Are you looking to embark on a business voyage in the UAE market? You can consider Fujairah, as it has slowly been catching the attention of entrepreneurs globally. Fujairah is a small Emirate that has been significantly growing its commercial presence due to hefty investments in infrastructure and social development. Additionally, the Fujairah government has made significant efforts to attract top global talent all over the world by offering them plenty of benefits and opportunities. From full foreign ownership to streamlined business regulations and access to strategic trade routes, starting a business in Fujairah is simple and lucrative.
This article will help you understand the legalities involved during a business setup in Fujairah. Read on to learn how to streamline the entire process of company formation in Fujairah.
Process of Starting a Business in Fujairah
Following the steps outlined below will ensure compliance with the region’s legal standards and streamline your business setup in Fujairah.
Market Research
Conducting thorough market research helps you get the lay of the market. Identifying your competitors, potential clients and their pain points will help you ideate a unique selling point for your company. This will enable you to prepare a strategic business plan.
Choose a Business Structure
A legal structure will determine your liability, ownership, and funding alternatives. Therefore, choosing the correct legal entity is crucial. Some of the prominent business structures in Fujairah include a Limited Liability Company (LLC), a Shareholding Company, and a Professional Company.
Select a Trade Name
After careful analysis, choose a trade name that reflects your business’s vision and mission. Make sure not to violate any existing trademarks.
Documentation
You will be required to submit a set of documents along with your business application to the concerned authorities. The documents can vary depending on the chosen jurisdiction as well as the business operation. Some of the standard documents include copies of shareholder's passports, lease agreements, Memorandum of Association (MoA), and reference letters from the bank.
Obtain Business License
Once you have submitted all the required documents, the next step is to obtain a relevant business license, which is necessary to operate legally within Fujairah. Each license caters to a specific business sector or activity. Some of the licenses required to start a business in Fujairah include commercial, professional, and industrial licenses.
Get Approvals
The license will be issued after the local regulatory body and other concerned authorities review and verify the submitted documents.
Select an Office Space
Choose the right location for your office space to fulfill your business objectives with ease. Finalize the area and sign your lease agreement.
Bank Account
Open your bank account to fulfill capital requirements (if any) and streamline your business transactions.
Company formation in Fujairah is straightforward. However, help from our business setup consultants not only eases your transition into the Fujairah markets but optimizes your business operations. Commitbiz LLC offers end-to-end services that can be customized as per your needs. Contact us to learn more about our services and streamline your business setup in Fujairah.
