There are a lot of places in the United Arab Emirates (UAE) that you can choose to have your company be formed in. Free zones are usually attractive to businessmen who are looking for 100% ownership and have a business that will cater inside and outside the UAE. One of the free zones that are sought by investors and business owners alike is Business setup in Fujairah Creative City Free Zone.
Knowing the things you need to find out about the location that you want to establish your company in greatly helps in preparing for the setup. Since free zones in the UAE are industry-specific, it is important to be sure that your future company’s business activity is allowed to be conducted in your chosen free zone. Hence, this article will discuss all that Creative City Free Zone is.
What is Creative City Free Zone?
One of the free zones that help in making the economy of the UAE to soar even more is Creative City Free Zone. Near to the Fujairah Sea Port, it was established in Fujairah in 2007. It’s land area that amassed to 40,000 sq. meters gives it a huge area to facilitate more companies and freelancers who are in need to establish a name for themselves in different fields of creativity in which potentials can expand greatly.
It was to cater to the media businesses that are looking to be established in the country, adding to the many media hubs in the UAE along with Dubai Media City and twofour54. Although it added to the list, the businesses that it caters to are the ones that are new and wanting to make a name and also those business owners who want to form a branch of their company already established elsewhere.
The companies that usually conduct their activities in this free zone are those that fall under the category of media, events, communication and marketing, music and entertainment, consulting, education, etc. Because the free zone is only focused to those things, the facilities and its infrastructures are made to meet the requirements of the companies with those business activities for them to be comfortable, effectively and efficiently operating at their best.
Benefits That You Can Obtain in Creative City Free Zone
Creative Free Zone Fujairah has been attracting investors into the country for more than 10 years now. Its one-of-kind style in having media companies be established in their zone has been remarkable and notable.
Businessmen see this zone as one of the locations in Dubai that is the best one to choose when it comes to businesses that revolve around media. Operations are expected to be smoother, and the process is believed to be easier to conduct. Aside from this benefit, there is no share capital requirement for the companies that are and will be located in the Creative City Free Zone. This is also of the locations wherein annual audit is not required, unlike other locations that are in the UAE.
More on this, benefits that the zone offers are listed below:
100% Foreign Ownership
This is the kind of benefit that all free zones give to the companies that reside in their locations. Since a different rule is applied in the mainlands of UAE, this is a big advantage for foreign business owners as they will have 100% ownership of their companies unlike when they conduct a business set up in UAE in the mainlands.
Trade License Smooth and Swift Release
When a businessman conducts a business set up in Fujairah Creative Free Zone, the investor can expect the trade license to be released within 7-10 working days. This is quite an advantage because the businessman can immediately start operating.
No Office Space Needed
This free zone does not make it a requirement for business owners to own an office in the free zone. Just another upside, one company can obtain as many visas as they need regardless if they have office space or not because it has opportunities opened for freelancers and single owners.
Aside from the ones mentioned above, Creative City has more to offer in their sleeves such as the following:
- Low start-up cost
- No paid-up share capital or annual audit
- Tax-free UAE Economy
- 100% Profits Repatriation
- Prestigious Dubai Address
- Assistance with bank account opening
- Allocation of five UAE residency visas
Business Setup in Fujairah Creative City Free Zone
Naturally, you would need an experienced consultant when you conduct a business set up in UAE, even when you are in the first stage of the planning of it. With more than 30 years of experience in this field and more, FAR Consultants can assist you with your venture. You can book a consultation today with us for you to find out why we are one of the leading consulting firms in the UAE.