The Umm Al Quwain is the newest kid in the block. It is located close to the Dubai Airport and even closer to Sharjah in the Emirate of Umm Al Quwain. Foreign investors wanting to open a company in UAQ will be interested in finding out they will benefit from the same legal status and facilities as in any other UAE free zone.
There are two leading jurisdictions in which one can set up their business in UAQ, which is, mainland and free zone. For business setup in UAQ mainland, one needs a local sponsor, and for business setup in the free zone, an ex-pat can hold 100% of shares of his business.
Corporate Entities in Umm Al Quwain
The following are the business entities used in UAQ.
- Limited Liability Company – Shortly known as an LLC Company, one requires a minimum of two and a maximum of fifty partners are required to set up. Every partner is liable only to the extent of their shares in the capital.
- Partnership – In this type of business setup in UAQ, two or partners are jointly liable in all their money in the company’s obligations.
- Joint Venture – This type of company formation, there are two or more partners to share loss or profit.
- Limited Partnership – In this type, the capital is divided into shares of equal value.
Benefits of Company Setup in UAQ
- 100% foreign ownership
- 0% personal and corporate tax
- No currency restrictions
- Wide range of business activities are allowed
- 100% tax exemptions within UAQ free zone
- Strategic location with access to over 20,00,000 customers
- No limits on hiring foreign employees
- Ideal location for micro and SME
- Modern and investors friendly rules and regulations
- Excellent customer support
Licenses Available in Umm Al Quwain
The licenses available in UAQ are –
- Consultancy License - Under this license, one can carry consultancy activity. Such as IT services, management consultancy, accounting services, and HR consultancy services.
- Trading License – This type of license is issued to carry simple commercial activities in UAQ like trading.
- Freelance Permit – This type of license is issued to those who have professional expertise such as photographer, musician, event planner, performers and much more. Under this, education proof is needed to get the license.
- Micro Business License – This license is appropriate to those who would like to begin with a low budget and do not need a physical office in the UAE or a visa. It is almost equal to an offshore license.
Why Start a Company in UAQ?
Because Umm Al Quwain is the best place in the UAE to start a new business, therefore know some of the reasons to start a company here.
- Three licenses for businessmen (Premium Consultancy, Micro Business, Freelancer Permit)
- Allow some prohibited business of UAE
- Also accessible business for single professionals
- High range of economical options available
- Furthermore, the owner can form a company without being present in the UAE (using the consultant’s services)
Cost of Starting a Business in Umm Al Quwain
It includes –
- License- It depends on the chosen license or business activity. This is paid every year
- Office Rent- It depends on the size of the office.
- Furthermore, this is also paid every year
- Registration- Establishment card, name reservations, registration forms. This is a one-time payment.
- Also the Consultant Fees
- In addition Visa charges for 2
How can we help?
- Accounting and Bookkeeping
- Corporate Secretarial Services
- Intellectual Property
- Local Sponsor
- PRO Services
- Business License
Contact us today – we’d be happy to assist you.