Ajman Ruler Issues New Law To Strengthen Economic Development And Investment

H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, has enacted Law No. (2) of 2024 concerning the Ajman Chamber. This new legislation mandates the Chamber to advocate for its members and the business community in Ajman, aiming to foster sustainable development and enhance the emirate's economic stature.

The law rebrands the "Ajman Chamber of Commerce and Industry" as the "Ajman Chamber," ensuring that this name change does not impact its rights or obligations. The Chamber is now a non-profit public benefit institution with legal personality, financial and administrative independence, enabling it to perform all necessary legal actions to fulfil its objectives.

The Chamber's primary goals include representing and protecting its members' interests, improving the business environment, enhancing service quality, and attracting both local and international investments. It also aims to develop national leadership in economic fields and support the emirate’s local economy.

To achieve these objectives, the Chamber will develop plans, policies, and strategies in coordination with relevant authorities. These efforts aim to bolster Ajman's regional and global standing in trade and industry. Additionally, the Chamber will focus on developing leadership, administrative, and technical skills within economic sectors.

The law assigns the Chamber several tasks such as promoting investment opportunities in Ajman by creating an attractive business environment. It will also review economic conditions to assist decision-makers in planning for future developments. Proposals for updating or introducing new legislation aimed at sustainable economic growth will be made in collaboration with competent authorities.

Business Environment Enhancement

The Chamber is tasked with increasing awareness in economic fields to help businesses grow. It will promote entrepreneurship culture and enhance business owners' skills through various programmes. The Chamber will study economic activities within Ajman, identify challenges faced by businesses, and provide recommendations for solutions.

Additionally, the Chamber will handle commercial disputes among members through arbitration or amicable settlements. It can establish centres inside and outside the country, create companies or investment projects, register businesses practising economic activities in Ajman, and issue membership certificates.

Certification and Consultation Services

The Chamber is responsible for issuing certificates of origin for exported goods according to applicable laws. It collaborates with other chambers of commerce, unions, business organisations, and professional bodies across various sectors to exchange expertise. The Chamber provides legal, commercial, economic, or technical advice to its members.

It certifies commercial transactions and documents like export invoices while maintaining a database of experts for member benefit. The Chamber manages movable and immovable funds by investing them wisely. It also organises events such as exhibitions, conferences, seminars, forums locally and internationally.

Membership Requirements

The law specifies that anyone licensed for economic activities within Ajman must join the Chamber following approved regulations. If a member operates multiple branches within Ajman under different trade names from their main licence, each branch must be registered separately with corresponding fees paid.

Membership is optional for establishments within free zones unless they seek any services from the Chamber; then they must join under approved conditions. Simple craft owners relying on mental abilities or physical strength rather than monetary capital are exempt from mandatory membership based on specific categories defined by regulations.

Board of Directors' Competencies

The Board of Directors has several competencies including approving general policies of the Chamber along with strategic plans after their approval process completion. They also approve draft laws related to organising chamber affairs which are then submitted for issuance by competent authorities.

The Board oversees financial regulations covering fund management procedures along with control mechanisms over financial transactions like disbursement orders signing authority among others aspects related provisions controls approval processes involved therein too! They also approve administrative human resources systems initiatives programmes supporting emirate economy increasing job opportunities investments submitting them relevant government authorities accordingly!

The Board approves annual budgets final accounts appointing external auditors reviewing reports observations submitted fiscal year-end approving organisational structure borrowing accepting gifts donations per country emirate legislation opening bank accounts managing closing them signing loan contracts requesting banking facilities per approved financial regulations!

The Board can approve foreign trade missions organised by promoting emirate economy strengthening foreign trade links forming committees assisting council tasks determining their competencies work systems!

With inputs from WAM