Free Zones in Umm Al Quwain
Ahmed Bin Rashid Port & Free Zone (UAQ-FTZ)
Ahmed Bin Rashid Port was formed to serve as a global trade center for local and foreign investors, and pro
On the United Arab Emirates' west coast, Umm Al Quwain is another commercial location with excellent potential for companies. However, for several companies, the introduction of the Umm Al Quwain Free Trade Zone (UAQFTZ) altered the game. They flocked in to explore the excellent benefits of the emirate.
So if you want to know more about this free zone, read the blog to get an in-depth knowledge of the same.
Umm Al Quwain in a Nutshell
Umm al-Quwain is located north of Ajman on the shore of the Arabian Gulf, running over 24 kilometres between Sharjah to the west and Ras Al Khaimah to the east. The city is bustling, with the Ruler's Office, government offices, banks, multinational corporations, commercial marketplaces, a seaport, and pisciculture research centres that help grow fisheries.
Economic Scenario in UAQ
Umm Al Quwain's economy is mainly based on fishing. The emirate exports seafood to Europe and the Middle East.
The first chicken farm in the UAE was located at Falaj Al Mualla. It is a major supplier of poultry and dairy products to the local market.
The emirate's aspirations to increase its commercial and investment base are shown by the establishment of Ahmed Bin Rashid Port and the Free Trade Zone. Learn more about the UAE free zone.
Approved Business Activities in UAQ
Various business activities are approved in UAQ. Among those, here are a few:
Different Types of Business Licenses in UAQ Free Zone
UAQ offers a wide range of business activities that come with the different business licenses, which are as follows:
Commercial licenses are provided to companies that buy and sell items in the UAE or elsewhere. Commercial licenses permit the importation, exportation, storage, and distribution of the products listed on the permit.
If a firm incorporated in the UAE is involved in the manufacturing and production process, where natural materials are turned into finished items, it will require a business license. Industrial Licenses require a physical office or warehouse, and the UAQ Free Trade Zone provides leasable land units with the lowest operating expenses in the region for enterprises.
General Trading License
General Trading Permit The term "commercial license" encompasses a wide range of licenses. This allows the licensee to engage in a broader range of operations and the freedom and flexibility to deal with any commodity permitted in the UAE.
A freelancing license or work permit permits an individual to work as a freelance professional under their name rather than a corporation or brand name. It's for those who work in the technology, media, and entertainment industries, and it's given to talent positions, creative roles, and some administrative responsibilities.
The UAE has excellent prospects for service providers, and the services industry is one of the most critical drivers of the UAE's economic growth. Service Licenses let service firms incorporate, promote, and distribute their services in the UAQ Free Trade Zone.
Benefits of Setting up a Business in UAQ Free Zone
Business setup in UAQ comes with a lot of advantages. Here are a few:
- 0% corporate and household income tax
- Capital and profit repatriation at 100%
- 100% ownership of the business
- There are no monetary limits
- All import and export taxes are accessible within the Free Zone and outside the GCC.
- Rules and regulations that are progressive and investor-friendly
- Registration is simple and quick, and customer service is superb
- There are no limits on employing foreign workers
- Special privileges in the seaport of UAQ
Quick, Easy & Remote Setup
- Efficient due diligence ensures that investors set up their businesses fast.
- Quick documentation
- Speedy completion of registration
- No physical presence is required
- Time and cost-effective
- Modern Design and infrastructure
- Government's ambitious goals
- Offers fully serviced industrial land, warehouses, offices, and flexible/virtual office
- Office leasing alternatives with top-of-the-line amenities
- Access to global markets
- Strategically positioned near the UAE's key seaports, Dubai International Airport, and Sharjah International Airport
- Dubai, the UAE's business hub, is only 30 minutes away from the Free Zone.
If you want to do cryptocurrency business in Dubai, for example, go on and read about the world’s largest cryptocurrency ecosystem in Dubai free zone.
Apart from these, there are other advantages:
- Ideal for Logistics
- Business Ecosystem with Flexibility
- Dual licensing policy
- Clarity of business
Umm Al Quwain Free Zone Company Formation
UAQ provides lucrative business options for business investors. The company formation encompasses the following steps:
1. Finalize the Company Name
Choose a suitable name for your company that would be appropriate for the business. So in the first step, finalize the name. Without having a company name, you cannot do the other company incorporation process.
2. Clear the Payment
Pay the required fee for the company formation in UAQ. Once you pay the price, then the process will go further.
3. Submit the Documents
Provide all the required documents to the respective authorities. The records include every member's papers that are discussed below.
4. Register your Company
Once you submit the documents, the respective authority has to approve your company papers. Once the documents are approved, the company will get registered.
5. Submit the Application
At the last step of company formation, submit the registration application to the authority, and you are ready to start your journey.
To know more details on free zone company formation, go to the official sites of UAQ.
Umm Al Quwain Free Zone Company Setup Cost
The essential cost of free zone company formation in UAQ starts from AED 8000. It varies based on different business activities.
Documents Required for Company Formation in UAQ
The documents needed for the company incorporation in UAQ free zones are as follows:
- Passport copy of every member of the company
- Proof of address of every shareholder
- Incorporation certificate
- Memorandum of Association (MOA) and Articles of Association (AOA)
- Board resolution and power of attorney
Why Business Setup Worldwide?
While the procedures for forming a company in the UAE are not exceptionally complicated, they need some prior knowledge of the system. It's also important to keep in mind that the application process is only straightforward if your company application is thorough and error-free when it's submitted.
It's a good idea to work with a company formation specialist when starting a new business in the UAE to ensure that this is the case.
A business formation specialist can assist you with setting up corporate bank accounts, selecting the appropriate financial institution for your purposes, and managing your licensing application.
At Business Setup Worldwide, we can provide you with the services you want for your company's establishment in the United Arab Emirates.
Please contact us if you have any more questions; we'd be happy to help.
1. How long does it take to renew the license in UAQ?
6-7 working days.
2. What is the company liquidation fee in UAQ?
3. How long does it take to get a license in UAQ?
4. What number of shareholders can I have for opening a company in UAQ?
2 to 50.
5. Can I open a branch company of my existing one in UAQ?