We are pleased to announce that, as of 27 April 2017, Freemont Cyprus (part of Oneworld Group) has been appointed as country representatives, in Cyprus, of Ajman Free Zone Authority in the UAE (www.afz.gov.ae).

What this means is that Freemont Cyprus is licensed to incorporate in Cyprus free zone and international (offshore) business entities of Ajman Free Zone (AFZ) in its offices in Nicosia and Limassol. AFZ is known to provide innovative concepts such as the business centre, smart offices, flexi offices which render higher cost efficiency to businesses and entrepreneurs.

AFZ is one of the most well-known free zones in UAE, very popular with foreign businessmen and industrialists. AFZ expects to attract investments from Cypriot and Cyprus based entrepreneurs who are keen to create a business base in the UAE.

A free zone in AFZ is a very attractive structure. The benefits of being located in a free zone include:

• 100 percent foreign ownership
• no restriction on profit repatriation
• no exchange controls
• guarantee of no corporate and personal income taxes for 15-50 years and possible renewal
• availability of offices, factory premises and warehouses
• excellent port, airport and road transport infrastructure
• efficient utilities and communication means
• no import or export duties, except for sales into the UAE and the GCC
• no recruitment restrictions

 
Free zone entities are readily acceptable to banks and institutions worldwide. Further, they satisfy the criterion of economic substance, are owned entirely by foreign shareholders, benefit from 70 double tax treaties of UAE, and have no restrictions on work permits to expatriate staff.

A FZ entity also receives residence permits for its expatriate shareholders and senior management. A foreign national in the UAE holding a residence permit is outside the scope of UAE’s exchange of information with other countries.

Freemont Cyprus will be facilitating the process. It is authorized by AFZ to incorporate in Cyprus Ajman entities – free zone and international (offshore) business. This is beneficial to  businessmen who want to take advantage of Ajman’s facilities as well as industrialists who wish to have Ajman as their base for operations. Freemont Cyprus will be acting as local registrars, incorporating almost same day entities for Ajman in its Cyprus offices, at competitive prices. There will be no need for perspective clients to visit UAE for that purpose. In addition, Freemont Cyprus will assist in opening bank accounts with UAE and Cyprus banks and render any other assistance to be required.
 
Head office address:
 
Freemont Group/Oneworld Cyprus
75 Prodromou Avenue
Nicosia 1307, PO Box 25207
Cyprus
 

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Ajman Free Zone was established in 1988, leading to massive development in Ajman by attracting a substantial number of companies to benefit from investment privileges. It provides competitive privileges and facilities to businesses and industrialists. AFZ continues to develop its infrastructure, along its free zone area of more than one million square meters. Its strategic location include reach to international airports within 25 minutes and is located opposite Ajman port. A FZ entity offers 100 percent foreign ownership, easy transfer of capital and profits, exemption from personal and other taxes as well as import and export duties, competitive prices (www.freemontgroup.com) on facility usage and competitive prices for power and electricity.