Umm Al Quwain Free Trade Zone Company Formation
Umm Al Quwain Free Trade Zone Company Formation (UAQFTZ)
Advantages of Business Setup in Umm Al Quwain Free Trade Zone:
• Umm Al Quwain Free Trade Zone is completely free from direct taxes.
• It allows to have a complete foreign ownership.
• It permits to fully repatriate the profits and capital.
• There is no restriction on recruiting employees from any country.
• There is no requirement of minimum share capital or share capital at all.
• There are several alternatives in terms of business spaces based on costs and requirements.
• The registration process is easier and quicker.
• There is no requirement of visa deposit.
• There is no requirement of audit report.
Types of Licenses in Umm Al Quwain Free Trade Zone:
Service License- This is a license for providing service-based activities. This may include agency, logistics, car services and more.
Commercial License- This license helps in allowing import, export, and other trading related activities to take place in a business. Storage of products with similar or different product lines are also considered under this license.
Consultancy License- Any firm, company or a professional individual who is willing to provide consultancy services must have this license.
Freelance Permit- Any creatives or people associated with fields like media, arts, technology and more who are willing to run a freelance business needs to have this license. This allows them to do the trade.
General Trading License- This trading license is extremely diverse in its own terms. Any activity ranging from alcohol to pharmaceuticals can be considered under this.
Micro Business License- If you wish to go for a trial and do not aim to have an office or large setups then this license is perfect for you. It supports micro businesses and helps them flourish accordingly.
List of Business Categories Permitted in UAQFTZ:
Business activities in Umm Al Quwain depends on the license which can be taken depending upon your business requirement. These licenses allow different number of activities each. Common number of activities by each license is 3 if the activities are unrelated to each other.
Step by Step guide to setting up a company and documents required for the same:
Step 1: Clarification of the business activity- The first and the foremost step includes jotting down the scope of business activities. After the clarification, you can go through the suitable requirements to acquire a license.
Step 2: Selection of workplace and location- The second can be easily decided if the first step is quite clear. Choose a practical and strategic location for your business activity and go for suitable official spaces.
Step 3: Hiring manager for further execution- In case your business is large scale or on an industrial level, then you will have to hire a manager to make it easier and smooth. Make sure to have a passport copy of manager and their address proof.
Step 4: Submission of Application- The fourth step is to submit the application to the official authority with all the necessary documents required. After this you will need to pay the invoice amount for further procedure.
Step 5: Licensing and Visa for residency- The final and the fifth step includes obtaining the license based on your business category. As soon as you receive the license, you are eligible to apply for the residential visa.
Basic documents that are required are listed below.
Documents For UAQFTZ:
All the required documents can be divided into three distinct categories-
Proof for the registration of trademark.
Initial approval proof.
Resume or CV of the Manager.
Filled up form with personal information.
Documents for the agreement of the lease.
Notarized and attested power of attorney.
Approval fees in terms with the 3rd party.
Documents required for corporate shareholder:
Attested and notarized MOA or AOA.
In the presence of the board of directors in the country itself that is UAE, a board resolution should be resolute.
Attested Certificate of registration by UAE Embassy and of Incorporation.
Documents required for foreign company owners:
The Incorporation Certificate.
Memorandum of Association and Articles of Association.
Board Resolution or Shareholders that are going to launch the company.
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