Umm Al Quwain Free Trade Zone (UAQFTZ) is a popular free zone for its low business setup costs, investor friendly environment, and its location. It’s close to the primary seaports and an hour away from both Dubai and Sharjah Airport. UAQFTZ has simple and quick procedures, low cost leasing options and is mostly beneficial for freelancers, micro businesses and SMEs.
Benefits of setting up a company in UAQFTZ are:
- No personal and corporate tax
- Full company ownership
- No limit on repatriation of capital and profits
- Full import and export tax exemption
- No paid up share capital needed
- No currency restrictions
- Simple and fast registration process
- Office, warehouse and land available
- Ideal for SMEs and micro-businesses
- Close to two international airports and seaports
- A variety of business activities permitted
- No restrictions on hiring foreign employees
- Investor friendly legal framework
- Minimum documentation
UAQ FTZ has 5 different types of licenses to choose from:
- Commercial License: This authorizes the import, export, distribution and storing of items specified on the license. A Commercial License can have three different product lines or 10 similar product lines.
- Consultancy License: This is for entities which offer expert or professional advice and is issued to all manner of professionals including artisans and craftsmen. It allows two similar activities.
- General Trade License: This enables the licensee to trade in a wider range of activities and gives the freedom and flexibility to trade in any commodity which is permitted within the UAE.
- Industrial License: This enables the licensee to import raw materials, then manufacture/ process / assemble / package the specified products, and export the finished product. It allows the holder to import raw materials for the purpose of manufacturing, processing and/or assembly of specified products.
- Freelancer Permit: This allows an individual to operate as a freelance professional, and conduct business in one’s birth name as opposed to a brand name or company. The Freelance Permit is designed for individuals who operate in technology, media and film sectors, and is issued to talent roles, creative roles and selected administrative roles.
Three type of companies can be formed at UAQFTZ: Free Zone Establishment (FZE) for single shareholders, Free Zone Company (FZC) for two to fifty shareholders, and Branches of an existing company.Company formation and trade license costs start at AED 13,500 per year.
To find out the company formation costs according to your needs, please send an email to email@example.com with your queries. We will be happy to assist you.