Business Setup In Fujairah International Free Zone Authority
Business Formation in Fujairah International Free Zone
Fujairah is one of the seven emirates of UAE which got its name from the water spring lying beneath one of its mountains. Its unique location is what separates it from the rest of the country. Also, this is the only emirate lying on the eastern side of the UAE. Several industries have started to emerge in International free zone authority Fujairah and the main reason behind it is the facilities and convenience it is providing to the national and international industries.
The location holds an important value in the growth of any industry or market. Same is the case with Fujairah. Fujairah’s strategic location links a number of modern highways to all the major cities in the UAE, providing it easy access to the international shipping routes.
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Following industries you can setup in Fujairah International Free Zone
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 Business Setup in Fujairah International Free Zone
There are a lot of reasons why you should count on IFZA. Let’s have a look at some of them.
At IFZA, the business incorporation solutions are kept simple and straight forward for the investors. In this way, investors will not have to pay extra money for no reason. This free zone also offers very low licensing costs. That is why it is the most affordable choice for the business and its incorporation.
Fast business incorporation
Everybody wants to incorporate their business as easily as possible. Well, in Fujairah, it can be done in just one (1) day. Here you can incorporate your business as fast as ever. The incorporation procedures are really easy as well. So, your company can thus be managed in quite a few days while making your dreams possible for you in just an instant.
There is no massive documentation needed at all. The only document required for the business set up in Fujairah is the Passport Copy
For those who want to own their businesses wholly, it is the best stop for them. Here the businesses would not be needing sponsors to establish their companies. They can have full control over their business and its activities.
No physical presence required
Business owners would not have to be present physically during the business incorporation process. For this purpose, agents can be appointed who can complete the registration process on behalf of the owner.
Companies incorporated in IFZA would be having limited liability.
It is the best part of IFZA business incorporation. Here, there is the full exemption from both the corporate and income taxes. The formed companies can enjoy their businesses with all these perks by themselves.
No currency restrictions
There would be no foreign currency restrictions for the companies at all.
The business set up costs are very low which makes it easier for the entrepreneurs to
bring their creative business ideas into existence.
The company can enjoy all the profit it makes. There would be full repatriation of company profits and that of the capital.
No physical location required
There is no need for the physical office in IFZA. If the business finds its need, it can have it otherwise it is not at all a requirement.
No capital requirement
There is no share capital requirement. It would be totally up to the business about the capital it starts its business from.
IFZA Business Setup Requirements & Procedure
Requirements for International Free Zone Authority company registration
- 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 forwardedbyour firm)
- Lease agreement (documents)—having a physical address for your business/office is mandatory in the UAE. The rent on 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 the 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
The procedure of processing your Fujairah International Free Zone company formation will range from 2 to 4 weeks.
Support Services Offered in Fujairah International Free Zone
- Assistance with labor recruitment
Business Setup Cost in Fujairah International Free Zone
Creative City is known for its reasonable cost and professionalism that encourages businesses from various fields to setup their business in the said free zone. Farahat & Co has an experienced team of business setup consultants that can assist in the process of Fujairah creative city business setup. The below fee table represents an estimation of Fujairah creative city free zone cost. Contact us for more information on business setup in Fujairah.
Cost for Business setup in Fujairah Creative City Free Zone
Business Registration and Licensing Cost Fees Registration Fee AED 4,000.00 Cost by Trade Licence Type (Select one of the following)
FZE Commercial License Fee: No visa eligibility AED 11,000.00 FZC Commercial License Fee: No visa eligibility AED 14,000.00 Freelance License Fee: 1 visa eligibility AED 13,500.00 Baby Business License Fee: 6 visas eligibility AED 13,500.00 Setting up a branch office (Starting from) AED 11,000.00 Setting up a Branch of a Foreign Company (Starting from) AED 11,000.00 Fee for an additional activity (if applicable) AED 5,000.00 Additional Fees for Business Registration Chamber of Commerce AED 3,020.00 E – Channel Registration AED 2,225.00 E – Channel Refundable Deposit AED 5,000.00 Visa Processing Cost Emirates ID application AED 390.00 Medical Test (Starting from) AED 300.00 Employment/Residence Visa (Select one of the following) Employment/Residence Visa – Normal Process – In Country AED 4,950.00 Employment/Residence Visa – Out of the Country – Normal Process AED 4,950.00