Business Setup in Fujairah Mainland
Located at the east coast of United Arab Emirates (UAE), Fujairah is one of the seven Emirates of the country. Fujairah is known for cargo ships coming in because of its location. The primary economic drives of Fujairah are tourism, construction, and manufacturing materials of buildings. Its strategic location is greatly used in shipping services, giving access to investors from Arabian Gulf ports, Red Sea, Iran, etc. On a weekly basis, there are mainline services that are from Northern Europe, Mediterranean, etc.
Fujairah has developed tremendously over the years under the rules and guidance of Sheikh Hamed Bin Mohammed Al Sharqi. who is the ruler of Fujairah. Infrastructure is also seen as having its continuous improvements as well to facilitate the investors. And future ones who will be setting up a business in Fujairah. One of the business setups done is Fujairah general trading among many others.
Business setup in Fujairah also requires two partners and for them to be at least 21 years old. There can be a maximum of 50 partners when business owners decide to conduct a company formation in Fujairah. Similar to the other mainlands in the UAE. Fujairah also requires business owners to have a local partner or a UAE national. If they are expatriates. This means that the local partner will hold 51% of the shares. And the business owners will only have 49% of them. This basically means that companies. That is formed in the mainland can’t be owned 100% by people if they are expatriates.
The registration of new businesses in Fujairah takes place in their municipality. Unlike the other Emirates. Because of Fujairah Department of Economic Development being non-existent just yet. Even though that is the case, founding a business does not mean it’s more difficult to do. Fujairah Economic Department helps in this case. Regardless, the procedures would be more bearable when it is done by someone who is an expert at it.
Business consultants can advise you on how to secure a Fujairah municipality trade license and are. Also around to help you to actually obtain a Fujairah trade license. So that you wouldn’t need to go through all of the procedures. They will be the people who will go through all the processing. Such as going to Fujairah licensing department. And even to the Chamber of Commerce Fujairah. Besides speaking about your business plans and which way you think. Your organization should go, a business consultant knows exactly the best warehouse in Fujairah is that can suit your needs. When you have goods to store or machines you need to use.
It can be a difficult journey to face, so it is advisable to hire someone to help you. These consultants can definitely aid you to be more prepared as you take on this venture.
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Following industries you can setup in Fujairah Mainland
We covers all the following industries, even if your industry not in list you can consult with us we can help you setup.
Benefits of Setting up Business in Fujairah Mainland
Its strategic location gives Fujairah a good advantage to offer business owners to have an edge in their businesses. With its even more growing economy, Fujairah company formation is more often sought now by investors.
Whether you are looking forward to setup businesses along the industries of Fujairah general trading, commercial, retail, etc. You can take a look at the list of benefits that you will obtain in forming your company in this Emirate.Show more
Currency restrictions do not exist
As with other mainlands, currency restrictions do not apply in Fujairah mainland.
No mandatory yearly auditing
Business setup in Fujairah will give you a benefit of not having a mandatory audit every year. Although the audit is an advantage for your company. You wouldn’t need to scramble around to prepare to be audited by a third-party company.
Rent office anywhere
When you choose Fujairah Mainland, you can select the location that you want your business to be in. You can put a lot of thought into this with regard to your strategy on where your company will suit best.
Conduct business with local market. Your company can gain some benefits in having the opportunity to do business with the local market of Fujairah. This is for the companies that cater to markets.
No limit on activities
In some parts of the UAE, business activities are limited. In Fujairah mainland, you can have a long list of business activities to choose from for your Fujairah company formation.
Zero capital requirement
Business setup in Fujairah is affordable in a sense that. You are not required to prepare money before setting up your business.
Companies in Fujairah do not need to pay the government corporate and income taxes. Aside from the value-added tax (VAT) that has been recently implemented, the country is still considered as free of tax.
No limit on visas
Fujairah mainland does not limit a company with regard to how many visas is can avail. Businessmen can get as many visas as they want for their employees as they expand.
Business Setup Requirements & Procedure
Requirements for Company Registration in Fujairah For individual shareholders:
- Copy of national identification (ID) card of UAE national partner;
- Passport copies of expatriate shareholders/directors and managers – should include visa with entry stamp;
- If shareholders or managers have UAE employment visas, they’re required to submit no objection certificates (NOCs) from employers;
For corporate shareholders:
- List of shareholders (must be in English and Arabic;
- Exact copies of Memorandum of Association, Articles of Association, and Certificate of Incorporation legalized from UAE embassy;
- Original copy of Board Resolution for company incorporation with notarized and legalized Power of Attorney from UAE embassy
- The procedure of processing the company setup would range from 2 to 4 weeks.
Support Services Offered in Fujairah
FAR Consulting Middle East helps in fast track business setup in Fujairah. If you are planning to start your business in Fujairah. It is advisable to consult our business setup professionals to help you with legal and accounting formalities.
Our services include:
- We provide assistance in finding a local sponsor
- We can aid you with visa and licensing requirements
- Coordination with uae government departments
- We can also assist you in choosing right type of company
- Help you determine the location best suited for your company
- Guidance in preparing a strategic place for your business
Business Setup Cost in Fujairah
Below is the estimated business setup cost with our own assessment of the fees. You can contact us for further information regarding this table of estimation.
UAE Mainland Estimated Official Cost for Study Case/New Business Setup Fees/Cost/Receiver Narration Cycle Cost (AED) Payment Comments Trade Name Reservation Govt. Agency One time 610 100% Adv. View Initial Approval for Your Business Govt. Agency One time 110 100% Adv. Local Citizen – Sponsorship Fee Your Business’ Local Sponsor Yearly 15,000 100% Later View MOA – Legal Translation Services Translation Services One time 1,280 100% Adv. View Notarization of MOA Govt. Agency One time 960 100% Adv. View Licensing & Certificate of Incorporation Fees (for specific business activity) Govt. Agency Yearly 7,000 100% Adv. View File Opening – Immigration (Establishment Card) Govt. Agency One time 860 100% Adv. File Opening – Ministry of Labour (Establishment Card) Govt. Agency One time 2,053 100% Adv. E-Signature Card – Ministry of Labour Govt. Agency One time 1,000 100% Adv. Farhat Office & Co. Fees – Your Business Registration Consultant’s Professional Fees
All of the Following Services are Included:
» MOA drafting – Arabic/English
» Power of attorney drafting – A/E
» Side Agreement drafting – A/E
Professional Fees/Farhat Office & Co. One time 15,000 100% Adv. TOTAL 43,873 View