Anyone establishing a UAE company knows that free zones are highly profitable gold mines! The Umm Al Quwain free zone is a comparatively recent addition, with a multitude of free zones developing inside the UAE, and one that we are completely hooked on. This free zone, situated in the emirate of Umm Al Quwain, provides all the right benefits, such as providing a total export and import tax exemption inside the free zone, zero currency limits, maximum repatriation of income and resources, 100% ownership of businesses and almost nothing personal and corporate tax, in short, the full spectrum of advantages shared with all the free zones in the UAE.
Business Setup Process
The free zone authority of UAQ provides entrepreneurs with ease for their market setup. You may start a company in UAQ free zone in as less as 3 to 5 working days. Documentation standards such as establishment passes, visas, license and other legal documentation are processed at a quick rate. The minimal configuration timeframe provides an investor with a head start to take care of other critical activities such as office accommodation, corporate account management, etc. In other parts of the world, you do not get swift integration advantages.
In order to set up a new business under a license, the first and most important step you need to take is to think about the activity you want to carry out in Umm- Al-Quwain. It is really important for you to get a license to start performing your business operations so you can not run without a license.
Dream of, and then focus on, your market operation. You will start your company after obtaining a license and work as a freelancer as well. These days, people tend to freelance so much, and for those who are very much into imagination and stuff related to it, it is a really great option.
Some Licenses Offered by Umm Al Quwain Free Zone
- Commercial License
- General Trading
- Industrial License
- Consultancy License
- Freelance Permit and Service License.
You will move onto the next step after determining the nature of your work. This is the selection phase for your workplace. You can pick any kind of location that fits you and is practical for your business. For you, you may select numerous kinds of workplaces that could involve an office, factory, workspace or property. Based on what you want or need, whatever you want.
You would require a manager in the case of opening a business at an industrial level. Your third step will be to hire a manager to run your business in a better manner for that reason. You have to remind the manager to provide you with a copy of his passport and proof of address. This will act as a security of him for you and you will be able to trust him better as well.
Sending an application to the Office of the Authority is also needed. In this stage, you may submit an application to the office of the authority while completing all its specifications. When you apply and submit an application, the authorities can issue you an invoice for the free zone. For the purposes of the application, you must pay the sum written on the invoice otherwise the request would not be considered.
When you apply for the permit, the authority may grant a license for you. If you have any questions, you will be able to talk to a relationship manager about them and he will clarify all your questions. You would quickly be eligible to apply for a residency visa after receiving the license and, in addition, you will now open your own bank account.
Legal Company Forms in Umm Al Quwain Free Zone
There are several legal forms of business that are permissible in the free zone. All organization operations also come under these forms. AED 300,000 (US$ 82,200) is the required share capital. It is important to record this. At the time of registration or afterwards, no need to reveal this
- Free Zone Establishment (FZE)- Single Shareholder Company
- Free Zone Company (FZC)- Multiple Shareholder Company
- Branches of Foreign Companies
- Mainland Local Companies
- Fully or Partly Owned Subsidiaries
Some documents are required for new company formation. Therefore, submit the following documents according to your activity and category.
For Business Registration
- Trademark Reservation proof (consultant’s duty)
- Another is Initial approval proof (consultant’s duty)
- Most of all Passport copies of shareholders
- In addition, CV or Resume of Manager
- Personal information (Form provided)
- Lease agreement documents (will be required after initial approval)
- Also attested and notarized Power of Attorney (Form provided)
- Finally, 3rd party approval fees (if applicable)
For Corporate Shareholder
- Attested and Notarized memorandum or article of association (By UAE Embassy from home country)
- Also, board resolution to be resolute by the board of directors for existing companies or entities. I must be done in the home country stating intent to setup a new company (Attested by UAE Embassy- a form provided)
- Certificate of registration, incorporation (attested by UAE Embassy)
For Foreign Company Owners
In addition, documents must be attested in the home country by UAE Consulate and then by the Ministry of Foreign Affairs, UAE.
- Certificate of Incorporation
- Memorandum and Articles of Association
- Shareholders or a board resolution supposed to establish the new company
Another attractive proposition for entrepreneurs in UAQ free zone is the extent of choice for a business license. You can get commercial, industrial, consultancy, service, freelance, and micro-business licenses in the free zone.
- The industrial license includes the import of raw materials that are manufactured, assembled, packaged, and then exported as the final product.
- Commercial license includes import and export of products in other trade zones or outside the UAE with the help of a distributing agent.
- A consultancy license gives permission to give professional advice to a variety of professions. You can provide legal consultancy, real-estate consultancy, financial consultancy, and much more without the need to get additional approval from other UAE authorities for your company formation.
- Service license allows an individual or company to provide its service in a wide array of industries like logistics, insurance, travel agency, etc.
- Solo entrepreneurs with low budgets can also benefit in UAQ free zone. You can obtain a freelance license at a very low cost and need not invest immediately or require office space in the free zone.
- A Microbusiness license is another special option that allows a company to perform cost-effectively and does not include visas.
Company Set Up in UAQ Free Zone with Riz and Mona Consultancy
Hundreds of businesses have been successfully incorporated by Riz and Mona Consultancy in Dubai and around the UAE. Our consultants will assist you from scratch to the end if you are trying to establish a business in the UAQ free zone. We offer company creation services that involve selecting your business practice, domain name, legal processes and identification papers, looking for office premises, etc. We also provide business support services such as obtaining visas and trademark registration. Contact our representatives for further assistance.