Although it is less well-known, Fujairah Freezone is on its way to becoming one of the most promising business establishment hubs in the UAE. Fujairah, because of its strategic location, serves as a multipurpose port and the UAE's only access to the Indian Ocean. The emirate has an area of 1,166 square kilometers and is ranked as one of the top three bunkering locations in the world. Furthermore, it is a tourism hotspot due to its beaches and the Hajar Mountains. Fishing and agriculture are the main economic activities. Fujairah 2040 is the city's goal as it strives to become a modern, industrious city. In this article will look at how to setup a company in the Fujairah Freezone.
For the past few years, the UAE's economy has been expanding rapidly at a breakneck pace. Each emirate, whether Abu Dhabi, Dubai, or Ajman, is emerging in its own sector and attempting to attract investment. Fujairah has also taken a step forward, establishing the Fujairah Freezone (FFZA) in 2005 with the goal of developing the emirate as an investment hub. It believes in the acronym ACE – Accessibility, Connectivity, and Economy.
Fujairah International Airport (FFZA) offers numerous opportunities for various businesses. Given that Fujairah is a freezone, let us take a look at the various Fujairah Freezone Companies that can be established here:
Branch of a Foreign Company (including offshore)
Branch of a UAE Company
Freezone Establishment (FZE)
Freezone Company (FZC)
Fujairah broadens the business opportunities for over 200 different business sectors.
Among the main areas of operation are:
Information and Technology
Perfumes and Plastics
Before you even consider establishing a Fujairah freezone company, you should be clear about the business activities that will be carried out by your company. Different trade licenses are available based on the various business activities.
Let's take a look at the various Fujairah freezone licenses that are available:
Normal Trading License
General Trading License
National Industrial License
The license fee for the Fujairah Freezone is only AED 5,000. It also grants special licenses to foreign investors who want to invest in industries such as petrochemicals, education, oil, and investments.
Fujairah, as a trade freezone, attracts foreign investment from all over the world.
The zone offers numerous benefits, including:
The establishment of a company necessitates a large sum of money. Fujairah has proven this statement to be false. Fujairah creative freezone offers the flexibility of establishing a business at a very low cost, beginning at AED 5,000.
Tax is a burden that every business faces. It becomes a hindrance to the establishment or expansion of a business. You do not have to pay tax in Fujairah. This is a boon for foreign investors because it relieves them of the burden of paying taxes.
Technology is important at this point because it gave rise to the concept of a virtual office. It is not necessary to have a physical presence in Fujairah to incorporate a company. No Objection Certificate (NOC) is not required for foreign investors
Company documentation and a business license can be obtained in Fujairah Freezone within 7 days due to the simple application process.
This is another benefit that allows foreign investors to repatriate all of their investments and profits earned during the course of the business.
To initiate the process of company incorporation, certain documents must be provided as proof and to satisfy the legal process.
The following documents are required for Fujairah Freezone company registration:
Copy of certified passport
UAE visa entry stamp
2 copies of address proof
Bank reference letter
CV’s of Shareholders Company Application Form
Fujairah's development has not been limited to core business industries. On the other hand, the Fujairah Creative City freezone was established in 2007 to provide a platform for mental ideas and creativity. Fujairah's creative zone inspires startups and established businesses in the media industry's broad spectrum. Media, events, education, communicating and marketing, design, and technology are all part of the industry.
Apart from Dubai 2021, the Ministry of the UAE has set a target for this emirate as well. The Fujairah 2040 plan is a master plan designed to significantly boost the emirate's economy. One of the primary reasons for developing this plan is that the emirate population is expected to double by 2040. Consider the business opportunities that it will provide in the future. The plan aims to improve housing, transportation, hospitality, oil, and maritime services.
Overall, we can say that Fujairah is growing at a rapid pace. The Ministry of the United Arab Emirates has been a consistent supporter, focusing on a variety of issues and attempting to develop the emirate as a business destination. We can say that Fujairah has opened up a wide range of business opportunities in a variety of industries.
For more information contact our experts at Dhanguard. We will gladly like to assist you with the Fujairah freezone business setup in the UAE.
Dhanguard provides the business setup and company formation services in Dubai, UAE with the guidance of our professional team of consultants. Faster and hassle-free company setup in Mainland and Freezone in UAE.
Dhanguard provides the company formation services in Dubai, UAE with the guidance of our professional team of consultants. Faster and hassle-free offshore company formation services and company formation services in Mainland and Freezone in UAE.
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