Fujairah is the only Emirate on the eastern side of the UAE (Oman Gulf) and therefore has a significant advantage over the other six Emirates on the Arab Gulf. Fujairah is well linked to other major UAE cities, such as Dubai, Sharjah, and Abu Dhabi, making it an ideal business hub.
Due to the latest technology and resources available in the country, the company in Fujairah has grown tremendously with the influx of national borders business people from the Gulf Cooperation Council (GCC) nations, Africa, India, USA, Europe, West Asia, and China trading in manufacturing, logistics, refining, trading, and assembling.
Company Incorporation in Fujairah
The Fujairah Emirate covers around 1.5% of the UAE region and is the country's fifth-largest Emirate. The Fujairah Emirate has been a part of the independent Principality of Sharjah in the past. However, it has been known as a separate administrative entity since the ‘50s of the preceding century. Fujairah's distinction is that it is the only Arab kingdom on the Indian Ocean coast.
Over the last decade, the Fujairah Emirate has grown aggressively and is now attracting foreign investment into the national economy. Free trade zone Fujairah is established to ensure the peaceful activity of foreign business on Emirates territory. Today business owners and investors from around the world express an interest in starting a Fujairah company.
Benefits of Establishing Up Your Business in Fujairah
- Strategic positioning
- A point of focus of global business
- The gateway to other big business nations
- The new, reliable, and sophisticated method of communication
- State policies allow for complete repatriation of capital and income
- Currency secure
- Investment possibilities in the tourism sector
- Fujairah has fair legal and economic policies
- Staffing and hiring processes at Fujairah are easy
- The Emirates have advanced infrastructure and powerful contact facilities at a relatively low cost
- Fujairah supports the recruitment of an affordable professional workforce and visas
- Free zones in Fujairah allow for 100 % foreign ownership, exempt from import/export duties and full capital/profit relocation
Business Industries in Fujairah
An investor is entitled to conduct particular corporate activities endorsed for ex-pats without having a national partner. Such undertakings include medical care, private practice, engineering consultancies, and consultancies, computer consultancies, and similar facilities as long as such an individual holds a valid UAE residence permit.
However, it is a prerequisite that they should have a local service agent. Therefore, a service agency contract must be transferred between the investor and a national of the UAE.
2.Limited Liability Company
It's the most common type of Fujairah organizational structure. An LLC must be constituted by at least two persons and a maximum of fifty persons whose liability is limited to their interests.
3.General Partnership Company
This corporate entity comprises two or more partners collectively and separately responsible for all its liabilities. Partnerships are limited to UAE nationals only because partners are trustworthy on all their properties supporting its company's obligations, which does not extend to ex-pats as their properties are usually overseas in maximum cases.
Professional business in Fujairah is the one that adopts a profession as its prime purpose and that partners rely on their survival on the deliberate effort they expend rather than on gaining from others' companies.
A joint venture is one where two or more investors agree by arrangement to share the losses and profits of one or more trading firms, which would be carried on under one of the partners' names.
6.Public Shareholding Company
A public Shareholding Company, also known as Public Joint Shareholding Company (PJSC), is a company with a capital divided into equal tradable securities. In such undertakings, the liability of a shareholder is limited by the number of shares they hold.
7.Private Shareholding Company
Several individuals form a Private Shareholding Company, not less than three. A private shareholding corporation cannot allow the public to invest in its shares instead of a public shareholder.
Business Licenses Granted in Fujairah
For a company formation in Fujairah, a business license must be obtained. Business licenses can be granted in one of the following areas within one working day:
1. General Trading License
A general trading license is much more cost-effective than other charges, as it requires investors to trade in all sorts of goods. It facilitates the free importation, export, and re-export of stated commodities within and outside the UAE. It also requires developers to have special approval from the relevant government departments for local distribution to begin trouble-free operations in a free zone.
2. Trading / Commercial License
Specified commodities subject to the license issuing authority regulations can be traded using this license.
3. Service License
A service license is given to organizations providing accounting firms, law firms or private practitioners, and company consultants.
4. Industrial license
An industrial license allows a licensee to import raw materials, produce the specified goods, and export products to any country.
5. Warehousing License
Investors can lease warehousing facilities with a warehousing license and use the warehouse to store, process, and distribute products.
6. Manufacturing License
A manufacturing license may be obtained after a project has been approved, initiated, and completely insured for human resources and machinery by a free zone authority. Also, approval for a manufacturing License is subject to:
- Built-up area and community open space
- Water, electricity, and workforce supplies
- Environmental features of the project
Free Zones in Fujairah
Modern international logistics and Fujairah free zone geographically attractive position are the key factors attracting foreign direct investment to the area. A Free Zone in Fujairah will deal with a simpler contact scheme with the state bodies and foreign company registration process. A significant difference is the transport availability of this free trade economic zone of the UAE. The following lines of transportation are primarily available:
- Regional largest shipping port in Fujairah
- Fujairah International Airport
- Well-established autoroute service
Through viable methods in the transport logistics sector, investors and business people can strengthen many business processes and reduce different delivery times. Low development costs and limited overhead expenditures will make your business project in Fujairah Free Zone cost-effective and profitable.
1. Fujairah Free Zone
- Fujairah Free Zone (FFZ) is situated adjacent to Fujairah Port and has access to the major shipping channels, a world-class airport, and simplified procedures worldwide. This free zone is perfect for beginners, young entrepreneurs, and potential investors.
- Fujairah Free Zone Authority ensures exceptional development for the region's creative ideas and company creation by ensuring they are provided with excellent infrastructure, flexible government policies, and other typical free zone benefits.
2. International Free Zone Authority
- The International Free Zone Authority (IFZA) is expected to become a leading investment center in the UAE, next to the Port of Fujairah. The free zone has convenient access to all Arabian Gulf Ports, and Iran, India, and Pakistan's thriving markets.
- IFZA is also near to Fujairah International Airport and has advantages such as a strategic location with access to multiple shipping routes, port, and airport around the world, and simplified procedures.
How to Establish Up a Company in Fujairah?
It is lucrative to establish a business in Fujairah and its free zone regions. There are, however, many processes you need to take to register your company in this Emirate. The process usually includes defining your business operation, register a company or trade name, sending legal documents to relevant authorities, and requesting visas (if necessary).
It is vital to recognize that the business setup process details are primarily dependent on the type of licenses and permits to be applied for, and the business types to be set up.
- Obtain primary authorization from the Municipality of Fujairah for name and operation
- Obtain approval from the concerned Ministry / Department in case the company is of a unique nature
- Drafting of the memorandum of association of a company and making it authenticated from the courts
- A capital expenditure certificate is acquired from banks for cash shares and an auditor's cash shares and shares.
- Send applications and conditional approval to the municipality and notarized copy of the memorandum of association, tenancy contract, capital certificate, etc.
- The trade name will be entered in the Commercial Registry after being reviewed by the appropriate department, and its Association Report will be printed in the Ministry of Economy Bulletin. The Municipality will then issue the license.
- A valid license for the company
- A decision by the company's board
- Verified Memorandum of Association
- An Embassy Relationship Post
- Business plan
- Passport-size photos
- An investor's copy of passport
- A copy of shareholders' passport
- Name recommended for the company or organization.
- A deposited obligatory sum of capital in the Bank
- Personal Shareholders and Investors Details
Our Business Setup Services in Fujairah
Commitbiz consulting firms in Fujairah will assist you with the following company setup services:
- Corporate incorporation
- Enterprise Registration
- Local Patronage
- Professional in Public Relations (PRO) services
- Accounting and Bookkeeping
- Tax consultancy
- Register Value Added Tax (VAT)
- Legal advice
- Establishing a Corporate Office
- Protecting intellectual property
Commitbiz helps entrepreneurs and businesses create a Fujairah business by offering company registration, incorporation, and legal advice services. Our experts manage the formalities of banking, visa, legal and licensing, in compliance with UAE rules. We help you through the development of your company, with your business goals at its foundation.
We help you grow your business in this thriving economy by managing all legal formalities, helping your company gain a foothold, creating free trade agreements, and making sure you make use of the region's state-of-the-art facilities. Contact us for company setup in Fujairah-we'll be happy to support!