Ajman Free Zone to impose zero fines on bounced cheques - GulfToday

Ajman Free Zone to impose zero fines on bounced cheques

Ajman-Free-Zone

The free zone will also implement a 100 per cent waiver on the E-channel guarantee fee. WAM

Sheikh Ahmed Bin Humaid Al Nuaimi, Chairman of the Ajman Free Zone, AFZ, has launched AFZ’s eight new economic incentives for the second half of 2020.

The new package, which includes significant fee discounts and waivers, will ease the cost of doing business at AFZ while also ensuring business continuity. The launch of these incentives followed a package earlier unveiled to provide assistance to more than 9,000 AFZ-registered companies.

Sheikh Ahmed said that the newly introduced incentives demonstrate the free zone’s commitment to providing an ideal business environment for continuous company growth and development despite the challenging global economic conditions. The new package will specifically support small and medium enterprises, SMEs, which have been affected by the coronavirus, COVID-19, by reducing the cost of doing business and boosting their commercial resilience, he further pointed out.

He expressed confidence that this latest move will help businesses in AFZ achieve their desired goals and objectives by minimizing the impact of the current global health crisis on their operations. The newly launched incentives are positioned to further strengthen the free zone’s business-friendly environment according to the demands and requirements of the customers and registered businesses.

Under the new package, AFZ will impose zero fines on bounced cheques and cheque replacements, as well as zero fines on non-renewal of licences. The free zone will implement also a 100 per cent waiver on the E-channel guarantee fee.

In the second half of 2020, new and existing companies in AFZ can take advantage of a three-month flexible instalment payment plan on their business centre lease, flexible instalment plan for six months on their offices, executive offices or warehouses rent, in addition to discounts on company registration and a 25 per cent discount on labour accommodation.

More than 9,000 AFZ-registered companies, both existing and new, will benefit from the new package. AFZ is keen on contributing to the emirate’s comprehensive development by continuously innovating its services to match the changing demands and requirements of the business community. The free zone is home to investors from more than 145 countries, providing businesses with streamlined and hassle-free setup processes at competitive rates along with other supporting products and services.

Ajman Free Zone has launched recently a strategic project to build a number of warehouses that serve an array of targeted sectors such as health, food and sustainable development.

The Dhs36 million green project with a total built-up area of 9,070 M2 will consist of 82 units and service blocks that can be used as showrooms, warehouses or industrial facilities. The size of the multipurpose units starts from 100 M2 and they can be used individually or by combining multiple units to form larger units, depending on the needs of investors or tenants.

Al Nuaimi emphasized that AFZ is constantly looking for ways and strategies to add further value to the emirate’s business environment, noting that the latest warehousing project will enhance the attractiveness and competitiveness of AFZ as a destination for business and commercial and industrial activities.

He added that the project will also support environment protection initiatives and promote sustainable development by reducing electricity consumption and carbon emissions. Furthermore, the project increases the amount of available space to meet the requirements of investors by providing additional units that can be used for several purposes, including chilled storage units and manufacturing facilities. It also provides sustainable options through the qualitative characteristics of storage units, including solar energy technology. Additionally, it is strategically located close to Ajman Port and Customs, ensuring easy inward and outward movement of customers’ products and transport.

Earlier, AFZ has launched the ‘Hafez’ initiative, a rewards and recognition programme to support staff.

‘Hafez’ is part of an integrated system of legislation, initiatives, and incentive programs that has been developed to help improve human capabilities and enhance workforce’s performance.

Engineer Ali Abdulla Bin Towaih Al Suwaidi, Director General, Ajman Free Zone, said: “The new rewards and recognition program, ‘Hafez,’ bears great significance to the AFZ as it looks towards expanding the scope of moral support that could enhance our staff’s productivity.”

He added: “We are confident that this new initiative will help pave the way for us to achieve more positive results – especially across performance indicators within organisational units.”

Agencies

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