Ajman Media City: A World Class Investment Hub for Creative Businesses
Creative industries have gained the upper hand in the post-pandemic world as people seek something to latch on to in the midst of all the chaos. Even amidst the surge in demand, setting up a media company or other types of creative businesses is not a cost-effective affair. However, creative entrepreneurs consider a business setup in the UAE as a cost-efficient option, inspired by the myriad of benefits offered by free zones such as Ajman Media City.
Foreign investors need not be worried about the laws, regulations and procedures as they can avail the services of business setup consultants in the UAE for speedy incorporation. Here is some detailed discussion about the investment opportunities and process for business people planning for company formation in Ajman Media City:
Opportunity for Cost-effective Company Formation in UAE
The creative industry is not homogenous, and we should understand it from the vantage point of businesses of all sizes and types. There are big media broadcasting companies such as BBC or CNN, and there are also small or medium businesses such as digital marketing agencies. The process of company formation in the UAE is expensive for media investors, given the costs and approvals required.
Ajman Media City offers a cost-effective license solution for media investors, as Ajman is a cheaper option when compared to big cities like Dubai. The free zone recently abolished the mandatory requirement for e-channel deposit under which the investors were previously required to deposit AED 5000 per annum plus AED 2200 on an annual basis to maintain their immigration file. Plus, Ajman Media City offers several cost-effective business setup packages, which facilitates a smooth company formation in the UAE for foreign investors.
Strategic Collaboration with International Markets
Ajman Media City is keen on fostering investment relations with strategic markets abroad and in line with this policy, the free zone authority has entered into crucial business agreements. The Media City has strong relations with India as evidenced by its partnerships with giant media conglomerates such as The Times of India and Hindustan Times. The agreements have enabled the free zone to identify projects and events that can be localised and brought to the UAE. The Free Zone has also reached strategic agreements with Egypt, which is a crucial market in the MENA region for the media business.
Innovative Licenses & Business Packages
Ajman Media City Free Zone provides foreign investors with a wide range of business activities and low-cost packages for company formation. Unlike many other free zones, Ajman Media City provides an innovative Social Media Influencer (SMI) license package for individuals and companies engaged in the influencer marketing business in the UAE. The SMI package starts at an affordable rate of AED 2500, which provides a much cheaper option for individual influencers. Business Club Package is a cheaper license package that enables the investors to start a business in Ajman starting from AED 8,500. Consult with the best business setup consultants in Dubai to know further about the costs and packages.
A Strong Magnet of Foreign Investors
The year 2020 is generally perceived as a tough period for new businesses due to the economic uncertainty created by the COVID-pandemic. However, the free zone has withered the pangs of the pandemic as a number of foreign companies opted for company formation in Ajman Media City. In the third quarter of 2020, the free zone recorded a 25% rise in its proceeds compared to the corresponding period in the previous year. The number of licensed companies and foundations in Ajman Media City increased by 66.8% at the end of September compared to the same month in 2019, amounting to 3,054 companies. Investors from India topped the list of entrepreneurs who set up companies in Ajman Media City, closely followed by Pakistani and French nationals.
Navigating Incorporation Process is Seamless
Setting up a company in Ajman Media City Free Zone doesn’t require the foreign investors to undergo strenuous efforts as the process is rather easy. The investors can choose from a number of business activities depending on their requirements. By enlisting the assistance of the best business setup consultants in the UAE, the license will be issued in a day. Also, in terms of legal structures, the following flexible options are available:
- Free Zone Establishment (FZE)
- Free Zone Company (FZC)
- Branch of a Local Company
- Branch of a Foreign Company (BFC)
Set up Smarter With UAE Business Setup Consultants
The process of company formation in the UAE free zones such as Ajman Media City is generally a hassle-free process. However, seeking the help of experienced business consultants in the UAE, such as Jitendra Business Consultants (JBC) is recommended to avoid delays and prevent errors in documentation. JBC has a team of qualified business setup consultants who assists the foreign investors with company formation solutions including registration, documentation, liaising with authorities, processing visas, opening a corporate bank account etc. JBC’s pragmatic approach and astute professionalism is the key to a successful company formation in the UAE.