Home Business & Finance Chairman of AFZ launches Ajman Free Zone’s eight new economic incentives for H2 2020

Chairman of AFZ launches Ajman Free Zone’s eight new economic incentives for H2 2020

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AJMAN: H.H. Sheikh Ahmed Bin Humaid Al Nuaimi, Chairman of Ajman Free Zone (AFZ), has launched AFZ’s eightnew economic incentives forthe second half of 2020. The new package, which includes significant fee discounts and waivers, aims to ease the cost of doing business at AFZ while also ensuring business continuity. The  launch of the eight incentives followed a package earlier unveiled to provide assistance to more than 9,000AFZ-registered companies.

H.H. Sheikh Ahmed Bin Humaid Al Nuaimi

H.H. Sheikh Ahmed Bin Humaid Al Nuaimi 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 challenging global economic conditions. He further pointed out that thenew package will specifically support small and medium enterprises (SMEs)that have been affected by the coronavirus disease (COVID-19) by reducing the cost of doing business and boosting their commercial resilience.

H.H. expressed confidence that this latest move will help businessesin AFZ achieve their desired goals and objectives by minimizing the impact of the current global health crisis on their operations. H.H. also affirmed his commitment to spreading the spirit of hope and optimism by supporting the business community of AFZ, which is a critical component of the emirate’s economy. The newlylaunched 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 licenses.The free zone will implement also a100 per cent waiver on E-channel guarantee fee.

During the second half of 2020, new and existing companies in AFZ can have the opportunity to 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 discount rates 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, which is expected to ensurecontinuity and support business momentum in the free zoneand its affiliated sectors. 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.

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