Free zones: A catalyst to boost new trade economies


Free zones: A catalyst to boost new trade economies

Over the past few decades, the free zone concept gained a tremendous momentum particularly in the regions of Asia, the Middle East and Africa. The first ever free zone was established at the Shannon Airport in Ireland in 1959 and was named the Shannon Free Zone. Over the years, an estimated 2,260 free zones have cropped up around the world playing a vital role in empowering the economies of many countries and ensuring a secure, proactive, and business-friendly environment.

The UAE has gained popularity for investors looking to set up business in the country. Free zones have played an essential role in the country’s economy by providing tax-free advantage to international businesses and giving the freedom to repatriate profits and capital, further offering a chance to explore and build new trade partnerships.

Ajman Free Zone was established in 1988 at the entrance of the Arabian Gulf in the picturesque emirate of Ajman as a strategic business eco-system with a sustainable environment to accelerate growth and development. H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman granted independent status to the organisation, which now offers high standards of service to over 9,000 businesses from over 165 countries.

Free zones had already secured its position across the UAE, with every emirate accounting for at least one, and over time, more free zones started to develop facilitating ease of trade for different businesses across various sectors. These free zones incentivise entrepreneurs with a plethora of benefits such as 100 per cent ownership, no currency restrictions and a distinguished taxation system that offers 0 per cent corporate and personal tax, enabling 100 per cent repatriation of capital and profits. Ajman Free Zone, with its proximity to Ajman Port and Dubai and Sharjah international airports, serves as an ideal investment choice with competitive packages and facilities in offer. The free zone provides overall support to businesses assisting in their growth and expansion through smart solutions, seamless licenses set-up processes, visa facilities, and attractive prices.

The role of free zones has proven to be vital as it fosters trade, jobs, and foreign direct investments, increasing a country's accessibility to inward capital and potential trading partners. Ajman Free Zone provides solutions that improve the emirate's ease of conducting business, increasing investment, and facilitating growth, further solidifying the UAE's position as a global hub and destination in the world to live and work. Through its advanced incentives, Ajman Free Zone unlocks various avenues to ease the flow of goods, attract talent, and attract financing solutions, while analysing its effects on supply chain effectiveness, and both national and global regulations.

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