Business Setup in Fujairah Free Zone
The International Free Zone Authority (IFZA), located near the Port of Fujairah, has become a significant investment destination in the UAE’s booming economy. Business setup in Fujairah free zone is a beneficial option for many investors. All of the Arabian Gulf ports are easily accessible, as are the expanding markets of Iran, India, and Pakistan. IFZA is also adjacent to Fujairah International Airport. The free zone’s benefits, such as its strategic position, proximity to the world’s major shipping routes, port and airport, and streamlined processes, make it a perfect site for establishing a business in Fujairah.
The IFZA Fujairah free zone offers offices, warehouses, residential apartments, hotels, and retail outlets. They give their investors the lowest prices and the most superficial criteria and processes for starting a business. Thus, IFZA is the best site for any entrepreneur to launch a firm.
Advantages of Business Setup in Fujairah Free Zone
- Corporations and individuals are free from all income and corporation taxes.
- There are no limits on foreign currencies.
- There is no requirement for a minimum share capital.
- Foreign ownership is 100 percent.
- The most cost-effective way to start a business is to incorporate it.
- Low-cost setup
- Sea, land, and air access to adjacent and worldwide markets
- Capital and earnings are fully repatriated.
- There is no necessity for a physical office.
- Capacity to form a holding company
- Companies have a limited amount of responsibility.
Process for Business Setup in Fujairah Free Zone
With so many advantages, forming a company in the Fujairah Free Zone is a simple procedure. The procedure is majorly completed online. Once all the paperwork has been filed, it takes about 10-12 days for the officials to accept your business registration. The procedure is as follows:
- Obtain preliminary clearance from the Municipality of Fujairah Free Zone for the name and activity. It’s essential to remember that the name shouldn’t be too similar to that of an existing business.
- If the activity is unique, get authorization from the relevant Ministry or Department.
- Make a Memorandum of Association for the firm and get it notarized by the courts.
- Banks must provide a capital contribution certificate for cash shares and an auditor’s certificate for both cash and kind shares.
- To the Municipality, submit the application form and initial approval, as well as a notarized copy of the Memorandum of Association, capital certificate, tenancy contract, and so on.
- The Company name will be listed in the Commercial Register. Its Memorandum of Association will be published in the Ministry of Economy Bulletin after being scrutinized by the legal department. The license will, after that, be issued by the Municipality.
Why Setup Your Business in Fujairah Free Zone?
Apart from the advantages mentioned above, IFZA has to provide a slew of others, such as lower tariff rates, lower overhead expenses, and a faster start-up time. Business setup in Fujairah free zone allows the investor and dependents to migrate to the UAE with an investor visa. UAE can give a business license in as little as 4-5 working days, provided all of the required paperwork is presented by the authority’s regulations.