The least populated Emirate of the United Arab Emirates (UAE) is Umm al-Quwain (UAQ) that is situated on the West Coast of the nation between two other Emirates, Ajman and Ras Al Khaimah. It even has the smallest surface area compared to the other Emirates.
The Umm Al Quwain Economic Department has been pushing the development of the Emirate in terms of its economic stability. The economy of Umm Al Quwain is thriving through it being a tourist spot as well as having fishing as a contributing factor. Because of the latter, it is a seafood exporter that has Europe and the Middle East as its main clients. Aside from all of these, Umm Al Quwain business set up has been notably being known in the country. Trading and construction companies in Umm Al Quwain swarm the place, along with other industries that are booming there as well.
Similar to other Emirates, company formation in Umm Al Quwain mainland has a list of requirements for business owners to start. First off, there should be at least two partners and a maximum of 50 for one organization. If everyone is an expatriate, they need to find a local sponsor who will have 51% of the company’s shares. This is necessary as per the law of the UAE.
There are a lot of business owners who are not familiar with forming a company and that is why business setup consultants in Umm Al Quwain are the people that you need for you to understand more before you begin with your plans. These people will answer your pressing query of how to start a business in Umm Al Quwain and further information that you need to satisfy your plans. They won’t even simply guide you, they will also ensure that all the processing will be handled by them so you wouldn’t have to worry about it all. They will manage the procedures that the concerned departments require, like the Umm Al Quwain Economic Department. There are a lot of reasons why you should find a consultant, and the latter is one of the most important ones.
The law in the UAE limits the business owners to have 100% ownership when they set up on the mainland. Regardless if this is the case, the advantages of a company formation in Umm Al Quwain Mainland far outweigh that one setback.
Over the years, Umm Al Quwain has turned itself into a place that gives investors reasons why they should invest in there. The advantages that drive people to Umm Al Quwain are listed below:
Value-added tax (VAT) may have been implemented in the country since the start of 2018, but it only applies to goods and services. This doesn’t stop the Umm Al Quwain mainland to be considered as tax-free like the other mainlands in the UAE. This is because corporate and income taxes are still not required to be paid.
No limitation on the number of visas
It is understood that the companies have a potential to develop, amplifying its needs as well when it comes to the workforce. Because of this, Umm Al Quwain mainland gives the organizations an opportunity to have as many visas as it needs It should be noted that though there is no limitation, this also depends on the office space. If the office is larger, more visas can be obtained.
Zero capital requirement
As with other mainlands in the UAE, there is no capital requirement for the people who want to establish a business in Umm Al Quwain mainland. Because of this, Umm Al Quwain business setup cost is more affordable than it already is.
Government work opportunity
The companies in the free zones are not allowed to pitch in when the government opens an opportunity for the companies in the mainland. The government works are often big projects that can make a good profit for any company whose pitch is chosen.
Conducting business anywhere
Your strategic plan for choosing where you want your business to be located can definitely be followed since you can choose the place where you want to establish your company. This can give you the chance to be where your target consumers can reach you more.
No currency restriction
Similar to other mainlands in the UAE, there is no currency restriction that is applicable to UAQ mainland.
There is a long list of business activities that business owners can choose from. Businessmen who want to conduct a company formation in Umm Al Quwain can choose any business activity they want with only three exceptions: banking, investment, and insurance.
FAR Consulting Middle East is one of the leading business setup consultants in Umm Al Quwain. We assist people who are keen to have an Umm Al Quwain business set up and help them to make their plans turn to reality.
The following services are provided by us once you let us manage the business set up affairs for you:
- 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 your Umm Al Quwain business set up would range from 2 to 4 weeks.
Requirements for Business Registration in Umm Al Quwain
- 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 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
Umm al Quwain business setup cost
The below table shows the estimated amount of Umm Al Quwain business setup cost. You can review the below and contact us for further information or clarification.
|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