Looking to start business in Umm Al Quwain? How to Setup a Business in Umm-Al-Quwain
Start your business in Umm-Al-Quwain, a progressive free-zone established mainly to favor SMEs and micro-businesses, which will benefit from advantageous business setup costs, 100% company ownership and zero currency restrictions.
Umm-Al-Quwain Free Trade Zone (UAQ FTZ) is situated close to the UAE’s primary sea ports and within one hour’s drive of Dubai International Airport and Sharjah International Airport, ensuring easy access to the rest of the world.
Umm-Al-Quwain free zone allows a number of industrial and commercial business activities. It’s a good option for young entrepreneurs because cost of living is low here.
You can start a business in Umm-Al-Quwain free zone by following some easy steps:
Decide the business activity you want to perform under your business license. Apart from Industrial and trading license umm-al-quwain free zone allows you to act as service provider (for example courier service, travel agent etc.) and also allows you to work as a freelancer.
Freelancing is a suitable option for the person with creative acumen who wants to make a name in media or film industry.
Types of licenses offer by Umm-Al-Quwain:
- Commercial License: import, export, distribution and storing of items specified on the license. A Commercial License can have three different product lines or 10 similar product lines.
- General Trading License: trade in a wider range of activities, giving the freedom and flexibility to trade in any commodity which is permitted within the UAE.
- Consultancy License: entities which offer expert or professional advice and is issued to all manner of professionals including artisans and craftsmen. It allows two similar activities.
- Freelance Permit: this allows an individual to operate as a freelance professional, and conduct business in one’s birth name as opposed to a brand name or company.
- Industrial License: import raw materials, then manufacture/ process / assemble / package the specified products and export the finished product.
- Service License: carry out the services specified on the license within the Free Zone, such as Logistics; Courier Services; Insurance Service Provider; Travel Agency; Tour Services; Car Rental etc.
Choose a suitable work place for you. Select office, warehouse, work shop or land according to your business requirement. Collect all necessary documents.
Documents required to open a business in Umm-Al-Quwain (UAQ FTZ):
- Passport copy of the owner.
- Passport copy of shareholders/directors.
- Proof of home address of the owner/manager.
- Application form.
- Memorandum and articles of association.
- Certificate of incorporation.
- Board resolution and power of attorney.
Hire a manager (if you want to open industrial or commercial entity). Ask him to provide a passport copy and address proof.
Fill the application from and submit it with all the necessary documents to authority office. After submitting the documents, the staff member of free trade zone authority will raise an invoice for payment. You have to pay the necessary amount.
If everything is up to the mark the authority will soon issue desired business license. They will also designate a relationship manager who will address all your queries. Once you get your business license you can apply for a residence visa and open a bank account.
Umm-Al-Quwain FTZ offers:
- Flexibility and ease of doing business.
- Customer-friendly approach.
- Investor-friendly climate
- Excellent growth opportunities.
- Cost-effective leasing options for office space and warehousing.
Legal entities under UAQ FTZ:
- Free Zone establishment (FZE) – a single shareholder.
- Free Zone Company (FZC) – two to 50 shareholders.
- A branch of an existing company.
- 0% corporate and personal tax.
- 100% company ownership.
- 100% repatriation of capital and profits.
- No share Capital Requirements.
- 100% import and export tax exemption within the Free Zone.
- Full range of business activities permitted.
- Simple and fast registration process.
- Office, warehouse and land availability.
- Close to two international airports and major sea ports.
- Investor-friendly rules and regulations.
- Ideal location for SMEs and micro-businesses.
How can Biznet Consulting assist in a time and cost-effective business setup in Dubai?
If you are looking for reliable business setup services in UAE, Biznet Consulting offers a well-researched, professional, and affordable array of services to its clients.