The government Ajman, through its Department of Economic Development, which is the entity entrusted with managing and developing economic businesses within the Emirate, seeks to launch a new set of investment opportunities providing specific benefits to investors in its various economic sectors.
This exercise is in accordance with the economic vision laid down by the Ajman government, namely the “Ajman 2021 Vision” adopted by His Highness Sheikh Humaid bin Rashid Al Nuaimi, Member of the Supreme Council and Ruler of Ajman, which is based on strong economic pillars supported by encouraging and stimulating government policies.
In this article, we will discuss the advantages of investing in the Emirate of Ajman and the opportunities it provides to its investors.
Advantages of Establishing a Company in Ajman
The Emirate of Ajman is very well positioned in relation to the economic and industrial hubs of Dubai and Sharjah and is easily accessed via the Arabian Gulf. The cost of establishing a business in Ajman is relatively low and has therefore led to the Emirate’s emergence as a commercial hub attracting local and foreign investors alike.
Ajman is an attractive destination for investors for the following reasons:
- Its strategic location, progressive infrastructure, supportive environment for investment, attractive incentives, and policies which promote and nurture economic growth.
- The government of Ajman prioritizes economic development by defining its path, vision and goals, and providing all the necessary facilities and incentives to attract investors and encourage investment in the region.
- The Emirate’s decidedly accelerated economic growth in the past five years. A 2018 report by the Ajman Statistics and Competitiveness Centre confirmed that the Emirate’s GDP has grown by 17%, translating into an increase of approximately AED 3 billion.
- Its competitive operating expenses and costs attract and encourage new investors to establish their commercial, industrial or agricultural activities in the Emirate.
There are various benefits for incorporating a company in the Emirate of Ajman, such as the following:
- The annual audit is not obligatory.
- Easy leasing opportunities for offices throughout the Emirate.
- No restriction in respect of incoming or outgoing flow of currency.
- Various business activities are available.
- No restriction on the number of visas that a company may apply for.
- Freedom from income and corporate tax.
Ajman Department of Economic Development
The Department of Economic Development in Ajman was established with the aim of advancing the process of economic development in the Emirate and developing it in line with the numerous and expansive economic changes taking place in the region and throughout the world. It is foreseen that this will be achieved by the Ajman government’s support provided to the department in order to achieve integration with other economic institutions through various economic strategies and plans to establish infrastructure and economic legislation which supports investment and business. This facilitates procedures for investors, supports the performance of the economic sectors, and attracts local and foreign investors to the Emirate.
The Objectives of Ajman Department of Economic Development
The Department’s strategic objectives may be summarised as follows:
- Sustainability of operations and organizational performance.
- Efficient planning and management of financial resources.
- Development of IT capabilities.
- Capital and human resource development.
The department prepares its general economic policy with a view to adopt policies for the effective transition to a green economy, as well as regulating economic affairs and revitalizing the business sector, and developing well-thought-out plans to ensure the ideal utilization of the material and human resources available in Ajman.
Services offered by the Ajman Department of Economic Development
Customers and investors can log on to the website of the Ajman Economic Development website to learn more about the opportunities which the Emirate offers in support of investment, as well as the high-quality services it offers, including:
- Trade Name Reservation.
- Assistance with Mortgage Procedures for Sole Proprietorships and Companies.
- Issuing, Renewal, Amendment and Cancelation of Economic Licenses.
- Issuing, Replacement, and Amendment of Economic Permits.
- Combating Commercial Fraud.
- Protection of the Rights of Consumers.
- Growth and Development of Small and Medium Enterprises.
- Verification of Company Contracts.
The Investment Map of the Emirate of Ajman
The investment map launched by the Emirate of Ajman represents an interactive electronic platform that includes data for licensed economic establishments in Ajman and supports its business owners. It provides integrated information about commercial and investment activity in the Emirate, which enables business owners to identify the type of activities and the size of the licensed establishments in the various regions and neighborhoods of Ajman, and supports them in identifying the most important sectors and suitable opportunities to start their business and activities.
The map is part of the department’s endeavors to achieve its strategic goal of supporting economic growth and encouraging investment, by providing all aspects of support to business owners, for example, data, services and facilities. It offers several options to search for economic establishments by region, type of license, the legal form of the facility, or the type of activity performed.
It further allows the user to become acquainted with the general economic situation and the growth of business traffic, the data of the approved service centers, the most important commercial offers authorized in the Emirate, in addition to the general procedures for licensing and doing business within Ajman.
Ajman Chamber of Commerce and Industry
The Ajman Chamber of Commerce and Industry was established in 1977 by an Emiri Decree from the late Sheikh Rashid bin Humaid bin Rashid Al Nuaimi, and in 2018 His Highness Sheikh Humaid bin Rashid Al Nuaimi, a member of the Supreme Council of the Federation and Ruler of the Emirate of Ajman, issued Emiri Decree No. 4, regarding Reorganizing the Chamber of Commerce and Industry and expanding its competencies and activities to keep pace with the huge economic developments and the digital transformation process.
The objectives of the Chamber have been established as follows:
- Developing the Emirate’s economic standing and highlighting its commercial, industrial, agricultural and professional potential, through various internal and external events, programs and initiatives.
- Refining the quality of and opening new markets for local products and developing export and exchange of the trade.
- Recording cooperation frameworks with local and federal government agencies, chambers of commerce, associations, institutions and local, regional and international bodies, and promoting the transfer of the information regarding economic, technical and administrative matters.
- Collaboration and harmonization with the competent authorities, so as to streamline commercial, industrial, agricultural and professional activities.
- Encouraging cooperation between members so as to enable them to practice their work and ensure their success.
- Spreading moral awareness and embedding responsibility in commercial and industrial transactions in collaboration with the relevant authorities.