Ingenious Corporate Services – Company Set-up in Dubai, United Arab Emirates
Umm Al Quwain Free Zone Company Formation
Can you picture a secure and vibrant work environment where you can make a fortune without being subject to income tax? Seems unreal? But in the United Arab Emirates, this has been a reality for epochs. And what tops the cake are flexible immigration, business laws, and more than 45 all-inclusive free zones established to attract foreign investment and promote economic development in the Emirates.
Umm Al Quwain Free Zone
Your business, whether small or big, deserves a befitting location. And what place can be better than Umm Al Quwain Free Zone, standing the test of time since 1987?! Tucked about 45 minutes from the Dubai Airport in Umm Al Quwain, the smallest Emirate of the UAE, the dynamic free zone has everything for everyone. As the name means – Mother of Two Strengths (land and sea), Umm Al Quwain is layered with a rich heritage, breathtaking desert landscape, magnificent beaches, coastal mangroves, and exotic fauna, which makes the smallest Emirate of the UAE, site to behold. The Emirate of Umm Al Quwain relies on revenue from hotels, parks and tourism, fisheries, trading, and industrial activities as well as the Umm Al Quwain Free Trade Zone (UAQFTZ) established at two geographic locations, i.e., Ahmed Bin Rashid Port and Umm Al Thoub. Manufacturing, tourism, and trade are given the highest preference by the Emirate. Resting between the Emirate of Ras Al Khaimah and Ajman on the west coast, with a location along the vital trade route between Asia and India, Umm Al Quwain is not just a world-renounce leisure destination but also an ideal site for entrepreneurs to bring their dream of setting up a company in the UAE to life.
Umm Al Quwain Free Zone Business Setup Process
To set up a company in Umm Al Quwain Free Zone (UAQFZ), you will need to follow these steps:
STEP
Finalise a name for your free zone company in line with the UAE trade name norms and have it registered with the authority.
STEP
Decide your company type from Free Zone Establishment, Free Zone Company & Branch of the Foreign Company.
STEP
The free zone offers a variety of business licenses, including Commercial Licenses, Service Licenses, Consultancy Licenses, Freelance Permits, and Industrial Licenses. Choose a license that squarely fits your business needs. This is important to note that Umm Al Quwain Free Zone Commercial License authorizes the licensee to trade in different types of products or engage in commercial activities that are listed in the license in addition to import, export, or trade inside the UAE as well as through distributors (mainland companies).
STEP
Opt for a workspace premise suiting your budget and other requirements from the range of office, warehouse, and land options offered by the free zone. A minimum requirement for company registration in the UAE is at least a shared workstation, which comes with every business set-up package.
STEP
Gather the required documents and submit them with the complete company registration application form attached with:
- Manager’s passport copy (for all entity types)
- Shareholders’ & directors’ passport copies (for FZC & FZE)
- Shareholder’s address proof (for FZC & FZE)
- Manager’s address proof (for branch formation)
- Certificate of incorporation (for the branch for set-up)
- Memorandum of Association & Articles of Association (for all entity types)
- Board Resolution and Power of Attorney (PoA)
STEP
After the license is approved and duly collected, process visa applications for yourself, your family members, and your employees
Umm Al Quwain Free Zone Entity Types
Entities in the Umm Al Quwain Free Zone can be incorporated with limited liability. Different forms of entities can be established in Umm Al Quwain Free Zone, such as;
- A Free Zone Establishment (FZE) with a single shareholder
- A Free Zone Company (FZC) with 2-50 shareholders
- A branch of an existing company
Umm Al Quwain Free Zone Business Setup Requirements
- Companies can be incepted by an individual or corporate shareholder who is a natural person with an age of 21 years or more.
- Every entity should have a natural person as manager, director, and secretary.
- The minimum capital requirement for company set-up is AED: 300,000/- (US$82,000/- approx.) with a share value of AED: 1000/- per share (US$274 approx.)
Advantages of Setting Up a Business in Umm Al Quwain Free Zone
Home to a variety of businesses, including trading, manufacturing, and logistics companies, as well as many other types of businesses, the Umm Al Quwain Free Trade Zone (UAQ FTZ) offers a range of benefits to businesses operating within the zone in addition to the general free zone-specific perks including 100% foreign ownership, 100% tax exemption, and easy access to a wide range of infrastructure and support services. Umm Al Quwain Free Zone checks all the boxes for any business motivated by value, offering a stable economy, open investment climate, low costs of living and labor, and a great destination for import and export. The free zone keeps local businesses and industries on a pedestal. Here’re some of the key advantages that companies licensed by the Umm Al Quwain Free Zone can relish:
- Quick and easy license issuance and business set-up process
- Easy documentation
- Multiple license options in the same entity such as Commercial, Consultancy/service, Industrial & freelancer permit
- Investors can choose from 1500+ business activities.
- One license can cover more than one economic activity. For instance, a commercial license can be issued with 10 similar or 3 different categories. A consultancy/service/freelancer permit can be issued with two activities.
- Multiple-year licenses can be granted.
- Entities can avail of the opportunity of dual license in the same entity, i.e., an entity with a commercial license can obtain a consultancy/service license in the same company without the need to set up another entity.
- Licenses can be amended by altering the activities any day during the validity of the license.
- Business can be done locally outside the free zones through an agent or distributor. Companies registered in Umm Al Quwain Free Zone can freely participate in any exhibitions in UAE.
- No proof of start-up capital is required.
- Company set-up is possible remotely from the comfort of your home anywhere in the world.
- Access to well-planned, impeccably designed executive offices and co-working spaces that are located in the headquarters of Umm Al Quwain Free Trade Zone Authority
What are the documents required for Mainland company formation in Dubai
Whether mainland or free zone, small or big, no business can be set up in Dubai without paperwork. Here is an estimated list of documents you need to arrange for your business setup in Dubai Mainland. Be informed that the authority (in this case DED) may ask for more documents if required.
• Completed trade licence application form
• Initial approval receipt and all the previously-submitted documents
• Duly attested MoA (applicable to all company types)
• Duly attested LSA (for civil establishments and
companies that are 100% owned by non-GCC nationals)
• Additional approvals from other government/
semi-government bodies concerned, as may be required
• NOC from the current sponsor (if the applicant is already in Dubai on a resident visa)
• Commercial tenancy contract or EJARI registration certificate
• Copy of NOC from partners
• Dubai Chamber of Commerce and Industry Registration
• Dubai Chamber of Commerce and Industry Registration
If the submitted documents and the licence application have no discrepancies, the licence can be issued just within a matter of 3-5 business days.
Required Paperwork for Company Formation in Umm Al Quwain Free Zone
In order to form a company in the Umm Al Quwain Free Zone, you will need to complete and submit the following paperwork:
- Application form: You will need to fill out an application form, which can usually be obtained from the free zone’s website or the free zone’s authorities.
- Business plan: You will need to provide a detailed business plan outlining the nature of your business, the products or services you will offer, your target market, and your financial projections.
- Passport copies: You will need to provide copies of the passport(s) of the owner(s) and manager(s) of the company.
- Proof of residence: You may be required to provide proof of residency, such as a utility bill or rental agreement, to confirm your address.
- Trade license: You will need to obtain a trade license from the free zone authorities, allowing you to conduct business within the free zone.
- Lease agreement: If you lease office or warehouse space in the free zone, you must provide a copy of the lease agreement.
- Other documents: Depending on the nature of your business, you may need to provide additional documents, such as proof of insurance, certification of incorporation, or proof of financial standing.
Any discrepancy in the paperwork can cause license rejection or delay the license approval. Therefore, it is advisable to check with the Umm Al Quwain Free Zone authorities for a complete list of requirements and to ensure that you have all of the necessary paperwork in order before beginning the company formation process. However, if you are already working with a business set-up consultant, such as Ingenious Corporate Services in Dubai, in that case, you don’t have to worry about your business set-up in Umm Al Quwain Free Zone. Whether you choose to DIY or outsource, a quick consultation with one of our business set-up advisors in UAE with expertise in Umm Al Quwain Free Zone formation on Zoom won’t hurt. Click here to book one.
What is the cost of setting up a mainland company in Dubai?
The exact answer to this question depends on a number of factors including the choices you make during the course. However, if you are interested in knowing the ballpark figure, the cost of obtaining a mainland licence in Dubai and setting up a full-fledged company can easily reach AED 50,000+. However, if you work with an experienced business setup advisor like us then it is possible to work around your budget.
To Be Precise…
Even if you are confident enough to start your business setup journey under your own steam, the first step to business setup in Dubai always starts with consulting a reputed business setup firm such as Ingenious Corporate Services.
Taking expert advice not only helps you make the right decisions every step of the way but also keeps you from unnecessary hassles and the spadework involved in completing the paperwork while saving you a fortune today and in the future. With our mainland business formation specialists in Dubai by your side, you don’t have to worry about a single thing regarding your new mainland business setup in any
part of the UAE – from deciding the most favourable economic activity and business location to
obtaining initial and special approvals to finally applying for the trade licence and visas.
Save your time and effort and do a zoom meeting with any of our business setup consultants in Dubai to know why we are your right business setup buddy!
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