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.
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.
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.
Fujairah company formation can give you an option to choose from a lot of business activities wherein your business falls into. An expat who wants to setting up a company in Fujairah local market cannot conduct the business of banking, investment, and insurance. Others can be done so.
FAR Consulting Middle East can help you in obtaining your Fujairah trade license and provide the following services as well when you let us handle your business setup affairs:
- Applying and following up on behalf of the client until the collection of the Certificate of Business Registration (Trade License)
- Representing the client in front of the authorities
- Assisting the client in bank account opening
- Assisting the client in account opening with the Ministry of Labour
- Assisting the client in account opening with the UAE immigration
- Assisting the client in leasing a premise as an address for the business
The procedure of processing the company setup would range from 2 to 4 weeks.
Requirements for Company Registration in Fujairah
- Proof of tradename reservation (our firm’s task)
- Proof of initial approval for the activities (our firm’s task)
- Passport copies of the shareholders
- Passport copy and CV (resume) of the manager
- Personal information sheet of each shareholder and manager (template will be forwarded by our firm)
- Lease agreement (documents)—having a physical address for your business/office is mandatory in the UAE. The rent in average within the free zone area is USD 25 up to USD 45 per sq. ft. (USD 225 up to USD 400 per sq. m.). Our firm can assist you while searching for your physical address. You can learn more about leasing and rental cost here. (This item will be required only after we obtain the initial approval from the authority.)
- Notarized and attested Power of Attorney appointing our firm as your legal representative. So that we can act on your behalf and/or on behalf of the shareholders (template will be forwarded by our firm).
- There are some activities which might require third party/authority pre-approval—accordingly, additional cost and professional fees might be applicable.
- Also during the process, the authorities might require a few other documents.
Additional Documents Required for a Corporate Shareholder
- Attested and notarized Memorandum of Association/Article of Association—it must be attested from the UAE Embassy at the place of origin
- Board resolution must be resolute by the board of directors of your existing company/entity at the place of origin expressing intent of establishing a new setup abroad. It must be attested and notarized by the UAE Embassy (template will be forwarded by our firm).
- Certificate of registration (if applicable) of your existing company/entity, license. Or certificate of incorporation must be attested and notarized by the UAE Embassy
Fujairah Trade License Fees
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.
|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.|
ATTENTION – NOTE