Benefits of Business Setup in Fujairah
You may be asking yourself, why I don’t establish a business in the renowned economic capital of UAE, Dubai, or Abu Dhabi or Sharjah or Ras Al Khaimah. Of course, each of the emirates has its pros and cons. Recognizing which emirate is more fertile for the field of your business is what matters. Perhaps, being an expat or a debutante in the business field may turn a daunting and confusing thing for you. You can reach out to Kiltons business setup services, for a clear and detailed idea about the setting up of business and the advantages of Fujairah company formation. Further, we will undertake the business set up activities, including obtaining initial approval, other necessary approvals and trade license.
We are listing out the benefits of Fujairah company formation for your general understanding.
- No restrictions or stipulations regarding the minimum capital requirement for starting a business. That means you can commence a business with zero capital too.
- Option to carry out transactions in multiple currencies
- Strategically located market
- The profits are 100% tax-free
- No governmental auditing of the company
- Business set up procedure is simple and unfussy
- You have the flexibility to choose the location of your business
- Sell your products in Fujairah local market too
- You can seek multiple employment visas. It is as good as limitless employment visas for recruiting employees for your organization
- Vast and efficient infrastructure that enables a seamless communication, and transportation, along with the availability of all the facilities
- Liberal policies that can be easily adapted by expats
- You can conduct a plethora of legal businesses
Business Licenses Issued in Fujairah
Before beginning the procedure to obtain a business license, you must be sure about the business activity you want to establish. You can establish a business in Fujairah Mainland or Free Zone. The type of business license will depend on the type of business activity.
Expats are not authorized to establish banking, insurance and investment businesses in Fujairah Mainland. The Mainland business needs at least 02 and a maximum of 50 partners. However, a certain type of business set-ups has a different set of rules.
The other important aspect about the Mainland business is that it will require an Emirati as local sponsor. The local sponsor will be holding 51% of shares in the company. The ex-pat and the shareholders can have a maximum of 49% of shares. This mandate was added in the federal laws in 1988. At the same, this is not the case with every type of business setup in Fujairah.
Let’s see the type of companies that can be established in Fujairah Mainland.
- Limited Liability Company (LLC)
- Sole Proprietorship
- Joint Venture
- Public Shareholding
- Private Shareholding
- Limited Partnership Firms
- General Partnerships
- Professional Entities
You can seek a trade license according to the type of your business in Fujairah Mainland. The process will depend on the type of business.
- General trading license – This license allows all types of export, import and re-export of multiple products, i.e. up to 10 products. Although expensive compared to other types of licenses, this license offers exceptional growth prospects.
- Service License – In case your entity is offering services including audit, accounting, business set up etc, you will require service license.
- Commercial License – You must obtain a commercial license to carry out commercial activities in the region
- Industrial License – This will authorize you to import raw materials and export products manufactured in the region.
- Professional License – Professional license has to be obtained for establishing professional activities like artisanship, web development business and so on.
Fujairah Free Zone
There are two Free Zones in Fujairah, viz. Fujairah Free Zone and Fujairah Creative City Free Zone. Located at proximity to Fujairah Port, it promises ample growth possibilities for businesses. Expats can have 100% ownership in the Free Zone Company.
The types of Free Zone Companies are:
- Free Zone Company (FZC) – An FZC can be established with a minimum of 02 and maximum of 05 partners.
- Free Zone Establishment (FZE) – Although sounding similar to Free Zone Company, Free Zone Establishment is entirely different from FZC. It is a single owner entity in the Free Zone.
- Branch of Company in UAE – A parent company located in any other emirate in the UAE can set up a branch in Fujairah Free Zone.
- Branch of Company located in Another Country – A company in any other country can opt to establish a branch in the Free Zone in Fujairah.
The types of licenses issued in Fujairah Free Zone are:
-General Trading License
Documents Required for Fujairah company formation
You have to obtain trade approvals from the authorities in Fujairah and a trade license for Fujairah company formation. The general documents needed for companies set up in the region listed below. However, the documents may vary depending upon the type of company, the jurisdiction of business and similar aspects.
- Copy of passport of the owner and other shareholders
- Photographs of the shareholders
- Approved trade name
- Copy of passport and family book of the local sponsor
- Approval from Fujairah authorities
- Study report and detailed plan of the business set up
- Notarized Memorandum of Association (MOA)
- Article of Association (AOA)
- Certificate from the bank, authenticating the data about capital invested
- Audited shareholder info
Kiltons Business Setup Services in Fujairah
We have been extending our expertise and experience to ex-pats and UAE residents for company formation in almost all of the emirates in the UAE, including Fujairah, Dubai, Sharjah and Ras Al Khaimah. Kiltons, established in 1999, has a long legacy of reliable service. With more than two decades of persistent performance in setting up a business and proficient professionals, who have proven their calibre in the field, we expedite the business set up in Fujairah. Thereby, you can embark on your dream journey at the earliest.
Get in touch with Kiltons, to discuss, and finalize setting up of business in Fujairah. We will guide you concerning the advantages of different types of companies and the best type of license that suits the venture you plan to establish. Once you assign us the task of business setup in Fujairah, you can concentrate on other activities unconcerned. Our team will complete all the process in a quick time and deliver you the trade license to start the business activities in the region. The reliability we have gained over the years makes us one of the leading business set up services in the UAE.
Are you considering setting up a company in Fujairah?
Contact us now.