Creativity is the imprint of an individual’s thoughts and ideas that have turned out to be challenging in the business world. The artificial intelligence has replaced human beings in all possible logical and mechanical aspects. However, it is way complicated for today’s new technology to replace creative minds. The United Arab Emirates stands as a soapbox for international business establishments. Millions of business owners take a step forward to start a business in the UAE. However, the creative industry is nowhere left behind and has found its platform in the Emirates of Fujairah. Holding a creative mind, if you are looking forward to a platform to start a business, then Fujairah Creative Zone turns out to be the ultimate ground.
This article will take you through the core nine benefits that you will derive by starting a business in Fujairah Creative City.
A Gist on Fujairah Creative Zone
Established in the year 2007, the region has been regarded as the creative ground, the Fujairah Creative Zone stands as a free zone that provides a favourable business climate to the entrepreneurs and businesspersons and owners to come forward and establish their business pillars. The region allows multiple creative industries like Media, Consulting, Events, Marketing, Music and Design, to go forward and get settled in the area.
Benefits of Establishing a Company in Fujairah Creative Zone
The business owners and entrepreneurs enjoy the following benefits by being a part of the Fujairah Creative Family.
Located in Hamad Bin Abdullah Road, the Fujairah Creative City turns out to be an excellent opportunity for creative minds. Be it an entrepreneur, or a professional engaged in artistic works, Fujairah Creative City turns out to be a perfect platform. The city encourages individuals and business owners to come ahead and set up their business. Located almost at a distance of 3 hours from Dubai, the region provides numerous benefits to the businesspersons to expand its organizational operations in the neighbouring Emirates.
2.Overall Foreign Ownership
By starting a business in the Fujairah Creative Zone, the business owners have got complete freedom to hold complete ownership of their business. Unlike the Mainland companies, the business owners don’t have the compulsion to appoint a local sponsor holding 51% of the company shares, which fades the tension of appointing an outsider having overall control.
3.Faster Proceedings Regarding Trade Licenses
It is a well-known fact that the business organizations in the UAE require specific licenses to carry out business activities. In Fujairah, the obtainment of Trade Licenses takes place at a faster speed as compared to the other Emirates. More rapid attainment of trade licenses will enable you to carry out the business proceedings at a much a quicker pace.
4.Complete Repatriation of Profits
Another perception that might come in your mind is what if your business doesn’t go well and you need to opt for liquidation. Well, the FCZ has created a way out for such emergencies, as it allows the business owners to go ahead and take back the capital invested at the initial stage and the profits earned during the business cycle, which guarantees you that you don’t need to worry regarding any losses.
5.No Compulsion of Annual Audit
Audit turns out to be another crucial phase of an organization which deals on the grounds of inspection of company records. The audit process is generally carried out by an external auditor who ends up inspecting every minute detail of your business activities. Fujairah Creative Zone provides you with an option to relieve yourself from the stress as the zone demands no compulsion of the annual audit services.
The tax scenario turns out to be a scary scenario for any business as it involves a lot of complicated procedures, and the organizations need to corporate taxes accordingly. Recently, we have seen that the business organizations in the UAE are entitled to pay 5% VAT as implemented on 1st Jan 2018. Additionally, it has been noticed that working individuals need to pay income tax on their earnings. Well, you can be tension-free when it comes to personal tax payment, as it is completely exempted in Fujairah.
7.NOC is not Required
The Fujairah Creative Zone turns out to be a favourable option between business organizations as the zone exempts the business owners from providing the No-Objection Certificate, unlike other free zones. This turns out to be a plus point for current employees to initiate the journey of an employer at the same time.
8.Easy Availability of Visa
To make the business establishment process hassle-free, the Government of Fujairah has made sure that visa availability will be made more accessible for the business owners. This helps in avoiding the complexities that one needs to face while applying for Visa and will provide you with secure options. Once you hold the investor visa, you will be able to gain the residency visa at ease.
9.Easy Bank Account Opening
After the company establishment, it turns up extremely important for business entities to hold a corporate bank account. Fujairah Creative Zone offers complete freedom to have access to secure bank opening proceedings to carry out the business transactions, without much involvement of complicated processes.
Thus, you can see that by incorporating a business in the Fujairah Creative Zone, you can avail the benefits mentioned above at ease. This provokes multiple creative businesses, freelancers and designers to take a step ahead and build a business. Before you initiate the process, you should be aware that the initial stages will turn out to be hard if you don’t have a guide by your side. The smart option to tackle these proceedings is to join hands with business experts who can help you in the company establishment proceedings.
Commitbiz Consultants, one of the best business consultants in Dubai, exactly does the same for you. Our business experts hold industry experience and can guide you, provide tailored solutions according to the business needs. By taking a step forward with us, you can concentrate on building your business strategies while we assist you in the incorporation process in a hassle-free manner. To get in touch, do contact us today-we’ll be glad to assist.