Setting up a Company in Fujairah Free Zone and its Numerous BenefitsAuthor businessconsultantsdubai
The standard definition of Free Zones of the United Arab Emirates is: they are select areas in the UAE that have distinct tax, customs, import and ownership regime (except for the UAE criminal law). Their own particular framework of regulations governs these Free Zones.
Fujairah is one of the seven emirates that form the UAE. It is the only one of the seven that has a coastline entirely situated on the Gulf of Oman and none on the Persian Gulf.
The Fujairah Free Zone has developed rapidly in the twenty years since its inauguration. The Free Zone, as the name suggests is located in Fujairah, is home to business setups from all over the world—from the Gulf Cooperation Council (GCC) as well as Asia, Africa, North America and Europe.
So, if you are already sold on the idea of setting a business in one of the numerous Free Zones existing in the UAE but are still unsure of exactly which one. This feature on Fujairah Free Zone company setup will make this decision somewhat easier for you.
Attainment of Multiple Visas Possible without having an Actual Office Space:
What makes Fujairah Free Zone Authority unique amongst others is: Flexi-desk options to those entrepreneurs in particular that do not have or need a physical presence in the emirates to do business. The Flexi-desk allows these business owners access to business services like office space, board rooms for hire as well as reception cover all on a flexible and amenable ad-hoc basis.
Moreover, the business owners and entrepreneurs who engage in this kind of arrangement are still able to apply for multiple passports.
Fujairah Free Zone offers big business advantages to individual entrepreneurs and small companies on a low budget.
Flexi-desk packages start at Five thousand three hundred dirhams for either the Free Zone Company formation or a Free Zone Enterprise, followed by a one-time charge of One thousand five hundred dirhams for Free Zone Utilities and a yearly fee of Eighteen thousand dirhams only.
Meanwhile, the cost of virtual office spaces is cheaper still. Even the price of actual office space is lower in the Fujairah Free Zone as compared to anywhere else in the UAE.
Quick and Easy business setup:
Apart from being affordable, Fujairah Free Zone rules and regulations allow the entrepreneurs unparalleled speed and efficiency in setting up a business in the UAE. Further adding appeal and attraction for the business owners of the world to opt Fujairah as their launching pad.
Applications and attainment of licenses can be processed in a day! Business owners have to meet the FFZA personnel for an hour, and the rest is history.
No Objection Certificate (NOC) from a Local Sponsor, NOT a Necessary Requirement:
Business owners and entrepreneurs who are natives of the UAE do not need a (NOC) No Objection Certificate from a local sponsor to form a company in Fujairah Free Zone. This perk makes Fujairah a popular choice amongst solo entrepreneurs SMEs and people looking to start a side business while still being employed.
A Wide Variety of Business Activities to Choose From:
The Fujairah Free Zone is a hub of copious business activity and thus, is the most significant driving factor behind its popularity among the entrepreneurs.
It is home to a wide variety of business activities and industries including but not limited to distribution, manufacturing and logistics.
The free zone has the authority to issue service, real estate, general trading, financial services, consultancy and even alcohol and tobacco licenses.
To further aid and facilitate these businesses. The free zone utilizes its proximity to the famed Port of Fujairah. This port has free access to the Sub-continental markets and Iran allowing its investors an international market that otherwise would be out of their reach.
A Paradise for Import-Export businesses:
Perhaps the feature that sets apart the Fujairah Free Zone is that it has a massive space for warehouses. The procurement of cheap and reliable warehousing facilities are a key factor when entrepreneurs are looking to set up an import-export business. Hence, making it their top selection for their business.
Furthermore, the FFZA allows a unique opportunity to entrepreneurs which is starting their own warehouse business as it gives special allowances to these companies.
Fujairah Free Zone Authority is a dream come true for those entrepreneurs and business professionals who love the challenging nature of being an entrepreneur but break out in a cold sweat at the mere mention of paperwork associated with it.
FFZA allow the set up of business without the added requirement of submitting shared capital (excluding the establishment of FZE or FZC), there is also no need for an annual audit or bookkeeping.
Hassle-Free Setup of Business Bank Account:
Fujairah Free Zone Authority in its fine tradition of lessening the paperwork and thus, speeding up completion of hectic tasks related to startups. They have accomplished this by taking the initiative of assisting the business owners in the setup of the corporate bank account.
The FFZA agents dispense sincere and helpful financial advice and can arrange a meeting with a financial institution of your choice if you so desire.
Easily Sponsor Dependants:
Along with being quick and straightforward with both visa attainment and business setup, it is also quite easy for entrepreneurs in Fujairah Free Zone Authority to sponsor their families and employees for a residence visa.
You just have to meet the salary and rental space requirements both have to be considerable enough to be deemed fit for the application.
All you have to do is provide an entry permit, medical fitness test, an Emirates ID and a stamped Visa— and you are good to go. However, you should consult a business setup consultants to provide you with sound advice regarding this matter. And they will make sure that you and your dependents are meet the entry criteria.
Suggested Read: Why You Should Hire A Business Setup Consultants?
Fujairah Free Zone Authority is a paradise for businesses of all shapes, forms and sizes. The big corporation also flocks towards the Fujairah city to set up their business so that they can also reap the benefits of this wonderland. FFZA allows up to five shareholders, subsequently companies all around the globe bend over backwards to call it home.
So you are now sold on the benefits of starting a business in Fujairah Free Zone — what now?
Some of these steps are fairly simple, others not so much, you just have to pick a trading name, choose a business activity and get the requisite business license, open a bank account, apply for a visa and you are good to go.
The specifics of these steps all depend on the kind of business license you require and the type of business activity your business activity is doing.
So, before doing anything else, the first thing you should do is to consult a business setup consultancy. The experts working there can help you in a variety of ways. Thus, ensuring that the entire setup process does not take more than a few hours of your day.
Business Consultant Dubai provides all the services required to set up a sound and successful business in the UAE.
Contact Us and book your commitment-free consultation call today!