Whenever business opportunities are considered, UAE is usually dominated by large emirates of Dubai, Abu Dhabi and Sharjah. Very few investors know about such opportunities available in other small emirates. They usually tend to get a place in one of these emirates as they think it necessary for growth of their business in UAE, Middle East and adjacent areas. But the situation has now changed as compared to last few decades.
Now, small emirates are also moving forward for providing better investment and job opportunities to entrepreneurs and professionals from all parts of world. One such example is the establishment of free zones in these emirates. An important free zone is the Umm Al Quwain Free Trade Zone (UAQFTZ). It is the only free zone in the emirate of Umm Al Quwain and provides lucrative business opportunities especially for SMEs and micro businesses.
Umm Al Quwain is a small emirate in UAE. Like Dubai and unlike most of other emirates, Umm AL Quwain isn’t enjoying large reserves of oil & gas. This forced the emirate to rely on agriculture, tourism and business activities for its economy. In recent years, Umm Al Quwain has shifted its interest more towards foreign investment and business is playing an important role in this aspect.
Setting up a company in UAQFTZ provides several advantages to entrepreneurs including:
- Modern facilities related to land availability, offices and warehouses
- 0% personal and corporate tax along with 100% import & export tax exemption within UAQFTZ
- All currencies are permitted
- All types of business activities are allowed
- Proximity of major sea ports and two international airports
- Registration process is quick and simple
- Investor-friendly rules and regulations
- 100% repatriation of profits and capital are allowed
In order to avail these benefits, the initial step is that entrepreneurs have to choose the type of license according to their business activity. Following are main types of licenses available in UAQFTZ.
- Commercial license (Trading license)
- Industrial license
- Consultancy license
- Freelance permit
- Service license
After getting license of your choice, the next step is to choose the type of business activity according to your requirement. Following are three types of business formations available in this Umm Al Quwain’s sole free zone.
- Free Zone Establishment (for a single shareholder)
- Free Zone Company (for two to 50 shareholders)
- Branch of an existing company
In the last step, you can choose the type of structure (land, office and warehouse) according to your suitability. There are multiple types of such facilities available in UAQFTZ and there is one for everyone.
The simplest way to get these steps clear without any problem is by contacting Riz & Mona Consultancy. We have years of experience in providing services to companies in UAQFTZ and other free zones in all the emirates of UAE.