The coronavirus disease (COVID-19) pandemic has presented a broad range of related challenges before businesses around the world. Governments around the world, including the UAE, did not waste any time in acknowledging the severity of the situation and responded proactively through highly organized and strategic measures with the integration of advanced technology. In the Emirates, the government has been offering extensive support to the business sector in the form of various schemes and packages. For instance, the Central Bank of the UAE (CBUAE) launched an AED 100 billion comprehensive Economic Support Scheme for retail and corporate customers affected by COVID-19.
In Ajman, a series of economic stimulus packages and measures has been rolled out to mitigate the impact of the pandemic on businesses and help them navigate the crisis. The support included moving the deadline for the payment of fines and penalties for all businesses to the end of 2020. Similarly, with an aim to extend a helping hand to businesses during this difficult time and to support the UAE government’s efforts in this regard, Ajman Free Zone (AFZ) has introduced a package of economic incentives for entities operating at AFZ, China Mall, and its affiliates.
The initiative has been designed to contribute to supporting the national economy and help accelerate its recovery by ensuring the continuity of businesses of all sizes. The latest package adds further value to AFZ’s efforts to provide a business environment that supports businesses and encourages their growth in every aspect. It also highlights our commitment to promoting entrepreneurship and innovation in the country.
If you are a businessman or someone with entrepreneurial dreams reading this, you already know that free zones are one of the most ideal places to set up a business. These specialized zones are designed to support global businesses by allowing 100 per cent ownership and the convenience of a single-window administration.
Further, AFZ’s incentives during these difficult times include zero fines on bounced cheques, cheque replacements and non-renewal of licenses. The free zone is also implementing a 100 per cent waiver on its e-channel guarantee fee, while new and existing companies have an option to avail of a three-month instalment payment plan for their business centre lease and a six-month instalment plan for their offices, executive offices or warehouses rent. In addition, businesses operating at AFZ can obtain discounted company registration rates and a 25 per cent discount on labour accommodation.
Introduced in line with our strong commitment to ensure business continuity in the emirate and contribute to the growth of the national economy, the initiative is also aimed at instilling hope and optimism within the country’s business community in view of the current circumstances. We, at AFZ, stand by them and this initiative is a message of reassurance to companies and our partners that they should continue working towards their business goals. We have simplified business processes and documentations so that businesses can focus on achieving business excellence and growth, without having to spend more time and effort addressing the administration aspect of the business.
The UAE is known for its resilience and has always emerged from crises demonstrating extraordinary resilience. We remain fully confident that the incentives launched by AFZ will encourage businesses to thrive in the face of the COVID-19 crisis and come out of it stronger.
Being a part of AFZ gives you everything you need to thrive in a post-COVID world. One of the fastest growing business hotspots in the UAE, this is the right place to set up, build and take your entrepreneurial aspirations to new heights.