Umm Al Quwain Free Zone previously known as Ahmed Bin Rashid Free Zone (ABRFZ) started operation in early 2014 and is in the emirate of Umm Al Quwain 60 minutes from the Dubai International Airport and nearly 15 minutes from the Sharjah International Airport. For individuals or companies looking to set up business or businesses in the UAE, free zones present an immense opportunity for growth and profitability.
Benefits of Free Zone Company Registration in Umm Al Quwain Free zone
Just like Dubai free zones and freezone those in other regions of the UAE, Umm Al Quwain Free Zone offers 100% company ownership, 0% corporate and personal tax, no currency restrictions, 100% repatriation of capital and profits, import and export tax exemption.
However, the benefits that entrepreneurs enjoy when free zone company registration is done in Umm Al Quwain is slightly different from the other regions. One of the most interesting facts that separates this free zone from others is that without applying for a visa – or even needing physical presence of investor, investor can apply for a license and continue with the business setup at the Umm Al Quwain Free Zone.
Other benefits include:
- Easy incorporation process and hassle free documentation
- 0% corporate and personal tax
- 100% company ownership for investors
- Wide range of business activities permitted
- 100% repatriation of capital and profits
- 100% import and export tax exemption within the UAQFTZ Free Zone
- Office, warehouse, and land availability
- Ideal location for SMEs and micro-businesses
- Close to two international airports and major seaports
- Special concessions and tariff at UAQ’s sea port
- No restrictions on hiring foreign employees
- Easy investor visa and employment visa process
There’s also something special about Umm Al Quwain Free Zone. Three categories of the license were designed to build an all-inclusive brand that Umm Al Quwain stands for. These licenses are Freelancer Permit, Micro Business, and Premium Consultancy. These licenses allow businesses have access to professional services not easily found in other zones.
License Options for Company Formation in UAQ Free Trade Zone
There is an option to choose between applying for ‘general trading’ or ‘commercial’ licenses.
Commercial License – With this license companies can go into the business of imports, exports, distribution and storage/warehousing of products or goods.
Trading/General Trading License – Activities allowed include the storage and distribution of products, import and export and selling as stated in the license. Licensed local agents or distributors are the only businesses allowed to market finished goods or products.
Industrial License – Industrial activities allowed with this license include light manufacturing processes such as the assembling of products, blending, mixing, repacking, purifying, wrapping, etc.
Premium Consultancy License – This license allows Logistics Consultancy, Tourism Consultants, Customs Consultant, Chemical & Oil Engineering Consultancy, Real Estate Consultancies, Financial Consultancy, Oil & Natural Gas Exploration Consultancies, Aviation Consultancy, Mortgage Consultant, and Legal Consultants.
Micro Business License – This is the cheapest option and is suited to businesses or individuals with a limited budget who can run a consultancy or trading business without having a visa or physical office or presence.
Freelancer Permit – To be given this permit applicants are expected to have proof of expertise/educational certificate. Professional individuals in different categories and those who are specialists like event planners, performers, photographers, and musicians can apply for this license.
Legal Entities for Company Formation in UAQ Free Trade Zone
There are four kinds of legal entities that are allowed for UAQFTZ company formation. They include:
- Free Zone Company (FZC) – A new business owned by 2 – 5 shareholders.
- Free Zone Establishment (FZE) – A new business owned by one shareholder.
- Branch of Local Company – The parent company should be UAE based and have been in business for over a year.
- Branch of Foreign Company – A non-UAE based company can run a business, however, the parent company should have been in business for not less than one year.
Required Documents for Company Incorporation for UAQFTZ FZE/FZC
- Passport copy of the shareholders/manager
- Passport size photograph of shareholders /manager with white back ground
- Copy of Proof of address of shareholders/manager (Phone Bill /Electricity Bill/Water Bill etc)
- Copy of Citizenship ID /ID card of the country/Driving Licence of shareholders/manager
- Contact information of shareholders/manager
- Proposed name of the company
- Proposed activity of the company
- Filled Application Forms
Required Documents for Company Incorporation for Foreign Branch/Local Branch
- Passport copy of the manager/authorized signatory
- Passport size photograph of manager/authorized signatory with white background
- Copy of Proof of address of shareholders (Phone Bill /Electricity Bill/Water Bill etc)
- Copy of Citizenship ID /ID card of the country/Driving Licence Manager/authorized signatory
- Contact information manager/authorized signatory
- Certificate of incorporation of parent company
- MoA/AoA of the parent Company
- Good Standing Certificate of parent company /Updated Chamber Of Commerce Certificate
- Board resolution from the parent company for opening branch
- Power of Attorney from the parent company to manager/authorised signatory
- Filled Application Forms
Setting Up Your Free Zone Business
So everything about company registration in Umm Al Quwain Free Zone seems to appeal to you, but now you are a bit confused about the steps to take. When it comes to company registration and business setup in Umm Al Quwain Free zone, NEX Consultant’s team of experts help clients in every aspect, from license acquisition to office space requirements, to required fees to commence business. We don’t just stop there as we also help clients interpret complex financial challenges and suggest business solutions that impact value positively.
For more information about the procedures for registering Umm Al Quwain Free Zone Company, including things like share capital process and requirements, corporate bank account setup, sponsoring dependants, investor visa, requirements for bookkeeping and auditing and other documentation that make business setup possible and simple, contact NEX CONSULTANTS.