Umm Al Quwain free zone is an immensely gainful location for a business located near the seaport of Umm Al Quwain. Umm Al Quwain (UAQ) free zone is an hour’s drive from Dubai International Airport as well as Sharjah International Airport, and is an ideal place for trading and setting up your business in the UAE. Owing to its strategic geographical location, UAQ free zone has a lot of opportunities and perks for young business enthusiasts and emerging entrepreneurs.
Umm Al Quwain Free Zone Authority manages the free zone, supported by the Umm Al Quwain government which authorizes it to incorporate companies with trade license. The companies which exist at present in UAQ free trade zone are involved mainly in exporting and importing activities. If you set up your business in UAQ free zone you have easy access to the rest of the world due to the transportation facilities available in the region.
ADVANTAGES OF BUSINESS SETUP IN UMM AL QUWAIN FREE ZONE
Umm Al Quwain free trade zone provides the following business perks for companies:
- Quick and easy registration and incorporation
- Total exemption from corporate and personal tax
- Freedom to hire foreign employees
- Companies can start with no minimum capital requirement
- Friendly rules and regulation for investors
- 100% retention of capital and profits earned by the company
- Easy company registration process and flexible rules for company registration in UAQ
- Leasing option is user-friendly, and 100% foreign ownership of the company is allowed
- Seaport authorities at the Umm Al Quwain free zone provide a concession for trading companies
- Employees or other staff of a company need not deposit their visa at the time of joining
- Supportive government for all legal business activities especially for SMEs and micro-businesses
UMM AL QUWAIN FREE ZONE LICENSE TYPES
UAQ free zone authority encourages all types of legal business activities in the free zone region but every business company needs to obtain a type of trade license in accordance with the business they are involved in. Umm Al Quwain free zone license fee can differ from license to license. UAQ free zone has certain types of licenses for different types of business activities:
A trade license is further divided into 2 categories: commercial license and general trading license.
- Commercial License: This license gives one access to deal in commodities which are specified in the license. The dealer can handle and trade in 3 different product lines or 10 similar product lines, as authorized in the license.
- General Trading License: This type of license grants authorization to much wider trading prospects and more number of product lines for a business. A business that has a general trading license can indulge in almost all trading products except for tobacco, alcohol, pharmaceuticals and crude oil.
People who offer professional services for other businesses and consumers can go for a consultancy license in Umm Al Quwain FTZ. This type of license is a real benefit for all type of professionals like artisans, teachers and lawyers.
3.Premium Consultancy License
Agencies like real estate, tourism, oil & gas engineering, aviation, financial, legal, and investment consultants can carry out their professional activities by getting a premium consultancy license.
UAQ free zone also provides a business opportunity to freelancers by issuing a freelance permit license. This helps freelancers carry out their business and professional activities and earn a living. A freelance permit is designed taking into consideration individuals who operate in the media and film sector, technology sector, creative, and talent roles.
A service license allows a company to provide services like car and bike rentals, tourism service, transport and logistics, or any other service mentioned in the license.
UMM AL QUWAIN FREE ZONE LICENSE FEE
|License Type||New License Cost||License Renewal Cost||Installment Option (Starting)||Visa Requirement|
|Trading||AED 35,000||AED 30,500||AED 3,500||3 visas|
|Consultancy||AED 28,000||AED 23,500||AED 2,500||2 visas|
|Premium Consultancy||AED 40,000||AED 35,500||AED 4,000||3 visas|
|Freelance||AED 28,000||AED 23,500||AED 2,500||2 visas|
|Service||AED 21,000||AED 17,500||AED 2,000|
*All the license fees are subject to 5% Value Added Tax (VAT).
STEPS TO GET YOUR BUSINESS LICENSE IN UAQ FREE ZONE
1.Determine the Type of License
First and foremost, decide which type of license, depending upon the business activity you would be carrying out, to avail. The requirement for each type of business license is different and so is the cost.
2.Choose the Business Entity
There are three types of entities available in Umm Al Quwain Free Zone:
- Free Zone Establishment: Small companies that have a single shareholder can go with a free zone establishment (FZE) as the entity
- Free Zone Company: Bigger companies that have 2 to 50 shareholders can choose a free zone company (FZC) as the entity
- Existing Company: The third option would be choosing to set up a branch of an existing company
3.Choose the Required Facilities
Decide upon the company office, land suitable for the business, warehouses and other amenities that may be required for the business.
4.Submit the Required Documents
After deciding on the aforementioned, the next step would be to collect all the documents and submitting them to the authorities.
5.Payment the License Fee
While submitting the documents, the authorities will notify you where and when to make the required payment.
6.Collect the License and Start your Business
After all the documents have been verified and payments have been made, the UAQ free zone authority will issue your license and you can start your business operation.
Your business can gain an easy access to different markets around the world if you are likely to set up your business in Umm Al Quwain Free Zone. Our team of professionals can help you with starting your company. We at Commitbiz make sure that our clients face no difficulties in setting up their business or acquiring their business license. Every business has the potential to reach the moon if started properly. Contact us for any queries or guidance on setting up your business in Umm Al Quwain – we’ll be glad to assist.