The growth symbolizes the increasing confidence of the business community in the free zone in a post-pandemic future.
Given the UAE government’s decision to implement corporate tax by 2023, Ajman free zone has seen a 33% rise in corporate tax companies. Eng Ali Al Suwaidi, Director General of Ajman Free Zone, stated: “The Federal Corporate Tax will become applicable in 2023, and is believed to propel the country forward. Businesses are expected to align their relevant processes in order to ensure full compliance with the new law and will need the assistance of specialized tax advisory firms specializing in this domain.
“As a global business hub, Ajman Free Zone is prepared to address these requirements with innovative solutions and cost-effective packages, while facilitating growth opportunities for tax advisory companies. Moreover, we recognize the importance of these entities to enhance our performance and ensure compliance with federal regulations.”
Given the government’s effort to position UAE as an attractive destination for foreign direct investment, the introduction of corporate tax was essential. This can help companies grow and expand, streamline business processes, and attract foreign investors who can take advantage of Ajman's competitive advantage, one of the region's major investment destinations. Ajman free zone intends to sustain this confidence and trust among investors by empowering companies and individuals through incentives and comprehensive support in order to navigate the business region.
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