Demand for services expected to grow as UAE prepares to impose Federal Corporate Tax
June 22, 2022: Ajman Free Zone continues to witness an influx in corporate tax companies, as the UAE gears up for the implementation of corporate tax in 2023. The free zone has recorded a significant increase of 33 per cent in the number of corporate tax institutions, offering a wide range of financial and tax consultancy services.
H.E. Eng. Ali AlSuwaidi, 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.”
“In addition, the introduction of the corporate tax is set to position the UAE as an attractive destination for foreign direct investments. This will drive us to help companies grow and expand, streamline their business processes, and attract more foreign investors who can benefit from the competitive advantages of Ajman, one of the region’s top investment destinations,” he added.
The growth is a strong indication of the increasing confidence of the business community in the free zone’s offerings. To sustain this confidence and trust, Ajman Free Zone will continue to empower companies through its world-class facilities, incentives, and comprehensive support as one of the region’s business and investment hubs.