Fujairah is the fifth largest and the only emirate in the United Arab Emirate which has no coastline on the Persian Gulf. It is situated on the north-eastern side of the country but has not let the remote location of the emirate affect it. Understanding the importance of the benefits of diversification, Fujairah has established two free zones in the emirates. These are the Creative City Fujairah and Fujairah Free Zone.
Here we will be talking about Creative City Fujairah and how it can help you.
Creative City in Fujairah
This free zone came into existence in the year 2007 via the Emiri Decree No. 4, under the administration of the Fujairah Culture and Media Authority and had more than 10,000 entrepreneurs and businessmen working out of the free zone. The Fujairah Creative City is an addition to the free zones that focuses more on the creative side, such as the Dubai creative city in Dubai and Twofour54 of Abu Dhabi.
Currently, the free zone is spread in 40,000 sq. Meters of land dedicated to creative businesses an in the future there are plans to increase the area of the free zone to 200,000 sq. Meters. As the free zone is adequately located near the Sheikh Khalifa Highway, there are no problems in the transportation of goods or services to and from the free zone.
Fujairah Creative City provides amenities and services to both established businesses and individual entities and helps them to acquire the necessary permits and licenses required within the free zone. The free zone allows a range of business activities to be conducted, such as the following:
- Marketing and Media Services
- IT Services
Creative City Fujairah aims to establish itself as a one-stop-shop for all the required permits, visas and provides assistance during all the government formalities. This free zone also offers customized business services and business packages which ensure simplified and hassle-free growth of companies.
Benefits of Company Incorporation in Fujairah Creative City
The main aim of the Fujairah Creative City is to assist every company at every step of the company formation process. The numerous benefits of company formation in Fujairah Creative City are:
1. Strategic Location
The emirate of Fujairah is located on the north-eastern side of the country and has a coastline which comprises of the Persian Gulf. The presence of the mountains of Hajar and the coast together make the emirate geographically very diverse and suitable for entrepreneurs and people in business all over the world.
2. Complete Ownership of the Company
In the free zone, it is possible for a foreign entity to have ownership of the absolute ownership of the company. This feat can be done without the help of a UAE local or UAE national.
3. No Specific Requirement of Capital
There is no restriction or benchmark as to how much funds must be brought by a company to set up itself in the free zone.
4. No Implication of Taxes (Corporate Taxes or Personal Income Taxes)
One of the most significant advantages of setting up a company in the free zone is that the management of the company does not have to pay any tax to the government. This is also applicable to an individual entity as even they do not need to pay any taxes.
5. 24X7 Assistance
Constant support while setting up a company is essential. 24X7 support will allow a smooth and hassle-free company set up process in the free zone.
6. Flexible and Customized Business Packages
The free zone provides business packages that will suit the needs and requirements of a company. If any such package does not exist, then the free zone management will customize one for you.
7. No Mandatory Physical Presence
It is not necessary to be present while the company incorporation process is done.
With so many advantages, setting up a company in the Fujairah Creative City is a very profitable and lucrative option available to entrepreneurs and people in business all over the world.
Licences Available in Fujairah Creative City
There are four types of business licenses available to a company in the Fujairah Creative City. These are:
1. Commercial Licence (FZE)
This license can be utilized by a single owner and does not require any Visa.
2. Commercial License (FZCO)
This type of license is used by multiple owners and Does not require any Visa
3. Freelancer License
A freelancer license will enable the individual entity to provide its professional services to several businesses which are available at the Fujairah Creative City.
4. Baby Business License
By the name of this license, we get a feeling as if this license is for companies which are dealing with baby product, but this is not the case. This license will allow small and upcoming businesses to take advantage of the easy company set up process and the minimized overhead costs in the free zone.
Any of the above licenses will be issued to the applicant within five to seven days of applying for a company bank account. Once acquired, the holder can then apply for a residency visa of the United Arab Emirates. The free zone will take upon itself and ask for an immigration card which will reach the applicant in ten to fifteen working days.
Fujairah is like the underdog emirate in the United Arab Emirates and does not get quite the focus which the emirates like Dubai or Abu Dhabi get. Its proximity to Dubai and Abu Dhabi, as well as its coastline, make it an essential business destination as well as a booming tourist spot. The Hajar mountain ranges make Fujairah a perfect place for conducting adventure sports and for tourism business.
If you are looking to take advantage of the free zones present in Fujairah and are planning to set up a company in Fujairah Creative City, then look no further. Business Setup Worldwide will provide you with knowledge and will help you to set up a company in the free zone. For details on the various services of BSW, contact us we will be happy to help.