Business setup in Fujairah Free Zones
Business setup in Fujairah Free Zones
Fujairah Free Zone is one of the fastest-growing free zones in the UAE, offering a range of benefits and incentives to businesses looking to establish a presence in the region. Here are some of the reasons why you should consider setting up your business in Fujairah Free Zone:
- Strategic Location: Fujairah Free Zone is strategically located on the east coast of the UAE, with easy access to major shipping routes and transportation networks. This makes it an ideal location for businesses that need to import or export goods.
- Business-friendly Environment: Fujairah Free Zone offers a business-friendly environment with minimal bureaucracy and a streamlined process for company registration. The free zone is also known for its flexible regulations, making it an attractive option for businesses across different industries.
- Wide Range of Business Activities: Fujairah Free Zone allows businesses to engage in a wide range of activities, including trading, manufacturing, and service-related activities. This makes it a versatile location for businesses across different sectors.
- Competitive Pricing: Fujairah Free Zone offers some of the most competitive pricing in the UAE for company registration and ongoing maintenance fees. This makes it an affordable option for businesses of all sizes.
- Investment Incentives: Fujairah Free Zone provides a range of investment incentives, including 100% foreign ownership, 100% repatriation of capital and profits, and no corporate or income taxes. This makes it an attractive location for businesses looking to maximize their profits and minimize their costs.
At Prodigy Corporate Services, we specialize in helping businesses set up and grow in Fujairah Free Zone. Our team of experts can guide you through the entire process, from company registration to ongoing compliance and support.
Contact us today to learn more about how we can help you establish a successful business in Fujairah Free Zone.
Process to register the company in Fujairah Free Zones
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Registering a company in Fujairah Free Zone is a straightforward process that can be completed in a few simple steps:
- Choose your company type: The first step in registering your company in Fujairah Free Zone is to decide on the type of company you want to set up. You can choose between a free zone establishment (FZE) or a free zone company (FZC). An FZE is a single shareholder company, while an FZC can have multiple shareholders.
- Choose your business activities: Fujairah Free Zone allows businesses to engage in a wide range of activities, including trading, manufacturing, and service-related activities. You’ll need to decide on the activities your company will engage in before proceeding with the registration process.
- Submit your application: Once you’ve decided on your company type and business activities, you can submit your application to the Fujairah Free Zone Authority (FFZA). You’ll need to provide a range of documents, including a business plan, passport copies of the shareholders, and a no-objection certificate (NOC) from your current sponsor, if you’re already living in the UAE.
- Obtain your license: Once your application is approved, you’ll need to obtain your license from the FFZA. The license will outline the activities your company is allowed to engage in and the terms and conditions of your operation in the free zone.
- Open a bank account: To complete the registration process, you’ll need to open a bank account in the UAE. This will allow you to deposit your share capital and carry out financial transactions related to your business.
At Prodigy Corporate Services, we can guide you through every step of the company registration process in Fujairah Free Zone. Our team of experts has extensive experience in helping businesses set up and grow in the region.
Contact us today to learn more about how we can help you establish a successful business in Fujairah Free Zone.
Documents required to register a company in Fujairah Free Zones
Here’s a list of documents that are typically required to register a company in Fujairah Free Zone:
- Business plan: A detailed business plan outlining the nature of your business, the services or products you offer, your marketing strategy, and your financial projections.
- Passport copies: Passport copies of all shareholders and directors, including visa page and Emirates ID (if applicable).
- No-objection certificate (NOC): If you’re already living in the UAE and working for another company, you’ll need to obtain a no-objection certificate (NOC) from your current sponsor allowing you to set up a business in Fujairah Free Zone.
- Share capital: A minimum share capital is required to be deposited in a UAE bank account to complete the registration process. The amount varies depending on the type of company you’re setting up.
- Memorandum of Association (MOA) and Articles of Association (AOA): These documents outline the rules and regulations of your company and need to be signed by all shareholders.
- Power of Attorney (POA): If you’re not able to be physically present in the UAE to complete the registration process, you can appoint a local agent to act on your behalf through a power of attorney (POA).
- Office lease agreement: A lease agreement for an office space in Fujairah Free Zone is required as part of the registration process.
The specific requirements may vary depending on the type of company you’re setting up and other factors. At Prodigy Corporate Services, we can provide you with a comprehensive list of requirements and guide you through the entire process of company registration in Fujairah Free Zone.
Advantages of registering a company in Fujairah Free Zones
Registering a company in Fujairah Free Zone offers several advantages, including:
- 100% foreign ownership: One of the most significant advantages of setting up a business in Fujairah Free Zone is that you can have 100% foreign ownership of your company. This means that you don’t need to have a local partner or sponsor.
- Tax benefits: Companies registered in Fujairah Free Zone are exempt from paying corporate and income taxes for up to 50 years. This can significantly reduce your business operating costs and improve your bottom line.
- Easy company formation: The registration process for setting up a company in Fujairah Free Zone is straightforward and efficient. It typically takes only a few weeks to complete the process and obtain your license.
- Low-cost business setup: The cost of setting up a business in Fujairah Free Zone is relatively low compared to other free zones in the UAE. This makes it an attractive option for entrepreneurs and small businesses.
- Access to world-class infrastructure: Fujairah Free Zone is home to state-of-the-art infrastructure, including a modern seaport, international airport, and excellent road connectivity. This makes it easy to import and export goods and connect with global markets.
- Strategic location: Fujairah Free Zone is strategically located at the crossroads of major trade routes between Asia, Europe, and Africa. This makes it an ideal location for businesses looking to expand their operations and reach new markets.
At Prodigy Corporate Services, we can help you take advantage of these benefits and set up a successful business in Fujairah Free Zone. Contact us today to learn more about how we can help you establish your company in this dynamic and growing free zone.
Exact cost of registering a company in Fujairah Free Zones
The cost of registering a company in Fujairah Free Zone can vary depending on several factors, such as the type of company, the business activities you plan to undertake, and the size of your business.
However, here are some general cost estimates to give you an idea:
- Company registration fee: The registration fee for a new company in Fujairah Free Zone can range from AED 7,500 to AED 15,000.
- License fee: The cost of your business license will depend on the type of license you require, such as a trading license, industrial license, or service license. The license fees can range from AED 10,000 to AED 20,000 per year.
- Visa costs: If you need to apply for visas for yourself or your employees, the cost can range from AED 3,000 to AED 5,000 per visa, depending on the visa type.
- Office rental costs: You will also need to rent an office space in Fujairah Free Zone. The cost of office space can vary depending on the location, size, and amenities provided. Typically, a small office space can cost around AED 15,000 to AED 25,000 per year.
It’s important to note that these are just estimated costs and may vary depending on your specific requirements. At Prodigy Corporate Services, we can provide you with a more accurate cost estimate based on your business needs and help you manage the entire registration process. Contact us today to learn more.
How Many Free Zones Are There In Fujairah, UAE, And What Are Their Names?
- Fujairah Free Zone (FFZ): Fujairah Free Zone, established in 2005, is strategically located near the Port of Fujairah, one of the world’s leading bunkering hubs. It offers a wide range of facilities and services to support various industries such as trading, manufacturing, logistics, and maritime activities. FFZ provides modern infrastructure, state-of-the-art office spaces, warehouses, and land plots for investors. It also offers competitive incentives, including 100% foreign ownership, zero corporate and personal taxes, and full repatriation of capital and profits.
- Fujairah Creative City (FCC): Fujairah Creative City is a dynamic free zone established in 2007, catering to businesses in the media, design, consulting, and technology sectors. It provides a vibrant environment for entrepreneurs, startups, and professionals seeking to establish their presence in the creative and innovative industries. FCC offers licenses for various activities such as media, events, publishing, design, consulting, and information technology. It provides flexible office spaces, business support services, and simplified company registration processes, making it an attractive destination for creative and media-related businesses.
These free zones in Fujairah provide numerous advantages to businesses, including simplified regulatory frameworks, investor-friendly policies, access to global markets, and world-class infrastructure. They are designed to facilitate economic growth, attract foreign investment, and promote diversification in the region.
FAQ'S
Frequently Asked Questions
What types of companies can be registered in Fujairah Free Zone?
Fujairah Free Zone offers a range of business activities and company structures, including free zone companies, branch offices, and offshore companies. You can register a company for activities such as trading, manufacturing, and services.
Is it mandatory to have an office in Fujairah Free Zone to register a company?
Yes, you need to have a physical office space in Fujairah Free Zone to register a company. However, you can rent a virtual office if you don’t need a physical office space.
Can I have a local sponsor to register a company in Fujairah Free Zone?
No, you don’t need a local sponsor or partner to register a company in Fujairah Free Zone. You can have 100% foreign ownership of your company.
How long does it take to register a company in Fujairah Free Zone?
The registration process for a company in Fujairah Free Zone typically takes around 2-3 weeks, depending on the type of business and the completeness of the required documentation.
Do I need to have a minimum capital requirement to register a company in Fujairah Free Zone?
No, there is no minimum capital requirement to register a company in Fujairah Free Zone.
Can I open a bank account for my company in Fujairah Free Zone?
Yes, you can open a bank account for your company in Fujairah Free Zone. There are several local and international banks in the area that provide banking services to businesses.
At Prodigy Corporate Services, we can help you answer any other questions you may have about setting up a business in Fujairah Free Zone. Contact us today to learn more about our services.
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