Do you want New Business Setup in Umm Al Quwain Free Zone?
Umm Al Quwain Free Zone is one of the seven emirates in UAE and offers several advantages for businesses, including tax exemptions, 100% foreign ownership, and simplified company setup procedures.
I’d be happy to explain the process of setting up a new business in Umm Al Quwain Free Zone (UAQFZ).
Steps to set up a new business in in Umm Al Quwain Free Zone
Here are the steps to set up a new business in UAQFZ
1. Choose your business activity: Determine the nature of your business and select the appropriate activity from the list of permitted activities in UAQFZ.
2. Choose your business entity: Select the type of business entity that suits your business needs. The options include Free Zone Establishment (FZE), Free Zone Company (FZC), and Branch of a Foreign Company.
3. Reserve your trade name: Reserve a unique trade name for your business with the UAQFZ authorities.
4. Submit your application: Submit your application along with the required documents, such as passport copies, business plan, and financial statements.
5. Obtain your license: Once your application is approved, you will receive your business license, which will allow you to conduct business in UAQFZ.
6. Lease office space: Lease office space in UAQFZ that meets the requirements of your business activity.
7. Register for visas: Register for employee visas and residence visas for yourself and your employees, if required.
Overall, setting up a new business in Umm Al Quwain Free Zone is a relatively straightforward process. However, it is recommended to seek the assistance of a business setup consultant or a legal advisor to ensure compliance with all regulations and requirements.
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Benefits of Business Setup in Umm Al Quwain Free Zone
1. 100% tax exemption from corporate and personal income
Any income you get from your business or from working for another business is free from tax in the Umm Al Quwain Free Zone. Any employees under your payroll will be exempted from having to pay taxes for their income as well.
2. 100% ownership of businesses
Many businesses in the mainland of the UAE do not allow 100% ownership to foreigners. However, in the Umm Al Quwain Free Zone, you can own 100% of any business. You do not need to search for local sponsors to share the ownership.
3. No currency restrictions
There are no restrictions when it comes to converting currencies in the Umm Al Quwain Free Zone. You can bring in any amount of capital in the country or send from the country without having to worry about currency conversion rates and limits.
4. 100% repatriation of profits and capital
You can move profits back to your country without any limits. If for any reason you want to close shop and move back to your own country. You can sell the business and move the capital without any restrictions as well.
5. 100% tax exemption for imports and exports with the UAQ Free Zone
If your business is dependent on exports and imports, then the Umm Al Quwain Free Zone is the perfect place for you. You will get 100% exemption of tax for imports and exports to and from warehouses in the free zone.
6. Fast and straightforward registration process
Since the Umm Al Quwain Free Zone is trying to expand quickly, the registration process of company formation here is very easy. It is also very affordable compared to business setup elsewhere in the UAE.
7. Excellent customer services
Even if you face any difficulties while starting a business in the UAQ Free Zone. You can always seek help from the expert consultants we provide. Their customer services are top-notch. You do not need to worry about any language barriers.
8. State-of-the-art facilities
The equipment, office spaces, warehouses, and transports that are available in the Umm Al Quwain Free Zone are the best. They also upgrade their services and spaces whenever something new and more advanced comes along.
9. Advantages for micro-businesses and SMEs
The Umm Al Quwain Free Zone caters to the needs of micro-businesses and SMEs. You will find similar businesses that you can network, collaborate and trade with. The warehouse, import, and export facilities also ensure efficiency for any businesses that depend on logistics.
10. Access to UAQ’s seaport
Since the UAQ Free Zone is directly involved with the local authorities. Businesses here get unrestricted access to the seaport in Umm Al Quwain. Another reason why this is the best place for micro-businesses and SMEs.
11. No restriction on foreign employments
You can hire talents from all around the world without any restrictions. Since there is no tax on employee’s income and you can sponsor their visa. You can also attract talents with these benefits easily.
12. Outstanding ease of doing business
Last but not the least, you do not need to worry about anything else except making a profit from your business. The legalities of opening the business are minimal, and non-existent if you decide to get services from professional consultants. They will take care of everything related to the company formation so that you can focus your energy on making the right decisions for your business.
Documents Required for Business Setup in umm al Quwain free zone
- Copy of valid passport.
- Six passport-sized pictures that have white backgrounds.
- Proof of address (recent utility bill or bank statement).
- Three suggested company names.
- Entry stamp in the UAE.
Business Setup in Umm Al Quwain Cost
- AED 27,500 for registration, trade license, and premium office space.
- AED 5,000 per visa (also includes medical and Emirates ID card).
- AED 7,000 for fees of services from professional consultants.
- Any government fees depending on the business activities you mean to pursue.
- For services from consultants, you need to pay 50% of the cost in advance.
- The rest have to be paid when obtaining the license and visa.