Ajman, UAE – In just two months since its establishment, the Ajman NuVentures Centre Free Zone (ANCFZ) has achieved remarkable success, attracting over 450 companies from various sectors. This milestone, announced by CEO Rishi Somaiya, underscores the UAE’s growing appeal as a global business hub.
A New Player with a Competitive Edge
Addressing the rapid growth, Somaiya highlighted the unique appeal of ANCFZ in a crowded field of around 47-48 free zones across the UAE. He likened the free zone’s service-driven approach to that of leading global airlines.
“Why is Emirates successful? It’s because of service, quality, on-time flights, and good amenities. Similarly, ANCFZ focuses on offering unparalleled convenience and value. People are ready to invest where they see quality and efficiency,” Somaiya remarked.
The free zone offers a comprehensive and entirely digital process for company formation. Investors can set up businesses remotely, with all documentation prepared and verified by the ANCFZ team. The streamlined system ensures minimal hassle for clients, reflecting the UAE’s vision for smart and efficient governance.
Key Features: Digital Processes and Rapid Licensing
Unlike traditional free zones that rely on extensive physical infrastructure, ANCFZ operates through a cutting-edge digital platform. Entrepreneurs no longer need to download or print forms, and every step, from document submission to verification, is handled online.
“Opening a company usually takes three to four days elsewhere. We issue licenses in as little as 15 minutes to one hour. Additionally, visas are processed within 48 hours, compared to the typical 14-15 days,” Somaiya explained.
The speed and efficiency of ANCFZ have proven to be significant differentiators, attracting a diverse range of companies involved in sectors like gaming, blockchain, artificial intelligence (AI), and other emerging technologies.
A Catalyst for the UAE’s Economic Growth
The UAE’s free zones have long been pivotal in driving the non-oil economy. They attract foreign direct investment (FDI), support the growth of local enterprises, and provide an ideal environment for global businesses.
Somaiya emphasized the broader factors contributing to the UAE’s business-friendly reputation.
“For Dh15,000 to Dh20,000, where else in the world can you start a company and get a residency permit? Nowhere. The UAE offers low taxation, liberal regulations, safety, security, and a high-quality lifestyle. These factors, coupled with strategic connectivity through airlines like Emirates, Etihad, and flydubai, make the UAE an irresistible destination for investors.”
Unbeatable Pricing and Flexibility
ANCFZ’s competitive pricing further enhances its appeal. For as low as Dh10,800, entrepreneurs can secure a company license with up to 10 activities and a two-year visa. Additional incentives include a 10% discount for upfront payments and flexible installment plans.
Somaiya also noted that ANCFZ offers cost-effective options for shared office spaces, co-working facilities, and traditional office setups, catering to businesses of all sizes and needs.
Addressing Challenges for Start-ups
One of the persistent hurdles for new businesses in the UAE has been the difficulty of opening bank accounts. However, ANCFZ has tackled this issue head-on.
“We’ve partnered with a few local banks to ensure our clients can open their accounts within a week to 10 days. This significantly reduces a major bottleneck for start-ups,” said Somaiya.
The free zone’s proactive approach reflects a broader trend of innovation and responsiveness to the evolving needs of businesses.
Supporting a New Wave of Entrepreneurs
Somaiya observed a generational shift in entrepreneurial aspirations, driven by digital transformation and technological advancements.
“Twenty-five years ago, people were looking for jobs. Today, young individuals are exploring entrepreneurship from the outset. With access to technology and global exposure, they are coming up with brilliant ideas,” he noted.
The free zone’s focus on licensing activities in emerging sectors, such as gaming and blockchain, aligns with this new wave of innovation. It provides a platform for tech-savvy entrepreneurs to bring their ideas to life in a supportive and business-friendly environment.
Strategic Location and Growth Potential
Located in the heart of Ajman, ANCFZ benefits from the emirate’s strategic position close to key regional and global markets. Ajman’s proximity to Dubai and Sharjah, combined with its lower operational costs, makes it an attractive destination for businesses.
The UAE’s connectivity, bolstered by world-class airlines and transport infrastructure, further enhances the country’s position as a global hub. “People find it easier to move here from any part of the world,” said Somaiya.
Building on a Legacy of Free Zone Success
Free zones have been instrumental in diversifying the UAE’s economy away from oil dependence. By offering attractive incentives and streamlined processes, they have attracted a wide range of businesses, from multinationals to local start-ups.
ANCFZ builds on this legacy by incorporating the latest technologies and practices. Its fully digital approach reduces bureaucracy and ensures businesses can operate efficiently from day one.
The Road Ahead
As ANCFZ celebrates its initial success, the focus now shifts to sustaining momentum and scaling operations. With plans to attract more businesses from innovative sectors, the free zone aims to play a key role in shaping Ajman’s economic landscape.
Somaiya’s vision for ANCFZ is clear: to become a leading free zone by prioritizing efficiency, affordability, and client satisfaction.
“In today’s fast-changing world, businesses need partners that understand their challenges and offer solutions tailored to their needs. At ANCFZ, we are committed to being that partner,” he concluded.
Conclusion
The Ajman NuVentures Centre Free Zone’s impressive growth in its first two months is a testament to the UAE’s business-friendly policies and the innovative approach of its leadership.
As the free zone continues to attract entrepreneurs from around the globe, it reinforces the UAE’s position as a beacon of opportunity in the Middle East.
With its emphasis on speed, affordability, and digital transformation, ANCFZ is not only reshaping Ajman’s business landscape but also setting a new benchmark for free zones across the region.