UAE's new free zone offers licence in 15 minutes, visa in 48 hours

The Ajman NuVentures Centre Free Zone (ANCFZ), the latest free zone established in the UAE, has attracted more than 450 companies in less than two months, a senior official said.

“We are two months old and have done very well so far. We have over 450 companies across all key sectors. There are about 47-48 free zones in the UAE. People ask what is the differentiator? It's just like an airline. There are so many airlines, but why Emirates is successful – because of service, quality, on-time flights and good amenities. People are ready to spend the money for what they want. But they eventually look for something more than what they just want in terms of service, speed, and efficiency,” said Rishi Somaiya, CEO of Ajman NuVentures Centre Free Zone.

In an interview with , he stated the UAE is attracting FDI and companies because of low taxation, liberal regulations, safety and security, lifestyle and Golden Visa – the long-term residency programme.

“For Dh15,000-Dh20,000, in which country in the world can you start a company and get a residency permit? Nowhere. So people come to the UAE, and they will continue to come. UAE is also very strategically located – close to the subcontinent, Europe and Africa. Due to solid connectivity because of Emirates, Etihad and flydubai, people find it easier to move here from any part of the world,” Somaiya said during the interview.

Free zones in the UAE have played a tremendous role in the development of the non-oil economy, attracting global companies from around the world and also helping local companies grow exponentially.

Unlike other free zones, which have created huge infrastructures, running on old rules with many departments and employees, ANCFZ – which is located in the heart of Ajman – is completely digital as far as the setup goes. Therefore, investors don’t need to download to print applications. They can sign the documents digitally from the comfort of their homes.

“At NuVentures, we’ll prepare the application form. My team will type it, and keep everything ready. They will send it to you to sign it. We send it to verify the data. We do all the work on behalf of clients. We don't expect them to do all this work.”

Somaiya elaborated that the entire world's business is changing where bloggers have more flowers than big publications; youngsters are becoming billionaires through cryptos in a very short period; and there are new technologies such as blockchain, artificial intelligence, metaverse etc.

Since NuVentures is fully digital, Somaiya said that they’re the fastest when it comes to providing licences and visas.

“Opening a company usually takes three to four days. Getting a visa would take another 15-20, days. But we give client license superfast – in two hours. With all the compliances in place, we give you a visa within 48 hours, whereas others take 14-15 days. This is our promise and we fulfil it. We have 450-plus companies and all of the licenses were issued between 15 minutes to one hour. Therefore, our clients, partners and our agents are super happy,” said the chief executive of ANCFZ.

In terms of activities, the new free zone offers licences for all the services that are allowed under UAE law.

“We've added activities like gaming, blockchain and AI. Gaming is a big industry, so we giving these licenses to gaming software developers who specialise in this field,” he said, adding that ANCFZ offers office, co-working and shared office spaces.

Rishi Somaiya elaborated that there are free zones that charge Dh12,000 for a single shareholder visa and licence for one activity.

“For Dh12,000, we are offering 10 activities and as many shareholders as you want. If you make an upfront payment, then there is a 10 per cent discount and it costs only Dh10,800. Then we have an instalment programme as well. For Dh10,800, you get a company license with 10 activities and, a visa for two years within 48 hours. Nobody can beat that pricing and it is the fastest also.”

Replying to a query about challenges start-ups face in opening bank accounts, he added that ANCFZ-licensed companies opened their bank accounts within a week to 10 days as the free zone has signed up with a few local banks.

“The world is changing. Twenty-five years ago, people were looking for jobs. Today, people are looking at how to become an entrepreneur from day one and young kids have great ideas. They're very smart because they’ve so much exposure,” said Rishi Somaiya.