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Established in 2014, the UAQ FTZ is governed by an autonomous body in Umm Al Quwain, which is responsible for issuing business licenses. Its reputation amongst international investors has significantly improved due to its innovative administration and adaptable licensing options.
The UAQ FTZ provides an array of essential benefits, including zero corporate and personal taxation, complete business ownership, full repatriation of capital and earnings, unrestricted currency usage, and tax exemption on imports and exports made within the free zone.
Additionally, the UAQ FTZ provides its entrepreneurs with a unique set of benefits that distinguish it from other free zones in the country. Entrepreneurs who are considering the various options available to them in free zones may find these benefits advantageous in determining whether the UAQ FTZ is the ideal location for their business.
1. An Easy Process for Incorporation
Those entrepreneurs who wish to establish a business in Umm Al Quwain do not need to provide any share capital or details of the history or experience of shareholders and owners before they can open a business there.
In addition, there is some reassuring information for business owners who break out in a cold sweat anytime the term “audit” is mentioned: there is no requirement for an annual audit. You will still need to keep accurate records, but you won’t have to worry about being audited, which may be time-consuming and cause some people to feel minor anxiety. In reality, there is little documentation involved throughout the incorporation process; a formal business plan is not even required.
2. Fast and Easy Company Formation Process
One of the significant benefits of the Umm Al Quwain Free Zone is that it allows entrepreneurs to go from the dream to the goal quickly. Business owners in Umm Al Quwain can move quickly and easily from idea to reality with the help of the free zone.
Not only is it possible for business owners to open up a business in the Umm Al Quwain Free Zone without ever having to set foot in the United Arab Emirates (UAE), but it also takes only two to three days for a new company to be formed in this free zone. A business idea may be turned into a functioning company in less than a week, which is a feat that can be accomplished in only a handful of other areas around the globe.
3. The Free Zone is Strategically Located
There is no question that the strategic position of the Umm Al Quwain Free Zone is one of the most critical factors contributing to its success. It is strategically located to take advantage of the vast Middle Eastern and North African (MENA) market, the subcontinent, the Far East, and Europe, all of which have billions of potential consumers.
Benefiting greatly from its proximity to the E11 and Sheikh Mohammed Bin Zayed Road, the city of Dubai and the Dubai International Airport (as well as the Sharjah International Airport) can be reached in under an hour by car. A number of the United Arab Emirates’ most essential seaports are conveniently located close to the Umm Al Quwain Free Zone.
4. Various Licensing Options are Available
The variety of licenses available in the Umm Al Quwain Free Zone is also appealing to entrepreneurs wishing to set up business in the United Arab Emirates.
Entrepreneurs in Umm al Quwain can establish a company with a wide variety of business licenses; at the free zone, you can register your business as a commercial or industrial enterprise or as a consultant, service provider, independent contractor, or small enterprise. Businesses can import, export, and keep items for sale and trade in other free zones or outside the UAE if they have a commercial license that authorizes them.
Unlike commercial licenses’, industrial licenses allow for the import of raw materials that will ultimately be used in the production, assembly, and packaging of finished goods for export.
However, organizations that have obtained consultancy licenses are legally permitted to provide specialized assistance to various industries, including the creative and performing arts. It is not impossible to mix consulting and commercial trade under the umbrella of a single license holder. Like consultancy licenses, service licenses authorize the holder to provide services in a particular industry. These industries can range from logistics and insurance to travel and automobile rental.
5. Open to a Variety of Industries
The advantages of industry-specific free zones are frequently cited by experts and with good cause. After all, there are many advantages to working in close proximity to other specialists in your profession. But that doesn’t mean setting up business in a free zone that welcomes enterprises from various sectors is always wrong. As the Umm Al Quwain Free Zone demonstrates, there are just as many benefits.
There are minimal restrictions on the types of enterprises that can make use of the perks offered by the Umm Al Quwain Free Zone because it is open to companies operating in a wide variety of sectors, including the service, commercial, trade, manufacturing, technology, media, arts, insurance, and travel industries. Together, these factors create a one-of-a-kind, cooperative work setting in which business owners from various sectors may teach, learn from, and collaborate, bringing with them and putting to use insights and practices from their respective professions.
6. An Ideal Location for Entrepreneurs and Small Businesses
There is a synergy between some of these perks that provides tremendous value to small businesses and sole proprietors operating on limited resources. Businesses can save time and money by getting their licenses processed in a matter of days without requiring their owners to be physically present in the United Arab Emirates.
Because the Umm Al Quwain Free Zone grants freelancing permits and micro business licenses, business owners can avoid the high expenditures of incorporating a company, applying for a business license (in the case of freelancers), and leasing office space by avoiding the need to maintain a physical presence within the free zone.
Furthermore, business owners in the Umm Al Quwain Free Zone can start a second venture without first obtaining a “No Objection Certificate” (NOC) from their current sponsor. A freelance permit provides an excellent stepping stone to the many opportunities available to free zone businesses, and it may be modified quickly as the business expands.
7. An array of State-of-the-art Facilities
The Umm Al Quwain Free Zone has some of the region’s most cutting-edge machinery, office and storage areas, and transport options. In addition, if anything new and more sophisticated enters the market, they immediately improve the quality of the services they provide and the spaces in which they operate.
Company Formation in Umm Al Quwain Free Zone
What should you do now that you’ve been convinced of the many advantages of locating your company in the Umm Al Quwain Free Zone? A lengthy process must be completed, with some of the steps being more difficult than others. Choosing what kind of business activity you want to pursue is always the first step. From this point on, you will be required to choose a name for your company, complete the necessary paperwork for your registration and submit it to the appropriate authorities, establish a bank account, and apply for any visas that may be necessary.
If you are thinking about establishing a business in the Umm Al Quwain free zone, it may be beneficial to seek the advice of an authorized company formation specialist. This will allow you to breeze through the procedures of incorporating your business and registering it with the authorities. ExpressPRO can provide experts who can assist you throughout the procedure if you are looking for a business consultant. Please contact us as soon as possible if you are interested in using this service, even if it is just for some kind of advice.
