Business Setup in Fujairah
Fujairah is the only emirate to be located on the eastern side of the UAE (Gulf of Oman), and has, therefore, a distinct advantage as compared to other 6 emirates situated along the Arabian Gulf. Fujairah is well-connected to other major cities in the UAE, like Dubai, Sharjah and Abu Dhabi, making it an ideal business hub.
In over 2 decades, the business in Fujairah has grown manifold with the influx of cross-border investors from the Gulf Cooperation Council (GCC) countries, Africa, India, USA, Europe, West Asia, and China investing in manufacturing, logistics, processing, trading, and assembling, because of the latest technology and resources available in the region.
Benefits of Setting Up a Business in Fujairah
- Fujairah has liberal economic policies and legal framework.
- The procedures for staffing and recruitment in Fujairah are simple.
- The emirate has advanced infrastructure and efficient communication facilities at a relatively inexpensive cost.
- Fujairah supports sponsorship and visas for an affordable skilled workforce.
- The free zones in Fujairah provide for 100% foreign ownership, exemption for import/export duties, and full repatriation of capital/profits.
Business Licenses Issued in Fujairah
For company formation in Fujairah, one needs to obtain a business license. Business licenses can be issued within a working day in one of the following categories:
General Trading License
A general trading license is a little costlier compared to other licenses as it allows investors to trade in all kinds of products. It authorizes free import, export, and re-export of specified commodities in and outside UAE. Additionally, it allows investors to avail of special permission for local distribution from relevant Government departments to continue hassle-free operations in a free zone.
Specified products subject to the regulations of the license issuing authority can be traded using this license.
Firms offering services like accounting firms, law firms or individual practitioners, and business consultants are issued a service license.
An industrial license permits a license holder to import raw materials, manufacture stated products, and export finished product to any country.
With a warehousing license, investors can avail warehousing facilities on lease and use the warehouse for storage, packaging, and distribution of goods.
A manufacturing license can be obtained only after a project is approved by a free zone authority, implemented, and fully insured for manpower and machinery. Further, the approval for a manufacturing license is subject to:
- Built-up area and open space of the project
- Electricity, water and manpower supplies
- Environmental aspects related to the project
Process of Business Setup in Fujairah
- Determine the type of business activity and a location that is best suited for your company setup.
- Prepare a detailed plan for the business operations.
- Select company name and reserve it with the Company Registrar.
- Set up the infrastructure and hire the required staff.
- Deposit the mandatory capital amount, depending upon your company type and business activity, in the bank.
- Complete the business registration and licensing requirements.
- Get the shareholders to sign the company formation documents in the presence of government authorities.