The Ajman NuVentures Centre Free Zone (ANCFZ), the newest free zone in the UAE, has already attracted over 450 companies within its first two months of operation, according to a senior official.
"We've been operational for just two months and have already exceeded our expectations with over 450 companies from various sectors," said Rishi Somaiya, CEO of ANCFZ. He compared the free zone landscape to the airline industry, highlighting that while there are numerous options, success often hinges on service quality, punctuality, and amenities. "People are willing to pay for what they want, but they ultimately seek more in terms of service, speed, and efficiency," he added.
In an interview with Khaleej Times, Somaiya attributed the UAE's appeal to foreign direct investment (FDI) and company incorporations to factors such as low taxation, liberal regulations, safety, a high quality of life, and the Golden Visa program. "For just Dh15,000-Dh20,000, you can start a company and obtain a residency permit in the UAE, which is an unbeatable offer globally," he noted. The UAE's strategic location, close to the subcontinent, Europe, and Africa, and its robust connectivity via airlines like Emirates, Etihad, and flydubai, further enhance its attractiveness.
ANCFZ stands out among other free zones in the UAE by being entirely digital in its setup, eliminating the need for physical paperwork. "At NuVentures, we handle all the paperwork. Our team prepares the application, sends it to you for digital signature, and then processes it. We take care of everything so our clients don't have to," Somaiya explained.
The free zone prides itself on its speed in issuing licenses and visas. "We can issue a license in as little as 15 minutes and a visa within 48 hours, which is significantly faster than the industry standard," he said. ANCFZ also offers a range of licenses, including those for emerging sectors like gaming, blockchain, and AI, and provides flexible office solutions such as co-working and shared office spaces.
Somaiya highlighted the cost-effectiveness of ANCFZ, offering 10 activities and multiple shareholders for Dh12,000, with discounts for upfront payments. He also addressed the common challenge of opening bank accounts for start-ups, stating that ANCFZ-licensed companies can open accounts within a week to 10 days due to partnerships with local banks.
"The world is evolving, and today's youth are increasingly entrepreneurial, driven by exposure and innovative ideas," Somaiya concluded.
Source link: https://www.khaleejtimes.com
