In the UAE, you can find countless opportunities to start your own business. Free zones are the best places to boost any kind of company and reach your goals. As a result, there are 45 available free zones in which you can establish your firm. Among them, you’ll find the Umm Al Quwain Free Trade Zone, a popular destination for many investors like you.
In this article, you will learn everything you need to about the Umm Al Quwain Free Trade Zone. This information will help you know better this location and what it offers to its investors. For example, you will know more about its advantages, services, regulations, licenses, and more. Let’s observe:
- Basic information you must know about UAQ Free Trade Zone.
- Top reasons to establish your business in this location.
- How many types of entities are allowed in UAQ Free Trade Zone?
- What types of licenses can you obtain in this free zone?
- Learn how to set up your business in UAQ Free Trade Zone.
- What documents do you have to submit to obtain your business license?
- More information about the business license in UAQ Free Trade Zone.
- How can Connectfz help you set up your company in UAQ Free Trade Zone?
1. Basic information you must know about UAQ Free Trade Zone.
Since 1998, the Umm Al Quwain Free Trade Zone has been among the top business locations in the UAE. Business people like you can obtain the advantages they need to make their businesses thrive here in no time. In other words, setting up your company in this free zone means that you’ll receive support services and benefits.
It’s located near the UAQ seaport. You can find it 45km from Dubai, which means it’s an hour’s drive from the Dubai International Airport. It is also an hour’s drive from the Sharjah International Airport. Above all, it is important to highlight that this free zone has the best conditions to do business efficiently. Consequently, UAQ is a competitive place like the MENA (the Middle East and North Africa) region and many European locations.
Besides being a popular destination for investors and entrepreneurs, the UAQ Free Trade Zone has other advantages. If you’re interested in establishing your business in this location, keep reading to discover more interesting facts about it.
Here you can learn how import and export procedures are done in Dubai free zones.
2. Top reasons to establish your business in this location.
The Umm Al Quwain Free Trade Zone is widely known for many reasons. All of these reasons are advantages for you to use to make your business more efficient and profitable. Let’s take a look at some of the most outstanding reasons why you should set up your company here.
2.1. Easy and quick setup process.
It doesn’t matter the type of company you’ll establish in UAQ FTZ, here it’ll be an easy task. Time is gold, which is why the setup process only takes 3 or 5 working days to complete. As for the steps that you must follow, you can discover their details below. However, we can summarize them in 6 simple steps:
- Select a proper business license type for your company.
- Choose the entity type you want to establish.
- Determine the required facilities to fulfill your business needs.
- Gather and submit the necessary documents.
- Process the payment.
- Receive your license to start operating your company.
2.2. A variety of allowed business activities.
Another reason why UAQ Free Trade Zone is home to many companies is because of the business activities. You can find a wide range of business activities that investors like you can develop in this location. For example, you can choose among these activities to start building a profitable business in UAQ:
- General trading.
- Oil and gas.
- Construction and contracting.
- Accounting and auditing firm.
- Money exchange.
- Financial institution.
- Media and entertainment.
- Tourism and Hospitality.
- Educational institution.
- Agriculture and fishing.
- Cargo and freight-forwarding.
- Events organizing.
- Technical services.
There many other available industries and sectors in which you can develop your activities, but these are the main ones. Also, you can check on the UAQ Free Trade Zone’s website to learn more about this matter.
Here you can learn about the Double Taxation Avoidance Agreement (DTAA) in the UAE.
2.3. Benefits you can obtain in UAQ Free Trade Zone.
Besides the advantages that we previously mentioned, there are other benefits which investors like you can obtain. For example, these are some of them:
- 100% repatriation of profits and capital.
- 100% foreign company ownership.
- Full exemption from personal and incorporate tax.
- Full import and export tax exemption within the free zone.
- No restrictions on hiring foreign employees to fulfill the company’s requirements.
- No currency restrictions.
- A full range of business activities is allowed in the free zone.
- UAQ Free Trade Zone is the ideal location for SMEs and micro-businesses.
- This free zone is close to two international airports and major seaports.
- It is the perfect free zone for SMEs and micro-businesses.
- There are special concessions at the UAQ’s seaport.
- There’s a wide range of allowed business activities from which the investor can choose.
- The free zone has modern and investor-friendly rules and regulations. For instance, no proof of capital is needed to start-up and simple paperwork.
- The registration process is simple and quick. Besides, the investor can obtain several high-qualified customer support services during the process.
- The investor can use hi-tech facilities, such as warehouse space, office space, and land availability.
- Due to the free zone’s strategic location, investors can access over two billion consumers across the location and beyond.
Here you can learn our top 5 reasons why investors should set up their businesses in UAQ Free Trade Zone.
3. How many types of entities are allowed in UAQ Free Trade Zone?
Before setting up a business in Umm Al Quwain, it’s important to determine the type of entity you want. Here there are only three options, which are the following ones:
- Free Zone Establishment.
- Free Zone Company.
- Branch of an existing company (foreign or local company).
For each option, the process would be different. Besides, some requirements may vary or not. However, if you are interested in knowing the required documents, you can find more information below.
4. What types of licenses can you obtain in this free zone?
This document will depend on the business activities that your company will perform. Therefore, you will need to choose among the following available licenses:
- Commercial license: with this license, you will be able to import, export, distribute, and store the items that the license specifies. The cost of the commercial license in UAQ FTZ is around AED 13,500.
- General trading license: in this case, the license cost is around AED 20,500. Compared to the commercial license, this one allows the investor to trade a wider range of products and goods.
- Industrial license: on the other hand, the industrial license allows you to do other activities. For example, you can import raw materials, manufacture, process, assemble, and package. Finally, you can export your products once they are finished. Certainly, the fee for this license is cheaper. The cost of this one is around AED 7,000.
- Service license: service providers can carry out their services with this license. Some common allowed services are logistics, travel agency, courier services, insurance services, tour services, car rental, and more.
- Premium consultancy license: many companies can operate and perform their activities under this license. For instance, real estate, tourism, legal, and financial consultancy are among them. This license costs around AED 23,900.
- Freelance permit: in case you’re a professional freelancer, you need this license to do business in UAQ. All professionals who work individually in the media, film, technology, and other sectors must use this license. The fee you must pay for this license is AED 8,000 approximately.
The Umm Al Quwain free zone license cost is affordable in comparison with other free zones, which is another advantage. Most importantly, keep in mind that you can only perform the activities that your license specifies. Therefore, remember to determine your business activities before applying for your license.
5. Learn how to set up your business in UAQ Free Trade Zone.
In all free zones, there’s a main structure of the setup process. Similarly, in the Umm Al Quwain FTZ investors must follow certain steps to establish their businesses. If you are looking forward to setting up your company here, you should follow these steps:
- Choose the business activities you want to perform. After this, you can select a suitable license.
- Select the type of entity you want and choose a proper name for it.
- Submit your documents and apply for the license.
- Open a bank account, receive your license, and start operating your business.
Here you can learn how to complete the company registration process in Dubai.
6. What documents do you have to submit to obtain your business license?
The number of documents that you’ll submit will vary depending on the type of entity that you’ll set up. Here you will find a list of the required documents for each type of entity.
6.1. Free Zone Establishment and Free Zone Company.
If you are going to set up an FZC or an FZE, here’s what you need to gather and submit:
- The application form.
- A passport copy of the manager.
- Passport copies of the shareholders and directors.
- Proof of address of the shareholder.
- The Memorandum and Articles of Association.
6.2. Branch of an existing company.
In case you are going to establish a branch office, here’s a list of the documents that you will need:
- The application form.
- A passport copy of the manager.
- Proof of address of the manager.
- The Memorandum and Articles of Association.
- The certificate of incorporation.
- A board resolution and Power of Attorney.
Here you can learn about setting up a foreign company branch office in the UAE.
7. More information about the business license in UAQ Free Trade Zone.
Regarding the Umm Al Quwain free zone license renewal, you can do the process remotely. Most importantly, you will have to process the payment and submit a new copy of the flexi-desk lease agreement. The free zone authorities will require both elements to renew your license.
Although the incorporation fees are affordable, the renewal costs are more reasonable. Besides, audit reports are not necessary. Above all, the renewal process only takes 2 or 3 days. After that, you will receive your new license and flexi-desk lease agreement.
Here you can learn about the Software Development Business License in the UAE.
8. How can Connectfz help you set up your company in UAQ Free Trade Zone?
If you have decided to start a business in Umm Al Quwain, you can choose a business partner to work with. With Connectfz, you can speed up the setup process and make your company more efficient too. What you need to do is contacting us and requesting our different support services.
You are free to choose among the different packages we offer to you and for affordable prices. Besides, we can help you find the best way to establish your company in less time. If you need professional guidance, for instance, you can ask us for tips and recommendations.
Once you have established your business in UAQ, you can request our support services to make it more profitable. For example, in case you want to enter the market quickly, you can use our UAE market entry services. Or if you need more visas, we offer you our visa and government services. You can request many more services, like staff outsourcing, recruitment, HR consultancy, etc.
Would you like to contact Connectfz to know more about company setup in UAE free zones such as UAQ Free Trade Zone? If you have any questions, call us on +97143316688. You can email us at email@example.com, and you will talk to one of our representatives who will answer your questions.