Free Economic Zones
On October 10, 2013, senior dignitaries from the Ajman Free Economic Authority (AFZA) in the United Arab Emirates (UAE) will be visiting Seoul to speak about investment opportunities in the UAE. The dignitaries hope to initiate and build a long and lucrative relationship of economic cooperation between the two countries, and encourage investors from South Korea to explore investment and commercial facilities available in the Ajman Emirate.
The Ajman Free Zone is said to be the ideal depot for the supply of regional markets with goods and products. The area is known for cheap energy, an absence of bureaucratic complications, and abundant infrastructure, attracting investment from all over the world. The land is built in an area that allows for expansion of the zone, should a project require it.
Highlights of the zone include the possibility of 100% foreign ownership of land and assets within the zone, 100% repatriation of capital and profits from the zone, no income tax, low labor costs, and a number of office, warehouse, and land facilities. It is the only Free Zone in the UAE that is downtown in a highly-developed area. There are also a number of licenses available for trade, service, and industrial activities. A Trading License for import and export is available, as well as a Service License, an Industrial License, and a National Industrial License.
There are a number of office spaces called Smart Offices available to rent at prices starting at US$555 per month. The offices are ideal for small-sized companies, emerging entrepreneurs, and branch offices. Each Smart Office comes with 2 free Visas for employees of the office. There are also office spaces available from 16 m2 to 40 m2 available for yearly leases, starting from US$777 per month. Prebuilt warehouses are available in sizes ranging from 100 m2 to 1,000 m2, starting at prices of US$9,555 per year. For businesses with specific needs, land can be leased for in periods of 20 years.
The Ajman Free Zone was established in 1988 and was granted autonomous status under the Amiri Decree No. 3 of 1996 issued by His Highnes Sheikh Humaid Bin Rashid AL nuaimi, Ruler of Ajman. The Ajman Free Zone has been named as the sole regulatory agency for the Free Zone in the Emirate.
The UAE Ajaman Free Economic Zone Investors Seminar will be held on October 10 from 11am to 2:30pm at the PATIO 9 Convention Center in Nonhyeon-dong, in the 3rd floor Grand Hall. Companies that are interested in participating should send an email by October 7 to General Manager Tylor Kim at ssetto@naver.com or a fax to 02-702-1493. Seats are limited, so only the first 100 applicants will be accepted. For more information, please contact Tylor Kim at 02-713-1213 or 010-3334-0166.