In the United Arab Emirates, there is indeed a complete of seven emirates. Umm Al Quwain is one of the emergent and least established Emirates. It is situated near Dubai and Sharjah and is essentially in the phase of development. UAQ is the UAE's least populous state, and its territory is the second smallest among the UAE states. The Emirate is very well-known and is a popular tourist destination for its barren landscape and unique flora and fauna. It is a successful Emirate with modern infrastructure.
Umm Al Quwain offers an efficient, clean, and stable business atmosphere for its companies. It has never been easy to build a commercial base in the UAE with an easy and trouble-free business setup.
Why Set a Business in UAQ?
It is said that Umm Al Quwain is a prime location for both micro-businesses and SMEs. Therefore, the businessmen should try to set up their new businesses here because it has a vast potential for new business people to expand and make progress in their businesses. Apart from that, UAQ's cost of living is low, and new professionals hardly have too many resources, making it the best destination to set up business in the UAE.
In more simple terms, it can be said that with its versatile licensing and modern management, UAQ has established its credibility among foreign investors. One of the best low-cost, hassle-free, and successful business projects in the world is the business setup in UAQ.
Here are a few benefits of establishing a business in Umm Al Quwain -
- 100 percent international ownership
- 100 percent capital and tax resettlement
- No limits on investment in any sector
- 0 percent of business and personal tax
- No visa deposit required by your firm’s workers and employees
- Zero limitations on foreign employee recruitment
- The quick and efficient method of registering a company to boost convenience
- Particular concession through the Umm Al Quwain free seaport zone
- Complete connectivity and 24 * 7 safety facilities and infrastructure of world-class
- Installations such as warehouses, pre-built buildings, and office space are accessible according to your specific needs.
- Complete government assistance, especially to the SME sector and small companies
Company Incorporation in Umm Al Quwain
Commitbiz is familiar with the process of company formation in UAQ and can help you set up your business here, using the licenses necessary. In UAQ, you can choose between a free zone or a mainland business.
1. Umm Al Quwain Free Zone
- Umm Al Quwain seems to be the most recent entry in the UAE free zone list. Since its establishment in 2014, it has gained enormous popularité.
- Dubbed as the free zone of the future, the vibrant economy of Umm Al Quwain, the open investment environment, and low living and labor costs make it an attractive free area for UAE business.
- The free zone's strategic location, close to the UAE's main shipping ports and Dubai and Sharjah international airports, contributes to its success.
The different licenses offered under UAQ free zone are –
- Commercial license
- General trading
- Industrial license
- Consultancy license
- Freelance permit and service license
2. Umm Al Quwain Mainland
- Starting an Umm Al Quwain mainland business is perfect, especially for multinational corporations, startups, and small and medium-sized enterprises as it offers an attractive investment climate.
- Companies will benefit from the cost-effective alternative of renting / leasing, development opportunities, and much more.
- Activities such as building, trading, and other common business sectors are booming in UAQ Mainland both locally and internationally.
- The UAQ Department of Economic Development stands for the issuance of the required business license according to consumer specifications and helps entrepreneurs to set up their own business here effectively.
- The UAQ Mainland, like every other Emirate, also provides corporate structures such as Joint Venture, Public and Private Joint Stock Corporation, Sole Proprietorship, Branch Office, LLC, and much more.
Different Types of Corporate Entities in Umm Al Quwain
For starting a company in Umm Al Quwain (UAQ), a suitable business model needs to be selected. There are numerous possibilities one can check. Here are the different corporate entities authorized under the UAQ.
1. Limited Liability Company
It is also known as an LLC and is the most favored system for forming companies. In this type, a minimum of two and a maximum of fifty partners are necessary for incorporation. Each partner shall be held liable only to the extent of its capital shares.
2. Partnership Company
Two or more partners are collectively responsible for all their resources in the company's commitments in this form of company arrangement.
3. Joint Venture
There are two or more investors in this form of a company set up to share benefits or losses in UAQ. And the business is restricted to the interaction between the partners that do not extend to others.
4. Public Joint Stock Corporation
The capital is split into shares of equal value in this type of structure. The partner shall be responsible only to the extent of its contribution to total cash; the allocation of capital for such an undertaking shall be at least 10 million dirhams.
5. Private Joint Stock Company
In this sort, at least three pioneering persons, those wholly subscribed by the founding capital, are required by the enterprise and are liable to the extent of their shares in the capital.
Procedure to Start a Company in UAQ
In Umm Al Quwain, the business setup is made more accessible via short authorization periods and low waiting periods. If you are looking for the UAQ business’s fast registration, here are the simple steps to start a company-
1. Select a Business Operation
The first and most important step for setting up a new company is to finalize the business operation, further leading to the completed license. For getting a business license, choosing an activity is necessary. One cannot run a company without obtaining a permit.
2. Office Space
All this step is about selecting a workspace. You can choose any place that suits you, and that is viable for your job. One may choose various workplace types that may include an office, warehouse, workshop, or property. Depending on what you want or need, whatever you want.
3. Fill out the Application Form
An application form must be completed and sent to the authorities here. You will be given an acknowledgment after submission. To further accelerate the business application process in Umm Al Quwain, an intimated fee must be paid.
4. Apply for a License
Apply for a business license after the fees are paid. Here one has to send the documents needed as demanded by the authorities. After you have obtained the consent, you will be able to apply for a residency visa quickly, and you can even open yourself a bank account.
Types of Business Licenses in UAQ
A multitude of licensing methods is available for a company in the UAQ. In UAQ, the type of business licenses are;
1. Commercial license
A commercial license holder can import, export, distribute, and store products and may have ten related or three distinct product lines.
2. General Trade License
A general trading license allows for trade-in various industries, except a few like tobacco, pharmaceutical, alcohol, and crude oil.
3. Consultancy License
Business organizations provide professional advice need to have a consultancy license
4. Micro Business License
If you don't require a physical office or a visa and your budget is limited, then the best alternative for you is the micro-business license
5. Freelance Permit
One can operate a business in their birth name with the help of a freelance permit. The claim is intended for people working in technology, media, and film, and is given to talent, creative, and selected administrative positions.
6. Service License
A service license allows for logistics, postal services, travel agency, and rental cars.
Advantages of Establishing a Business in Umm Al Quwain
Easy company setup procedures, advantageous tax regime, competitive rates come together to create a tough-to-beat environment. Here are a few advantages of starting a company in UAQ.
1. State-of-art infrastructure Incorporating the Future
The redevelopment plans confirmed in March 2019 will see UAQ become a sustainable industrial global nation ideally connected for startups and small and medium enterprises. If you are employed in logistics or outsourcing or setting up an R&D center, it has a lot to offer. UAQ is your new home, from fintech through to green energy.
2.Low-Cost Company Operation for Manufacturers and Business Mens
As far as the economy is booming, one will usually find that UAQ Free Trade Zone is an exciting choice that can save you large amounts of money without compromising quality. The quality and price are better than any other Emirate, right from trade license, office space to storage.
3. Business-Friendly Guidelines and Regulations
Thanks to the forward-thinking authority, many investor-friendly rules and regulations are eager to recruit startups to the UAQ Free Trade Region. Are any of them-
- No evidence of the capital necessary to start a company
- Easy paperwork
- Modern rules of business
4. Quick Business Incorporation
You can start-up in the UAQ Free Trade Zone by turning into its professionals and consultants’ network without thinking that you are making errors during the setup process. Before the development’s central locations are filled, you can also explore your company’s ideal location.
Our Business Setup Services in UAQ
In a foreign nation, it can be overwhelming to go through all those steps alone. Therefore it is recommended to get assistance from UAQ company formation experts. We are business setup consultants in UAQ at Commitbiz and can assist you with the following business setup services in UAQ:
- Company setup
- Company registration
- Local sponsorship
- Public Relations Officer (PRO) services
- Accounting and bookkeeping
- Tax consulting
- Value Added Tax (VAT) registration
- Legal advisory
- Setting up a branch office in UAQ
- Intellectual property protection
Commitbiz helps business people and organizations through company registration, incorporation, and legal advisory services to set up a UAQ company. Following UAE rules, our specialists take care of the banking, visa, legal, and licensing formalities. With your business ambitions at the core of our ecosystem, we support you through your company formation.
We're helping you establish your company in this thriving economy. It involves managing all the legal procedures to help your company gain a foothold, create open trade agreements, and use all its state-of-the-art amenities. Contact us for business setup services in UAQ. We would be happy to help.