laws

Ajman Emiri Decree No. 15/2023 establishes the Ajman Centre for New Projects "Free Zone" in the Emirate of Ajman. The Centre aims to strengthen the Emirate's position as an investment destination and contribute to its economic growth. It seeks to attract foreign investments, provide an attractive investment climate, and promote various economic activities. The Centre has the power to propose legislation, regulate the investment environment, establish public facilities, and issue licenses and approvals for economic activities. It can also coordinate with authorities for security and emergency services, regulate the movement of goods, and establish companies related to its activities. The Centre offers various privileges and exemptions to investors, including tax exemptions and freedom to transfer capital and profits. It prohibits certain activities and the importation of banned goods. The Centre's funds are considered public funds and are protected accordingly. It has its own budget and closing account, and its employees are considered public servants. The Centre's Chairman and CEO have specific powers and responsibilities. The Centre's Establishments are incorporated within its boundaries, and their licenses are personal and non-transferable without approval. The Centre has a Dispute Resolution Committee and provisions for conflict of interests. The Centre's employees have law enforcement capacity. The Chairman will issue implementing regulations. The Decree comes into force on January 1, 2024. Additional context: The Ajman Centre for New Projects "Free Zone" aims to attract investments in various sectors such as technology, manufacturing, logistics, and services. It provides a streamlined process for setting up businesses and offers incentives such as 100% foreign ownership, no corporate or personal income taxes, and no restrictions on repatriation of capital and profits. The Centre also focuses on promoting innovation, research and development, and fostering a business-friendly environment. It aims to contribute to the economic diversification and sustainable development of the Emirate of Ajman.