There are different places in the United Arab Emirates that are good for setting up your business, and the Umm Al Quwain (UAQ) free zone is one of them. Detailed here, how to register a business in UAQ Free Zone.
We cannot overemphasize how gainful the location is for setting up your business and for trading, because it is strategically located near the Umm Al Quwain seaport, and is an hour’s drive from Sharjah International Airport and also Dubai International Airport.
The geographical location of the UAQ free zone makes it come with a plethora of opportunities for startups.
Management of the free zone is by the Umm Al Quwain FreeZone Authority, and they have support from the Umm Al Quwain government. They are authorised to facilitate the incorporation of companies via the issuance of trade licenses.
A lot of the companies in the UAQ freezone are mainly exporters and importers. By setting up a business in the UAQ free zone, business owners will get better access to the rest of the world, and that is due to the fact that there is improved access to transportation services in the region.
Advantages of starting business in the UAQ Free Zone
There are several benefits that come with setting up a business in the UAQ freezone, some of which include:
- Seamless registration and incorporation
- Quick processes
- Complete exemption from personal and corporate tax
- Companies have the ability to start with no stated minimum capital requirement
- The rules and regulations are friendly for the investors
- There is a 100% retention of profits and capital for the company.
- The available leasing option is made to be user-friendly, and a foreigner can totally own a company because there is a 100% foreign ownership option
- The seaport authorities that are located at the UAQ free zone, usually offer the trading companies a concession.
- The staff or employees of your company will not be required to have their visas deposited when they join
- The government is supportive of every legal business activity and is particularly interested in the success of micro businesses and SMEs.
When registering a new company at the UAQ free zone, it is important to note that there are different types of licenses that can be applied for. According to the different rules and regulations put down by the UAQ free zone authority, it is imperative that new businesses acquire licenses that are in accordance with the particular business they intend to register. It is also important to know that the fees differ from each other.
The various types of licenses in UAQ Free Zone:
There are two types of trading licenses:
This license is usually to authorize a wider range of trading prospects. For example, a company that obtains this license will be able to get involved in different types of trading products, except crude oil, alcohol, tobacco, and pharmaceuticals.
This is usually an authorization to deal with the commodities that are mentioned within the license. The license allows the business to carry out trades in 10 product lines that are similar, or 3 varying product lines.
Freelancers are not left out of the opportunities that present themselves at the UAQ free zone; however, it is imperative that a freelancer gets a freelance permit license before they can function as freelancers.
With the license, the freelancers will be able to have better freelancing activities and earn better. When the permit is being issued, it takes into consideration those people who function in the technology sector, film and photography sector, talent, and creative roles.
This license is specifically for people who provide one form of professional service or another, for consumers and businesses. This license covers every professional, including lawyers, teachers, artisans, etc.
- Premium Consultancy License
This type of license is issued to agencies that are involved in businesses like oil and gas engineering, tourism, real estate, aviation, legal, and financial investment consultants.
For a company looking to provide services such as bike and car rentals, transport and logistics, tourism services, end every other related service, it is imperative that they get this license.
Steps to register your business in the UAQ Free Zone
There are different steps to get your business registered in the UAQ free zone, and these steps include:
- Identify the License Type
The first step is to know and decide what type of license you should opt for, and that decision is dependent on the type of business activity you intend to carry out. It is important to know that the requirements for the different types of business licenses vary, and so does the cost too.
- Choose the Appropriate Business Entity
Please note that there are three different entities in Umm Al Quwain, and they include:
This is intended for people who are intending to set up a branch of a company that is already in existence.
This is specifically for companies that have between 2 and 50 shareholders; hence the entity they can choose is referred to as free zone company (FZC)
This is for small companies that have just one shareholder.
- Prepare the Required Facilities
It is important to take the facilities into consideration, and identify where the and how the company office will be, the land that will be suitable for the warehouses, the business, and every other parameter that t is important and required to facilitate the business.
After going through the aforementioned steps, you should ensure that you have all the required documents prepared and then submitted to the appropriate authorities for documentation and verifications.
When you are submitting the documents, the appropriate authorities will send you a notification, prompting you to make payments via their payment plans and platforms.
If you have meticulously gone through the different steps mentioned above, and have gotten your documents verified, with the payments made, then the UAQ free zone authority issues the license to you, and then you can begin your business.
There are other pressing needs that need to be attended to by you; hence, it may not be easy to keep up with the process, hence, it is recommended that you get business setup experts to help you with the processes. Your business has the ability to get access to various parts of the world if you register your company in the Umm Al Quwain free zone. At AYS Consultancy, we go the extra mile to ensure that our clients get the best business setup services, and thus face no difficulties with having their businesses set up. Any business that intends to thrive in the UAQ free zone needs to go through due process in order to come up successfully, and the first step at achieving that success is by having your company and business registered with the appropriate licenses. Do not hesitate to reach out to us, and let us help you achieve a seamless transition from a business idea to a licensed and registered business. The UAQ free zone has a lot of prospects for businesses, and your business should benefit from them too.