Fujairah is a Middle Eastern emirate with a long history. The desert does not cover the terrain of Fujairah. There are several prospects for businesses to establish themselves in Fujairah. On the Fujairah mainland, many companies such as vendors for dried fruits, carpets, and other types of Chinese items are offered.
When it comes to the procedure of business registration in Fujairah, the Fujairah municipality is the primary body that aids in the development of all types of chances. Aside from that, there is the Fujairah Free Trade Zone, which was created by royal order in 1987. The major aim of establishing this zone is to increase foreign investment in the nation.
This free trade zone region draws a variety of industries, including the manufacturing, textile, and steel sectors. This free zone spans over 3 million square meters. Aside from that, Fujairah has distinct storage facilities for enterprises to conduct various types of business.
Solar systems, plates, drilling equipment, construction equipment, industrial ladders, maritime engineering, and shipping services are some of the typical sectors that grow in this emirate. Other types of items are also made in Fujairah. It is the sixth biggest emirate in the United Arab Emirates. As a result, it is a popular location for business formation.
Procedure for Company Registration in Fujairah
Starting a company in Fujairah is a streamlined process, consisting of six essential steps:
- Acquire Main Clearance for Business Name and Activity: Choose a distinct name for your company and specify the scope of your operations. The primary approval will be granted by the Fujairah Municipality.
- Obtain authorization from the appropriate ministry: Permission from the relevant Ministry/Department is required for firms having distinctive characteristics.
- Prepare a Memorandum of Association: Prepare and notarise the Memorandum of Association (MOA) for your firm.
- Obtain Capital Contribution and Auditor’s Certifications: A bank can provide the Capital Contribution certificate for cash shares, however, the Auditor’s Certificate is necessary for both cash and kind shares.
- Fill out Applications and All Required Documents: Make sure your memorandum of Association, tenancy contract, capital certificate, and other essential documents are notarized and presented to the municipality.
- Acquire the Business License: Your business license will be issued by the Municipality once your trade name has been approved and registered in the Commercial Register.
Documents Required for Company Formation in Fujairah
You will need to give the following documents to permit the formation of your company in Fujairah:
- A current business license as well as a trade name certificate
- A Business Plan
- The Embassy’s Articles of Association
- A resolution by the Company’s Board of Directors Proof of Memorandum of Association
- Passport Size Photographs
- Passport copies and personal information for investors and shareholders
- The required minimum capital amount deposited in the bank
Types of Business Licenses Available in Fujairah
When establishing a company in Fujairah, you have to apply for the necessary business licence. The type of licence you choose is determined by your company’s activity. The following are the many sorts of licences that are available.
- General Trading License: This licence permits investors to deal in a wide range of items, allowing for the unfettered import, export, and re-export of designated commodities both within and outside the UAE. While this license is slightly more expensive, it offers extensive trading capabilities.
- Industrial License: A corporation with an industrial licence can import raw materials, create products, and export completed items to worldwide markets. This licence is required for Fujairah manufacturing enterprises.
- Service License: This licence is appropriate for service-based enterprises such as accounting firms, legal firms, and business consultants. It encompasses a wide variety of professional services and is crucial for service-oriented businesses.
- Warehousing License: This licence is required if your company requires warehouse facilities. It allows you to lease a warehouse for storing, packing, and delivering goods.
- Trading/Commercial License: This license is specific to trading in certain products, determined by the licensing authority’s regulations. OnDemand International can assist in the application process for a Fujairah trade license, ensuring compliance with the specific product categories.
- Manufacturing License: For companies engaged in manufacturing activities, this license is essential. To obtain it, your project must be approved by the Free Zone Authority, implemented, and fully insured for human resources and machinery.
Advantages of Starting a Business in Fujairah
Here are the list of benefits of Setting up a company in Fujairah:
- Proximity to large ports and an international airport, enabling logistics and trade
- Government measures that are beneficial to investors and promote corporate growth
- There is no income tax, allowing firms to maximize earnings.
- Staffing and recruitment procedures have been simplified.
- Visa sponsorship assistance, as well as labour management simplification
- Freedom from currency limitations for firm creation
- Renting office space with flexibility, ensuring cost-effective operations
- The availability of two Free Zones that provide specific solutions for various sectors.
- There is no yearly auditing requirement, which reduces financial burdens.
Eligibility Criteria for Company Registration in Fujairah
Some of the eligibility criteria for company registration in Fujairah that entrepreneurs must know are:
- At least one shareholder: In Fujairah, a firm must have at least one shareholder. A shareholder can be either an individual or a corporation.
- A Trade License: All firms operating in Fujairah must have a trade licence. The Fujairah Department of Economic Development can provide you with a trading licence.
- At least one director: A minimum of one director is required to manage the company. The director can be a shareholder or a third party.
- A physical office: A physical office is required for all companies registered in Fujairah. The office does not need to be large, but it must be a legitimate business address.
- A minimum capital: The minimum capital required for company formation in Fujairah varies depending on the type of business activity. A general trade business, for example, needs a minimum capital of AED 300,000, but a manufacturing firm needs a minimum capital of AED 500,000.
Fujairah presents a wealth of opportunities for entrepreneurs and investors looking to establish a successful business in the UAE. It is an appealing destination due to its strategic position, favourable tax environment, and business-friendly policies. However, negotiating the complexities of business registration may be difficult. This is where OnDemand International may be a valuable resource. Our team of experts specializes in company formation and registration in Fujairah, guiding you through every step of the process. We offer a smooth and effective registration process, from legal structure selection to getting the essential licences and permissions.
By choosing OnDemand International, you gain access to:
- Expert Guidance: Profit from our in-depth understanding of the Fujairah business landscape and laws.
- Streamlined Process: We make the registration procedure easier for you, saving you time and effort.
- Compliance Assurance: You may be confident that your company will follow all legal standards.
- Ongoing Support: Our assistance does not end with registration. We provide ongoing assistance to help your business thrive.
Fujairah’s business creation procedure is generally swift and efficient, often requiring 2 to 4 weeks.
Yes, if you establish a firm in Fujairah, you may obtain a resident visa for yourself and your family. The sort of residence visa you are qualified for will be determined by the nature of your business and your function within it.
Yes, you may set up a virtual office in Fujairah for your business. This is an excellent choice for companies who do not require real office space in the UAE.