How to start a business in Fujairah Free Zone

How to start a business in Fujairah Free Zone
How to start a business in Fujairah Free Zone

How to start a business in Fujairah Free Zone: Fujairah free zone is one of the top UAE free zones. It is in the middle of the Fujairah city and adjacent to Fujairah Port. This free zone focus on industrial along with maritime activity. A number of heavy industrial as well as mining companies are located there. It also has subdivisions of all large petroleum companies in the region due to the convenient position of Fujairah port with the exit directly to the Indian Ocean.

How to start a business in Fujairah Free Zone

Every one is now looking for How to start a business in Fujairah Free Zone; because it is one of the favorite choices of the companies which are planning to operate in UAE. It has the largest oil storage in the GCC area.

Companies register in Fujairah free zone is governed by the rules. To acquire the necessary approvals, you have to apply with the documents. The list of documents varies on the nature of business activity, the type of company as well as the requirements of the free zone authority. Below is overall guideline of steps as well as documents needed for approvals.

Advantages of How to start a business in Fujairah Free Zone

  • Company setup in Fujairah free zone start from AED 15,625 per year. Fujairah free zone have entirely broad packages which start from as low as 15,625 AED per year as well as more expansive packages; that include a wide range of business support services.
  • Your presence is not required in the UAE for incorporating your new company. The Fujairah free zone company formation procedure can be done from the comfort of your own home; via the free zones easy as well as a quick application process. Also, if you even hold a UAE residency visa; you do not need an NOC from your current sponsor in line to setup your own company.
  • No paid up share capital or annual audit; One of the key point of this free zone is that; you do not need to block a large amount of share capital in your bank; in order to start Fujairah free zone company setup. Also note that you do not need to go through an expense audit every year to renew your trade license.
  • 100% repatriation of Capital and Profits- To form a company in this free zone; you will have a complete freedom to repatriate all your wealth as well as earnings. Furthermore, in the UAE there are also no foreign exchange controls and currency limitations.
  • Allocation of 6 UAE residency visas- With 6 visas option; you have the upper hand to hire staff for your new company suitably; You can get all 6 visas without renting a huge and expensive office space.

How to start a business in Fujairah Free Zone

Initial approval:

First, you need the primary approval. You are required to offer:

  1. Completed application form
  2. Business plan
  3. Copy of current trade license/registration certificate (if you are an existing company, applicable for local company only)
  4. Colored passport copies of the company’s shareholder/s along with the appointed Manager/Director for the new company
  5. Specimen signature of the company’s shareholder/s as well as the appointed Manager/Director for the new company
  6. 2 years’ audited financial reports for corporate unit or certificate of reference from a personal bank of the individual shareholder
  7. NOC from current sponsor (for individuals)
  8. Unit title deed
  9. Letter of Intent
  10. RIC (Registry Identification Code Form) for Manager as well as Director
  11. Freelancers need to submit fewer documents. In majority cases, they need to submit the below mention documents:
  1. Application of registration
  2. CV
  3. Bank reference letter

Registry Identification Code Form (RIC) (Original as well as notarized)

Registration:
After receiving initial approval, you have to pay registration fees along with license fees. The fees depend on the nature of license required. Then, you need to submit:

  1. Complete application for registration
  2. Board Resolution appointing Manager as well as Director
  3. Power of Attorney given to Manager as well as Director
  4. Specimen signature of Manager as well as Director
  5. Memorandum and Articles of Association
  6. Specimen signature of Manager as well as Director
  7. Passport-size photo of Manager as well as Director against white background
  8. Share capital information

Licensing and visa process:

1- Authority will prepare the lease agreements
2- Then trade license will be issued
3- Visa processing will take start.