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Ajman Free Zone
Ajman Free Zone (AFZ) is one of the oldest and well-known free zones in the United Arab Emirates (UAE). Established in 1988, AFZ is located at the entrance of the Arabian Gulf as a strategic business eco-system in the emirate of Ajman. It is a center of attraction for foreign businesses and investors that are looking for tax-free destinations for conducting their business operations.
AFZ is controlled and regulated by the Ajman Free Zone Authority (AFZA). AFZ provides businesses registered in the free zone with easy access to eastern and western markets. It also offers access to the Ajman seaport which serves more than 1000 vessels every year. In addition, AFZ is located 10 minutes away from Sharjah and 30 minutes away from Dubai. This provides businesses registered in the AFZ with an opportunity to have easy access to four seaports and two international airports. Ajman Free Zone has also expanded itself in the e-commerce industry by signing an agreement between Ajman Free Zone and Noon in its efforts to provide its licensing services to the e-commerce startups.
Push Digits Chartered Accountants is one of the Ajman Free Zone approved auditors and providing Ajman Free Zone audit services to a wide range of clients. Our auditors are Chartered Accountants, ACCAs, and CPAs who are capable enough to execute and conclude your audits on time and in the most efficient way due to their knowledge and experience in the field of auditing.
Benefits of Operating in AFZ
Companies (including other entities) in AFZ enjoy the following benefits:
- 100% foreign ownership
- 100% ownership of establishment/company
- Affordable and cost-effective
- Easy transfer of profits and capital
- Exemption from export and import duties
- Exemption from personal income tax
- Exemption from other taxes
- Market competitive prices for power
- Market competitive prices on facility usage
- Market competitive prices on leasing
- Well-developed infrastructure
- Low-cost labor
- Fast and easy procedures and in most cases get the license within 24 hours
Types of Businesses in AFZ
Types of business entities that can be established/opened in AFZ are listed as follows:
- Free Zone Company (FZC)
- Free Zone Establishment (FZE)
- Branch of a Foreign Company
- Branch of a Local Company
Types of Business License
Businesses wanting to register and operate in AFZ are required to obtain a license issued by the AFZ Authority. Types of business license available in AFZ are as follows:
- E-commerce License
- Industrial License
- National Industrial License
- Trading License
- Professional Services License
Why Ajman Free Zone Company Need Financial Audit Services?
Businesses conducting their operations in AFZ should get their books audited due to the following reasons:
- An audit report provides the AFZA and other stakeholders with all the information they consider necessary to ensure that businesses in AFZ are complying with all the applicable laws and regulations.
- An external audit provides assurance to the entity’s shareholders and other stakeholders that financials have been prepared in compliance with all the applicable financial reporting standards.
- An audit report also provides assurance to the AFZA as well as the entity’s shareholders that its financial statements are complete and accurate and that no information has been concealed by the entity.
- An audit report also provides the shareholders and the entity’s other stakeholders with assurance that information disclosed in the said entity’s financial statements can be relied upon when making strategic business decisions.
Required Documents/Information for Audit
We at Push Digits Chartered Accountants require the following documents for performing external audits of businesses operating in AFZ:
- General Ledgers and Trial Balance
- Profit and Loss Statements
- Balance Sheet
- Bank Statements
- Details of closing stock
- Details pertaining to fixed asset disposals and additions
- Audit schedules (depreciation, bad debt provisions, accruals)
- Copies of invoices and bills
- Registration Details for Excise Tax and VAT
- Articles of Association and Memorandum of Association
- Latest License that allows an entity to operate within the AFZ
Why Push Digits Chartered Accountants?
Push Digits Chartered Accountants is a well-known audit firm in Dubai providing auditing services in mainland and free zones for over a decade. We have highly qualified and experienced audit professionals to audit your books and operations. We offer quality services at affordable and economic prices. All the professionals working at Push Digits have very good knowledge of laws and regulations applicable in AFZ.
Our aim is to provide services to our clients that not only help them in maximizing the effectiveness and efficiency of their business operations but also assists in identifying and recommending solutions to the issues that are stopping them from realizing their true potential.
Apart from providing audit services, we also provide the following services:
- Accounting and bookkeeping services
- Company registration and incorporation services
- Tax Consultancy (VAT accounting services) and Legal consultancy
- Internal audit services
If you require a top-notch audit firm to conduct an audit of your books, then pick up your phone and contact us today.