
- Business plan
- Memorandum and Articles of Association (MAA)
License Types
AMCFZ offers several license types, including Service License, Trading License, and Industrial License. The type of license required depends on the nature of the business.
Benefits of Setting Up a Business in AMCFZ
Tax Benefits
As mentioned earlier, businesses in AMCFZ are exempt from paying corporate and personal income taxes. This provides a significant advantage to investors who want to maximize their profits.
100% Ownership
Investors in AMCFZ can own their businesses without having to partner with a local sponsor.
100% Repatriation of Capital and Profits
Another significant advantage of setting up a business in AMCFZ is that businesses are allowed to repatriate 100% of their capital and profits. This means that investors can transfer their profits and capital out of the country without any restrictions.
No Physical Office Requirement
AMCFZ allows businesses to operate without the need for a physical office space. This can save businesses significant costs, especially in the early stages of their operations.
Fast Company Formation Process
The company formation process in AMCFZ is straightforward and fast. This means that businesses can start their operations in a short period, which is ideal for entrepreneurs who want to establish their businesses quickly.
Cost of Setting Up a Business in AMCFZ
Setting up a business in AMCFZ is relatively cost-effective compared to other free zones in the UAE. The costs involved in setting up a business in AMCFZ include:
Registration Fees
Registration fees for setting up a business in AMCFZ start from AED 8,000.
License Fees
License fees in AMCFZ vary depending on the type of license required. Service licenses start from AED 10,000, while Trading and Industrial licenses start from AED 15,000.
Renewal Fees
Renewal fees for licenses in AMCFZ start from AED 5,000.
Additional Costs
Additional costs that investors need to consider when setting up a business in AMCFZ include visa fees, rent, and other operational costs.
Services Offered by BizzSetup
BizzSetup is a company that provides business setup services in AMCFZ. The company offers a wide range of services, including:
BizzSetup offers business setup services that include company registration, license application, and assistance with document submissions.
BizzSetup provides visa services that include employment visas, investor visas, and family visas.
BizzSetup offers PRO services that include document attestation, visa renewal, and translation services.
Legal Services
BizzSetup provides legal services that include contract drafting, dispute resolution, and legal consultation.
BizzSetup offers accounting services that include bookkeeping, financial statement preparation, and tax filing.
Conclusion
Setting up a business in Ajman Media City Free Zone is an excellent option for entrepreneurs who want to start their businesses in the UAE. AMCFZ provides various advantages to businesses, including tax benefits, 100% ownership, and fast company formation process. Additionally, BizzSetup offers comprehensive business setup services that can assist investors in establishing their businesses in AMCFZ.
