UAE is known for its many free zones and the various benefits it provides to the businessmen and entrepreneur all around the world. The many initiatives taken up by the government to attract investors and invest in these free zones are also a significant cause for the fast growth of the country. One of the free zones is Fujairah Creative City. Let's know about this free zone and also understand the setting of what type of companies are allowed in this free zone.
Fujairah Creative City Free Zone
The Fujairah Creative City was launched in 2007, and since then, it has been providing various advantages and a competitive business environment to its numerous clients. This free zone in addition to the media hubs such as the Dubai Media City and the twofour54 free zone of Abu Dhabi. This free zone consists of 40,000 sq. Meters of land and mostly caters to the companies in the creative and media fields.
This free zone helps the individuals and corporates to acquire licenses, and the management of the free zone oversees all the government formalities and makes the business incorporation process very easy. The creative city offers various business packages and customized services, which ensure that the client faces no problem in the business incorporation in the free zone.
Benefits of setting up a company in Fujairah Creative City
The Fujairah Creative City Offer you the following benefits:
- Quick and fast license obtaining processes
- Allocation of Five UAE residency Visas
- 100% ownership of the company
- 100% repatriation of capital
- Tax exemption (No corporate or personal income tax)
- No requirement of a NOC (No Objection Certificate)
- The strategic location of the free zone
- No need for a regular annual audit
Businesses in the Fujairah Creative City
As mentioned earlier, the Fujairah Creative City mostly serves organizations and companies in the creative and media industries. The various business activities which are permitted in the free zone are given below:
- Technological Designing
- Interior Design
- Event Management
- Information Technology and Public Relations
- Business and Communication
- Software Development
If the above-mentioned industries are set up in the free zone, rest assured that the company will flourish due to the many advantages the free zone provides.
Types of Licenses Available in the Free Zone
There are many licenses available to a company in the Fujairah Creative City Free Zone. To be specific, four types which are given below:
Creative City Commercial License
This license applies to a single owner in the free zone (FZE Owner). Visa is not available for this license, and the cost of the license is 17,000 AED.
Creative City Commercial License FZCO
This license applies to multiple owners in the free zone (FZ LLC Owners). Visa is not available for this license, and the cost of the license is 21,000 AED.
Creative City Freelance Company
This license will allow the freelance operator to work as a professional, which can offer its services to various businesses all over the free zone. There is an availability of licenses for three free zones, and the cost of this license is 30,000 AED.
Creative City Baby Business
The Baby business license has been specially designed for small businesses so that they benefit from a more straightforward company incorporation process. The overhead costs in this license are very less. There is a provision of six visas in this license, and the value of the license is 33,500 AED.
Due to the strict rules and dedicated management of the free zone, a license can be availed in Fujairah Creative City in seven days or less. This agility allows the various companies that have been set up in the free zone to apply for a corporate bank account. As soon as you set up your company in the free zone, you are automatically eligible for an immigration card. The issuance of this card will take less than two weeks of working days. After receiving the immigration card, the holder of the card can apply for a UAE residency visa.
Incorporation of a company in the free zones can be very beneficial for a company, but in some instances, the procedure may become complicated, or the administration/management of the company may not give the proper attention to the company registration process. In such situations, the management should avail the services of a management consultancy which will take care of all the various procedures and will ensure that the registration process is mistake free.
One such management consultancy is “Commitbiz” which will assist you during the registration process of a company in the free zone and will also help during the VAT and tax filing of the company. With Commitbiz by your side, you do not need to worry about anything. For more details, contact us – we will be glad to help.