AJMAN, 3rd August, 2020 (WAM) — Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of the Ajman Free Zone, AFZ, has launched AFZ’s eight new economic incentives for the second half of 2020.
The new package, which includes significant fee discounts and waivers, will ease the cost of doing business at AFZ while also ensuring business continuity. The launch of these incentives followed a package earlier unveiled to provide assistance to more than 9,000 AFZ-registered companies.
Sheikh Ahmed said that the newly introduced incentives demonstrate the free zone’s commitment to providing an ideal business environment for continuous company growth and development despite the challenging global economic conditions. The new package will specifically support small and medium enterprises, SMEs, which have been affected by the coronavirus, COVID-19, by reducing the cost of doing business and boosting their commercial resilience, he further pointed out.
He expressed confidence that this latest move will help businesses in AFZ achieve their desired goals and objectives by minimizing the impact of the current global health crisis on their operations. The newly launched incentives are positioned to further strengthen the free zone’s business-friendly environment according to the demands and requirements of the customers and registered businesses.
Under the new package, AFZ will impose zero fines on bounced cheques and cheque replacements, as well as zero fines on non-renewal of licences. The free zone will implement also a 100 per cent waiver on the E-channel guarantee fee.
In the second half of 2020, new and existing companies in AFZ can take advantage of a three-month flexible instalment payment plan on their business centre lease, flexible instalment plan for six months on their offices, executive offices or warehouses rent, in addition to discounts on company registration and a 25 per cent discount on labour accommodation.
More than 9,000 AFZ-registered companies, both existing and new, will benefit from the new package. AFZ is keen on contributing to the emirate’s comprehensive development by continuously innovating its services to match the changing demands and requirements of the business community.
The free zone is home to investors from more than 145 countries, providing businesses with streamlined and hassle-free setup processes at competitive rates along with other supporting products and services.