The Ajman Media City Free Zone has announced the abolition of the mandatory e-channel deposit for the investors setting up their business in the free zone.

The announcement was made by Ajman Media City Free Zone’s chairman Sheikh Abdul Aziz bin Humaid Al Nuaimi.

Al Nuaimi said: “Improving the business environment, easing the initial investment and set-up policies and strengthening entrepreneurship in Ajman are the main goals for us, as it will help us further enhance the potential to bring world class entrepreneurs and creative minds to the UAE.”

“The e-channel is a system designed for companies which pay deposit of Dh5,000 ($1,361) per annum plus Dh 2,200 ($598.9) on an annual basis to maintain their immigration file, a mandatory process for all investors in the UAE,” he said.

Al Nuaimi stated that Ajman Media City Free Zone decision to abolish the deposit requirement gives clear cost advantage to new customers, who can now set-up their business and gain access in this lucrative market at a much lesser cost.

“We have received tremendous response to our initiatives of the last one year, but however we are committed to continuous improvement and betterment of our services. By promoting competitiveness and customer friendly initiatives, we are enhancing UAE’s position as an investment destination,” he added.

Al Nuaimi emphasised that the management is committed to maintain an environment to boost productivity and business potential and offer a world class environment at a nominal cost to the global customers. – TradeArabia News Service