Umm Al Quwain, one of the United Arab Emirates seven emirates, is where UAQ FTZ is located. It takes only 45 minutes from Dubai International Airport to the International Airport of Sharjah.
Umm Al Quwain is a friendly, forward-thinking, and successful emirate with a sound economy and cutting-edge infrastructure. This emirate is well known for its distinctive flora and fauna and desert terrain, and it is also quickly becoming a popular tourist destination in the United Arab Emirates.
It is becoming yet another significant economic centre for the nation despite being the second-smallest and least populous emirate in the United Arab Emirates.
Different Types Of Business Licences In UAQ FTZ
The UAQ free zone provides various business licences to run your business operations officially, which are as follows:
With this licence, businesses can run operations related to all forms of commerce; import, export, and re-export are permitted for different categories of products, including ready-made clothing, textiles, food, drinks, building materials, furniture, and many more.
General Trading Licence
Under this licence, businesses can trade all types of products, and certain services are permitted to be carried out. Which includes the export, re-export, import, storage, and distribution of goods. This provides you with the freedom to look into other business options without any limitations.
Under this licence, businesses can provide services related to consulting by a group or an individual. Which includes management consulting, human resource consultation services, accounting services, and IT-related consulting services.
This licence is for those who work as freelancers using their experience, specialities, or abilities. For instance, this permission can be obtained by musicians, photographers, event hosts, and performers to operate businesses without paying high startup fees.
Under this licence, an individual or a company can carry out operations related to industry services. This includes Importing raw materials, followed by producing, processing, assembling, and packaging the desired goods before exporting the final goods.
With the help of this licence, a group or an individual carries out specific services related to travel agencies, tour operators, car rentals, transportation, courier companies, and insurance.
Several Business Activities are offered by UAQ FTZ.
A broad variety of financial and professional firms are welcome in the Umm Al Quwain Free Trade Zone. The following are the business activities:
Travel and HR services
Import and Export services
Advertising and Marketing services
E-Commerce and Media services
Packaging and assembly services
Logistics and Transport services
Technology and Manufacturing services
Courier, bookkeeping, and Auditing services
Essential Advantages Offered By The UAQ Free Trade Zone
The following are the essential benefits offered by UAQ's free trade zone to businesses:
No personal or corporate tax charges
100% foreign ownership
Simple and quick registration procedure.
0% duty charge on imports and exports
100% of the money and profits are returned.
There are no currency limitations.
Offers a wide range of business activities
There are no share capital needs.
Availability of warehouses, office space, and land
located near two international airports along with important seaports.
With favourable laws for investors
No restrictions exist on hiring foreign personnel.
Mandatory Documents For Company Setup
The latest lists of documents required for the company set in the UAQ free trade zone are:
A filled application form
The passport copies of owners, directors, and shareholders
The address proof of the owner or manager.
Printouts of each shareholder’s and corporate officer’s visas
A passport-sized photograph of each shareholder and executive
Utility bill from the previous 90 days for each shareholder and corporate executive.
Memorandum and article of association
Board resolution authority
A declaration of incorporation
A NOC from the sponsor is required if a foreign shareholder has an active UAE resident visa.
Procedure For Company Setup in the UAQ Free Trade Zone
There are a few procedures you need to consider for a company set up in UAQ FTZ, as follows:
The Business Activity And Entity
Choosing the entity and licence that best suits your company's needs is the first step in launching your UAQ-free zone business. There are several business activities offered by UAQ FTZ from which you can choose and start operating, as mentioned above.
The choice of a company's organisation is influenced by a variety of variables, such as your budget and the number of shareholders.
The Business Name And Obtain A Licence
Select the business name after considering the business activity, as it will represent your business. It should be unique and not taken from existing firms; also, make sure it follows all the Department of Economic Development guidelines.
You must pick the proper licence and apply if you want to launch your business properly in Dubai. For instance, certain types of firms need prior approval from particular departments.
A Corporate Bank Account
Lastly, to properly perform commercial activities, Create a corporate bank account to conduct domestic or international transactions. Submit and review all your documents.
For foreign investors, it might be a little challenging to open an account; try to reach out to bank experts who will guide you throughout the process.
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