AJMAN

Ajman is the capital of the emirate of Ajman in the United Arab Emirates and is also the smallest member state of the United Arab Emirates, with an area of just 260 square kilometers.  It is located along the Persian Gulf and controls Masfut and Manama, two small, inland enclaves that are primarily agricultural. The primary occupation of the people comes from Fishing and Date- trees.

 

It is presently ruled by Emir Sheikh Humaid bin Rashid Al Nuaimi. The Crown prince of the Emirate is Sheikh Ammar bin Humaid Al Nuaimi. Ajman benefited greatly from the union of the emirates, a fact that is reflected today in their stately buildings and infrastructure.

Ajman Mainland Incorporation

Ajman has become a significant hub contributing to a large portion of the economy. This region opens up a plethora of opportunities to investors from diverse fields.

 

Benefits of Ajman Mainland:

 

  • Facilitates imports and exports at the Ajman port
  • Plenty of transfer facilities and financial investments
  • Availability of National capitals
  • Offer facilities and services such as telecommunications, power, and medical services.
  • Provide raw materials required for some ready and semi-manufactured industries.
  • Ideally located between Sharjah and Dubai
  • World class Infrastructure
  • The government’s care to boost businesses

 

Types of Companies:

 

Joint Liability Company

  • Constituted with two or more partners
  • Partners must be UAE Nationals
  • The Partners shall be liable in their own funds and properties in regard to the company’s liabilities
  • The bankruptcy of the company means bankruptcy of partners

 

Simple commanding Companies

  • Constituted with two partners or more.
  • Two categories of partners
  • Category of one partner or partners in partnership companies shall only be liable within the limit of their shares in the capital.
  • Partners must be UAE nationals and their share in the company’s capital shall not be less than 51%.

 

Limited Liability Company

  • The Company’s capital should be equal to or greater than  Dhs 150.000- divided into equal negotiable shares
  • 2 to 50 partners
  • The partners shall not be liable for the company’s liability other than in proportion to their shares in the capital.
  • The UAE nationals share not be less than 51% of the total shares.

 

Sole Services Agent (wakeel khidmat)

  • Should be a national of Emirates of Ajman (holding an Emirate of Ajman passport).
  • The owner of license (non-national) is liable to meet all liabilities pertaining to the company
  • The national need not meet company liabilities if it occurs due to owners conducts

Ajman Offshore Incorporation

Ajman is the capital of the emirate of Ajman in the United Arab Emirates, located along the Persian Gulf. The city houses a population of approximately 238,000 inhabitants. This offshore territory is regulated by the Ajman Free Zone Offshore Companies Regulations of 2014. Although the region is very similar in conduct to other jurisdictions, it has its standalone differences as well. Some of these differences are related to the permits for bearer shares (No permit in Ajman) and signatures of shareholders (personal shareholder signature required). The address of the registered agent and that of the offshore company are one and the same hence there is no requirement to rent premises.

 

Below are a few operational pointers of Ajman:

  • Activities like realization of purchase or property rights ownership require prior approval from the Emirate and relevant authorities (in some projects)
  • Founders and directors will not be given resident Visa
  • Directors and shareholders do not get UAE resident Visas automatically from the offshore company incorporated
  • Only a registered agent can register the offshore company

 

Documents required to set up an offshore company in Ajman. To start the registration process, you require the following documents:

  • A passport(s) copy of each shareholder of the company;
  • An original bank reference letter for each shareholder in English;
  • An original proof of residence for each shareholder in English;
  • Curriculum Vitae of each shareholder in English;
  • Articles of Association, Memorandum of Incorporation and the Application for incorporating an offshore company. (A standard format will be provided to agents)

 

On behalf of the company, the registered agent will prepare the documents. Below is the required information:

 

  • The desired name of the offshore company; (3 options)
  • The share capital of the offshore company (minimum AED10,000);
  • The number of shares in the offshore company;
  • A description of the activities of the company;
  • The name of the shareholder(s) and how many shares each shareholder holds (minimum 1 shareholder); and
  • The name, address, nationality, residency status in Dubai and occupation of each director and secretary of the company (minimum 2 directors and one secretary).
  • Should any of the shareholders be a corporate body, we shall need the documents of the corporate body (i.e. Certificate of Incorporation, Memorandum of Association, Board/Shareholders’ resolution, Power of Attorney etc.). Such documents should be duly attested by the competent authorities in the country where the said corporate body is established, namely, by the Ministry of Foreign Affairs in that country, then by the U.A.E. consulate in that Country, then by the Ministry of Foreign Affairs in the U.A.E. The attestation at the Ministry of Foreign affairs costs approximately US$3000 per set (depending on jurisdiction).
  • The shareholders shall personally sign the incorporation documents before the Ajman Free Zone. Should this not be possible, the duly attested power of attorney on my name shall be issued at legalised by the Ministry of Foreign Affairs in the country of the in the U.A.E.
  • The bank account of an offshore company can be opened in the UAE. The type of account and requirements vary from bank to bank and often depend on whether the authorised signatory has a UAE residence visa or not.

 

Time taken for Incorporation: 3 days from the date of application for registration (once all documents are submitted with relevant shareholder/attorney signatures). The shareholders or directors need not be present unless a POA is given.

 

If we have the following documents, the registration is complete:

  • Certificate of Incorporation;
  • Memorandum and Articles of Association;
  • Register of shareholders/directors/secretary;
  • Share Certificate
  • First Board Resolution appointing Directors and Secretary;
  • Company’s stamp.

 

Ajman offshore, ideal for:

  • General Trading
  • Consulting and Advisory Services
  • Holding Company (Buy/Hold/Sell stakes of companies)
  • Investments and Joint Investments Company
  • Property Owning (Subject to the respective local laws of each Emirate, City and Country)
  • International services
  • Professional Services
  • Shipping and ship management companies
  • Commission Agents Company – Intermediary Brokers (IB's)