Anybody who is starting a business in UAE knows that free zones are highly lucrative gold mines! With a plethora of free zones cropping up within UAE, The Umm Al Quwain free zone is a relatively new addition and one that we are absolutely hooked on. Situated in the emirate of Umm Al Quwain, this free zone offers all the right incentives, such as offering a complete export and import tax exemption within the free zone, zero currency restrictions, complete repatriation of profits and capitals, 100% company ownership, and next to nothing personal and corporate tax- in short, the complete range of benefits associated with all the free zones in UAE.
Business Setup Process
UAQ free zone authority provides an ease to entrepreneurs for their business setup. You can establish a company in UAQ free zone in as less as 3 to 5 working days. Documentation requirements such as establishment cards, visas, license,s and other legal documents are processed at a fast pace. A minimal setup timeline provides a head start to an investor to take care of other important tasks such as office space, handling corporate accounts, etc. You do not get swift incorporation benefits in other parts of the world.
The first and most important step that you need to take in order to set up a new business under a license is to think about the activity you want to carry out in Umm- Al-Quwain. Having a license is very necessary for you to start doing your business activities is very necessary because you cannot work without a license.
Think of your business activity and then work on it. After getting a license you can start your business and act as a freelancer as well. People are opting to freelance too much these days and it is a very good option for the ones who are so much into the creativity and stuff related to it.
Some Licenses Offered by Umm Al Quwain Free Zone
- Commercial License
- General Trading
- Industrial License
- Consultancy License
- Freelance Permit and Service License.
After deciding the nature of your work, you will move towards the next step. This is the step of choosing your workplace. You can select any type of place that suits you and is feasible for your work. You can choose different types of workplaces for you which may include an office, warehouse, workshop, or land. Whatever you choose depends on what you like or need.
In the case of opening a company on an industrial level, you might need a manager. For that purpose, your third step would be hiring a manager so that he can manage your company in a better way. You must ask your manager to provide you with his passport copy and address proof. 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 authority office is needed as well. In this step, you will send an application while completing all its requirements to the authority office. After you apply and submit the application, you will be given an invoice for the free zone by the authorities. You must pay the amount written on that invoice for the sake of application or else your application will not be considered.
After you apply for the license, the authority will issue a license for you. if you have any queries, you will be able to discuss them with a relationship manager and he will clear all your queries. After getting the license, you will easily be able to apply for a residence visa and in addition to that, you can open a bank account of yourselves too.
Legal Company Forms in Umm Al Quwain Free Zone
Since there are some legal forms of companies that are allowed in the free zone. Also, all the business activities fall under these forms. Minimum Share Capital is AED 300,000 (US$ 82,200). This needs to be documented. No need to show this at the time of registration or later
- 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
Riz and Mona Consultancy has successfully incorporated hundreds of companies in Dubai and across the UAE. If you are looking to form a company in UAQ free zone, our consultants can assist you from scratch till the end. We provide company formation services that include choosing your business activity, trade name, legal procedures and paperwork for registration, search for office premises, etc. We also provide business support services such as obtaining visas and trademark registration. Contact our representatives for further assistance.