How To Setup Business in Fujairah?
Fujairah is a flourishing emirate that has a great blend of traditional and modern cultural elements. A vibrant creative environment, world class dining and entertainment facilities, international standard hotels and recreational parks are key features of the commercial zone of Fujairah. As a result, many international businesses have established their business presence in Fujaira and many more have decided to set up their business premises in the city of Fujairah.
The entrepreneurial spirit that flourishes in Fujairah is further fueled by the presence of a number of highly skilled professionals. As a result, entrepreneurs are not at a loss to find business houses that can satisfy their requirements and cater to their tastes and preferences. There are numerous benefits to setup business in Fujairah.
The primary advantage of establishing a business in Fujairah is the availability of a free economy that encourages free enterprise. Under such an environment, business owners do not have to seek support from governmental bodies or ask for donations from citizens in order to establish their venture. They also have no fear of being fined or charged hefty tax payments. In addition, they do not have to worry about getting licenses as required by various jurisdictions. This is a major advantage as it provides a great market opportunity to business houses.
How to Start a Business in Fujairah Free Zone?
- Complete the business application form.
- Document the Business plan.
- Attach the copy of the existing trade license or registration certificate.
- Add colored passport photo copies of the company and the shareholder or the appointed Managers and Directors for the company.
The fourth advantage is that Fujairah enjoys good connectivity with a number of international cities. This is possible thanks to the presence of a number of airports that service flights from major cities around the world. The city has regular flights from London, Tokyo, Seoul, and Taipei. This means that business people need not invest too much on transportation costs when they visit these cities for business purposes.
Another advantage of business setup in Fujairah is the absence of a legal requirement for business houses to obtain a license before they can start selling their products and services in the open market. This means that there is no risk involved in case the business turns out to be a flop. A number of businessmen in Fujairah have reported a lot of success in Fujairah despite of having no business license in Fujairah or permits to operate their enterprise. However, they must take note that their success might have something to do with the business structure they have in place and might not be attributed to any lack of licensing.
The third advantage is that business houses are not required to rent office in Fujairah and pay rental fees in return for using commercial space. These fees, coupled with sales taxes, are very expensive for small businesses. On the other hand, commercial properties in Fujairah have a fixed rate of rent that business houses have to pay annually. This makes commercial real estate investment in Fujairah an attractive option for those who are looking to get into the business. Aside from this, there are no business obligations in Fujairah that business owners have to face in Fujairah for company setup.
Advantages of Setting Up Your Business in Fujairah
Top 3 categories of licenses issued in Dubai to register a company
Depending on the nature of the activity a business entity plans to undertake, license in one of these categories will be issued:
1. Commercial License – is issued to a company who will engage in any kind of trading activity.
2. Industrial License – is issued to a company who will engage in manufacturing or any industrial activity.
3. Professional License – is issued to service providers, professionals, artisans, and craftsmen.
The Dubai Economic Department for Business Development in Dubai is the government agency who is responsible for issuing Dubai company/Business licenses. This department operates from several locations to deliver licensing services in Duabi, UAE.
- The very first step in the process of incorporating a company in Dubai is getting an effective legal name for the business entity. One can choose any name for the company including the name of the company, its address, the name of its director and the management team, and many more. The legal name of the company must comply with the laws of the country where it is incorporated. An expert firm will help you choose the name of the company accordingly. Another factor that you need to take care of is that the name of the company should not be confusing.
- Once you have selected the name of the company, you have to get the ownership of the business. If you are not aware of how do I start an LLC in Dubai, this aspect is the responsibility of the firm that you have chosen to do the task for you. As far as the ownership of the business is concerned, you need to get in touch with an experienced business lawyer who will help you carry out the procedure legally. Once you are done with the process of incorporating the company in Dubai, you need to register it at the Companies Registry. You will have to provide all the details about the nature of the business, the owners and the type of trade that you undertake. All these details are mandatory and you need to submit them along with the application form in the database maintained by the Registry.
- After getting the registration of the company, you need to register the company. This process can be done online or by visiting the Companies Registry office in the city. You need to pay a nominal fee for the registration and you need to provide the latest contact information of the directors to the registry authorities. If you are still wondering how do I start an LLC in Dubai? then you need to know that all this entire process can be completed within three months from the time of filing the first set of forms.
- Now, you need to decide about the capitalization of the business. This decision depends on your requirements and the profit margins that you can get from the business. For instance, if you are running a small retail business, then you can start a limited liability company with a capital of only a few thousand dollars. However, if you are planning to set up a manufacturing business, then you need to have a business plan that will include figures regarding the investments, profits, losses, etc. That is the reason why it is necessary to have a well-written business plan before starting the business.
- The next step in the process of how do I start an LLC in Dubai is to find a name for your company. It is not mandatory to choose the name of the company when you apply for its registration. But, if you are going to establish a limited liability company, then you have to use the name of your company or brand. Again, you have to select a trademark that will be able to represent your company and its products. For instance, if you are dealing in the manufacturing of sports equipment, then you can choose the name of the brand or you can even purchase a trademark from the trademark department of the United States Patent and Trademark Office.
- After you have chosen the name of your company and trademark, you need to register the name. This is done by filing the appropriate paperwork with the concerned office. However, you must remember that even if your company name is already registered, it does not mean that the name cannot be changed anytime in the future. Therefore, you have to keep this factor in mind. Even if you have registered your company’s name, you should still check on it once in a while so that you can make the necessary changes as and when necessary.
- One important point that you have to consider when you want to set up an LLC in Dubai is the formation procedure. You will have to complete the set of procedures and formalities required to get a legal registered company up and running. In addition, you will also have to abide by certain laws, regulations and rules in order to become functional as a business unit. In order to deal with these requirements, it would be better if you seek help from a company that specializes in establishing a limited liability company in Dubai. You can discuss the details of the company’s formation with this company and you can also take a look at the services that they are offering to get the ball rolling.
The fifth advantage is that business formation in Fujairah can easily set up a number of departments. This is because the Fujairah has all the modern facilities that can help them in running their businesses more efficiently. This includes state-of-the-art business centers, high speed internet services, business centers, fax machines, and copiers. This advantage is especially beneficial to those who have several branches or offices in different places throughout the city. Business houses can easily set up business units in different locations in Fujairah.