UAE’s Next Move: Fujairah Plan 2040

by commitbizadmin 13, Jul 2020

UAE’s Next Move: Fujairah Plan 2040

The United Arab Emirates is seen as an example of transformation. Since the initial stage, the nation has made multiple strategic moves to outstand as a global platform when it comes to business establishments. With continuous efforts, the Emirati government has transformed the region as one of the worldwide business platforms. Dubai, the heart of the UAE, is a well-known tourist destination. Over the period, Dubai has been standing as one of the first choices of the business investors who are keen to expand their business at an international level. By analyzing the moves made, the Government is on the next phase of transforming Fujairah as one of the best global commercial platforms.

Fujairah: The Jewel of the UAE

Fujairah, one of the seven emirates of the United Arab Emirates, joined the trucial states by 2nd Feb 1971. It lies on the eastern side of the UAE, along the Gulf of Oman. It is one of the vital trade route and profound destination when it comes to the business establishment with an area of approximately 1,166 km. sq. Over the years, the Emirate of Fujairah has been an outstanding ground for local industries dealing with cement, stone, crushing, and mining. The Fujairah port is the world’s most considerable livestock shipping ground, which has paved out multiple opportunities for the business investors to come forward and start a business in the Fujairah. The government has been implementing various strategic moves to provide excellent support with the business entrepreneurs to invest in.

The Move: Fujairah 2040

Another initiative to uplift the UAE is the framework of Fujairah 2040, intending to develop a constructive framework and set the parameters of growth. The plan has been developed in partnership with the Fujairah Government, which is directly headed by H.H. Sheikh Hamdan bin Mohammed Al Sharqi.

The plan provides strategic direction to enhance the sustainable growth opportunities covering the divisions of economic, social, environment, infrastructure, cultural heritage and sustainability. The core aim also includes the improvement of enhancing housing and transportation infrastructure facilities. An investment of 1.5 billion has been infused by the UAE government to take the remedial steps.

The outcome of the Implementation

Upon the implementation of the Framework 2040, the following changes are expected:

  • Fujairah Sea Port is expected to hold new terminals for:
    • Oil
    • Marine services
    • Dry Bulk and Containers
  • The major expansion of the apron and cargo terminals
  • Re-location of other buildings
  • A projection of 8,800 new homes and 1,500 hotel rooms are to be built over the next five years.
  • Growth and development at the regional, urban, settlement and rural scales.

Key Development Projects

The Emirate of Fujairah has been taking the following projects to diversify its economy and pave out multiple business opportunities.

  • Underground oil storage
  • Expansion of Fujairah Airport
  • Hamid bin Abdullah Road
  • Sheikh Mohammed bin Zayed City
  • Sheikh Khalifa Central Hospital

Continuous improvements have been made by the government to uplift the economy of Fujairah. These steps widen the business incorporation opportunities for the business investors to come forward and step-in towards investing in the region.

How to Start a Business in Fujairah?

Once decided, a business owner or investor needs to proceed ahead with the following process to incorporate a business in the Emirate of Fujairah.

1.Be Clear Regarding the Business Activity

The first and foremost task is to be clear regarding the business activity that you want to deal with. When it comes to Fujairah, the region turns out to be a favorable platform for the following businesses:

  • Travel and Tourism
  • Air transport and Air cargo
  • Financial institutions
  • Freight forwarding
  • Telecommunication
  • Insurance
  • Publishing/Printing
  • Branch of a Foreign company
  • Chartered Accountants firm etc.

2.Choose a Strategic Location

Location is one of the significant parameters when it comes to the business establishment. Fujairah offers location options to the business investors that include Mainland, Free Zone and Offshore according to their convenience and relevant business activities.

3.Select the Business Entity

Once you are clear regarding the business activity that you need to proceed with, the next step is to decide the business structure. The region of Fujairah allows the business investors to select from any of the following business entities:

  • Sole Proprietorship
  • Limited Liability Company (LLC)
  • General Partnership Company
  • Professional Company
  • Joint Venture
  • Public Shareholding Company (PSC)
  • Private Shareholding Company

It is to be duly noted that the selection of the business structure depends on the number of shareholders available and the capital ready for investment proceedings.

4.Selection of the Trade Name

The next move is to select the business trade name, which is quite a critical process. The most important factor that one needs to keep in mind while choosing a business trade name is that the name needs to be unique and shouldn’t match the existing competitors available in the market. Now, while selecting a business trade name, you need to ensure the following:

  • Does the company name reflect the primary business activity?
  • Does the selected business name hold the copyright?

Alternatively, you should also focus on the following points:

  • The business trade name shouldn’t include the name of the location
  • The business name shouldn’t include God’s name or any of divine attributes
  • The selected title shouldn’t be similar to any government organization
  • The business name shouldn’t include the name of international brands or giants.

5.Keep the Required Documents Handy

It is essential to understand that you need to be ready with relevant documents that are required for company incorporation in Fujairah. The materials set includes the following:

  • The ID card of the shareholder(s)
  • Visa and passport copies of the shareholder(s)
  • Address proof of the shareholder(s)
  • Photo-sized photographs
  • Copy of business plan
  • Memorandum and Articles of Association
  • A resolution from the Board of the company

6.Submit the documents to the Authority

Once you gather the necessary documents mentioned above, you need to submit the same to the Municipality of Fujairah. Upon approval, you need to collect the business license issued by the authority to carry out the business operations.

7.Gather the Required Approvals

Although proceeding towards the Municipality of Fujairah is a crucial step, certain other approvals are required based on the business activity.

Business Activity

Required Approvals

Medical, Pharmacy

Ministry of Health

Air Transport or Air Cargo

Department of Civil Aviation

Financial Institutions/ Banks/ Money Exchange

Ministry of Finance and Industry

Publishing/ Advertising/Video-Fil/ Photography

Ministry of Information

Education

Ministry of Education

Agriculture, Veterinary

Ministry of Agriculture

Telecommunication

Ministry of Telecommunication

Insurance Company

Federal Insurance Authority

 

Proceeding ahead with the legal documentation process might turn out to be tedious. Also, any negligence in the same would result in the incompletion of the business incorporation process. To carry out the process in the best possible and error-free way, business investors prefer to proceed ahead with business consultants.

Why to Avail Professional Services?

Having a helping hand by your side will help you to focus on the core proceedings of your business. By outsourcing the activities to a professional expert, you can gain the following benefits:

  • The company incorporation process gets carried out in a natural way
  • Legal documentation gets handled
  • Business experts have connections that ease the complete process
  • Market insights can be known in a better way

How Can We Help?

Commitbiz Consultants has been one of the premier business consulting firms in the UAE who has been helping multiple business investors to convert their business dreams into a reality. With a team of experts, we have been helping numerous business professionals across UAE, Qatar, Bahrain and Oman to take a step and incorporate the business entity. We take the initiative of understanding the business needs and provide tailored solutions accordingly. In case you hold any queries, feel free to have a word with our experts. Contact us today-we’d be glad to assist.