Business setup in Fujairah: a step by step guide
Want to know how to business setup in Fujairah? We know, it is complex to even think about it, but you need to make a step and make the best decision. Well, good thing first, if you plan to form a setup business in either of the emirates; Dubai free zone, Ajman free zone or sharjah free zone, Fujairah free zone you have already made a smart move. The only concern now remains is, HOW?
This post will guide you throughout the company setup process and important points to be taken care.
We will be covering the following points in
- What is the free zone
- Why Fujairah free zone for business setup
- Fujairah free zone authority
- Types of Fujairah free zone companies
- Type of business setup in Fujairah free zone
- Types of trading licenses
- Advantages of setting up a business in Fujairah
- Required documents for Fujairah free zone company formation
What actually free zone is
Also, popular as free trade zone is idea announced by UAE authorities to attract foreign investors by offering them 100% ownership of their venture and to boost local businesses. These free zones are either attached to port or specified to industries. There are over 37 free zones currently in UAEeach having a certain set of benefits.
What makes Fujairah free zone good for business setup?
Before we talk about Fujairah free zone company formation, let us learn a bit about the UAE (United Arab Emirates). This country is a federation of 7 emirates, and Fujairah is the 5thlargest emirate as well as interestingly no coastline along the Persian Gulf. However, it shares its border with Oman Gulf which makes it a strong place of development. Also, Fujairah has located in such a manner that its strategic location makes it a multipurpose port and only the eastern coast where UAE can connect with the Indian Ocean.
The cargo air links via Fujairah International Airport make the transportation of goods to the south of Fujairah City easier and faster.
The emirate is among the top three bunkering locations around the globe, as well as it is quite popular among tourists from all over the world. Looking through an economic point of view, fishing and agriculture are the main sectors. According to experts, Fujairah free zone company formation (for more useful resources: Freezone company setup in UAE) will be low on investment but high on earning.
Reference for you:
Acquire Commercial License Here
Form Your Business in Dubai
Department of Economic Development in the UAE
FFZA, also known as (Fujairah free zone authority)
The economy of the UAE is one of the fastest and growing with each passing year. Emirates like, Dubai, Abu Dhabi, Ajman and others have great future. Investors! this is the best time for a company formation. These emirates, including Fujairah free zone offers give plenty of business options that varieties of sectors can apply. Out of other growing cities, Fujairah has also started taking the application and most of the applications have started to roll out. The establishment year was 2005 with the aim to give the best of three things- easy accessibility, connectivity as well economy.
Set up a business in Dubai: Acquire license here
Types of Fujairah free zone companies
As the name mentions free zone, Fujairah free zone offers plenty of options in terms of the type of UAE company investor can go for. Here is the list of types of company you can set up in Fujairah:
- A foreign company, including offshore, branch
- United Arab Emirate branch
- Free zone establishment, aka (FZE)
- Free zone company, aka (FZC)
Type of business setup you can do in Fujairah free zone
Over 200 business sectors can form a company in Fujairah. The government authority has widened the scope for many companies to setup their business in Fujairah free zone. What are the types of companies? Let’s learn;
- IT (Information Technology)
- Service-based industry
What types of trading licenses are offered?
Every business has its own set of activities and based on business activity, application for a license needs to be submitted to the body of authority. These licenses are called trade licenses, which business owners will need to have before setting up a business. What are the types of licenses? Learn below.
- Industrial/ national industrial
- Service-based/ consultancy
- The good news is that the license fee for forming a business here needs very less amount, which is around AED 5000. For sectors such as,
- Oil, etc.
- government issues the special license.
- Important Reference Links
What are the advantages of setting up a business in Fujairah?
- Fujairah free zone company setup cost is low, which is around AED 5000. This is the best time to invest.
- The tax exemption is 100%. Any investor bears the pain to fill taxes on forming a company. A sigh of relief as there will be no tax in the Fujairah free zone.
- Investors do not require NOCas as well as work through a virtual office. Thanks to cutting-edge technology.
- The application process was never easier before. License along with company-related documents can be acquired within 7 days after the application is submitted in Fujairah free zone.
- Foreign investors can repatriate 100% of the investment, capital, and profits.
- Investors receive multiple residency VISAs.
Required documents Fujairah free zone company formation
So, if have you made up your mind to form a business in Fujairah free zone, here is the list of required documents that you will need for processing the application;
- Certified passport copy along with UAE VISA entry stamp
- Address proof (2 copies)
- A reference letter from a bank
- CV of shareholder
- Companys application form
All these documents come as proof and satisfy the legal procedures and help you open a bank account in your name. However, as mentioned before licensing the cost is minimal and will not make a burden on your pocket.