Ajman has permitted offshore company formation since 2014, making it a relatively recent addition to the options available. The Ajman Free Zone Authority provides attractive benefits for offshore companies established in Ajman. These benefits include zero taxation, complete privacy, and the ability to repatriate 100% of profits. Additionally, Ajman offers the lowest cost for Ajman offshore company formation in the UAE, and the establishment process is the quickest.
Offshore companies in Ajman are considered non-resident entities and are not granted operating licenses or company incorporation certificates. For Ajman offshore company registration, it is necessary for at least one director or shareholder to be physically present at the Ajman Free Zone office. They must be accompanied by a registered agent and personally sign the required documents.
In contrast to other Emirates, the Ajman offshore company formation requires a minimum of two directors. It is also mandatory for these offshore companies to undergo annual audits and hold physical meetings in the presence of an auditor.
The Process of Ajman Offshore Company Formation
The process of business setup in Ajman involves several key steps that need to be followed to establish a non-resident company in this Emirate. Here is an overview of the standard procedure –
1. Gather Required Documentation
Begin by gathering the necessary documentation for Ajman offshore company formation. This typically includes passport copies and proof of address for the directors and shareholders, along with a bank reference letter and a completed application form. It is crucial to assure that all documents are accurate and up to date.
2. Select a Registered Agent
In Ajman, it is mandatory to have a registered agent to facilitate the company formation process and act as a liaison between the offshore company and the Ajman authorities. Choose a reputable registered agent who can provide the required services and guidance throughout the formation process.
3. Choose a Company Name
Select a unique and suitable name for your offshore business setup in Ajman. The name should comply with the naming conventions set by the Ajman Free Zone Authority. Execute a name availability search to assure that your selected name is not already registered by another entity.
4. Submission of Application
Prepare the necessary application forms and submit them to the Ajman Free Zone Authority, along with the required documentation. The application will undergo a review process, and it is vital to assure that all details provided are correct and complete.
5. Physical Presence and Document Signing
At least one director or shareholder of the offshore company needs to be physically present at the Ajman Free Zone office, along with the registered agent. They will be required to sign the relevant documents in person.
6. Payment of Fees
Pay the applicable fees for the Ajman offshore company formation, including the registration fees and any other charges required by the Ajman Free Zone Authority. The fee structure may vary based on the services and facilities opted for during the company formation process.
7. Obtain a Certificate of Incorporation
Once the application is approved and all necessary documentation is submitted, the Ajman Free Zone Authority will issue a Certificate of Incorporation, confirming the successful formation of the offshore company.
8. Bank Account Opening
After obtaining the Certificate of Incorporation, proceed to open a bank account for the offshore business setup in Ajman. Choose a reputable bank that suits your business requirements and adheres to the regulatory requirements. Provide the required documentation, including the Certificate of Incorporation and relevant identification documents, to open the account.
Source: toplegalfirm.org
