Located in the emirate of Umm al-Quwain, Umm Al Quwain Free Trade Zone (UAQ FTZ) is said to be friendly, progressive and prosperous, with a modern infrastructure and pro-business environment. Setting up a business in Umm Al Quwain is ideal for micro businesses and SMEs. The free zone started operations from 2014 and is backed by the autonomous arm of Umm Al Quwain emirate in the UAE, which is authorized to incorporate business with a trade license. With its modern management and flexible licensing solutions, it has already gained huge popularity among foreign investors. This free zone has a lot of unique benefits which are not available anywhere else. Combined with the low cost of business setup, they make Umm Al Quwain free zone one of the most attractive free zones among new entrepreneurs. Here are the benefits of setting up a company in Umm Al Quwain.
1. Fast and Easy Setup
One of the major benefits of UAQ free zone is the speed and ease at which entrepreneurs can go from the dream to the destination. Company formation process here takes just 2 to 2 weeks.
2. Strategic Location
The biggest USP of UAQ free zone is its geographically strategic location. The region benefits from the low cost of living and labour. It is also perfectly placed to do business with the billions of potential customers across the Middle East and North Africa (MENA) region, subcontinent, and the Far East and European markets. It is within the reach of the UAE’s main sea port, Dubai International Airport, and Sharjah International Airport.
3. Great for Small Entrepreneurs
The free zone offers a fantastic advantage to SMEs and solo entrepreneurs with small a budget. The backing from the government by bringing in various incentives to the small and medium enterprise has made this free zone a hit amongst the entrepreneurs.
4. Affordable Licenses
Umm Al Quwain free zone license fee prices begin around 13,500 AED. If one wants to set up a micro business, they should apply for the license which can be acquired at this price. However, it’s not qualified for visas. If a resident visa is needed, the company cost is 20,500 AED. This will ensure you get two resident visas.
5. Personal Presence Not Required
One can form a company even when abroad. All they need to do is sign the incorporation documents and courier them to the appointed agent who will finish the registration by UAQ authority on your behalf.
6. A Variety of License Options
Another attractive proposition for entrepreneurs is the extent of choice for Umm Al Quwain free zone license. You can get commercial, industrial, consultancy, service, freelance and micro business license in the free zone.
Apart from these 6, there are other benefits like:
- 0% corporate and personal tax
- 100% company ownership
- Full range of business activities permitted
- 100% repatriation of capital and profits
- No currency restrictions
- 100% import and export tax exemption within the free zone
- Hi-tech facilities including office, warehouse and land availability
- No restrictions on hiring foreign employees
- Modern and investor-friendly rules and regulations
- Cost-effective leasing options available for office and warehouse
And this is not all. Since Umm Al Quwain free zone issues licenses at relatively lower cost compared to other free zones with no requirement of being physically present in the free zone. An entrepreneur need not provide a No-Objection Certificate (NOC) from the current sponsor if one wishes to start a small business apart from being employed.
Even though this free zone is quite new, Umm Al Quwain as become quite competitive due to these set of advantages. In a nutshell, if you are looking for a cost-efficient and fast way to open your business in UAE, then Umm Al Quwain free zone is definitely worth taking a closer look at. In addition, if you are planning to set up a company in Umm Al Quwain free zone, consulting an authorized company formation specialist might come in handy, so that you can sail through the incorporation and registration procedures. If you are looking for a business consultant, we at Commitbiz have advisors who can help you through the entire process. If you want to avail this service, do contact us, even if it’s just for a friendly advice.