Company formation in free zones of Fujairah emirate
Fujairah is the youngest emirate of the UAE, which was originally a part of the emirate of Sharjah. Fujairah's independence was recognized in 1952, and it joined the UAE on December 2, 1972. This emirate is located in the east of the Arabian Peninsula and is washed by the waters of the Gulf of Oman. It is the fifth largest emirate by the territory and the sixth largest emirate by population.
The emirate does not have significant reserves of oil and minerals. But there is a dynamically developing seaport, which is one of the key trade harbors of the region. Most companies in Fujairah conduct trading operations exactly through this port. Fujairah port is the only large port of the UAE in the Arabian Sea and the second largest fuel bunkering center in the world after Singapore.
There are three free zones in Fujairah: Fujairah Media Free Zone for media companies and companies working in the field of mass communications, Fujairah Free Zone for various sectors of the economy and International Free Zone Authority, which is preferred by construction companies in Fujairah. All this free zones help attract foreign capital in the banking, service, trade, and other fields of economy.
In addition to tourism and trade, the main sectors of the economy of the emirate are also agriculture, fisheries, mining, and construction. Thanks to giants such as Al Fujairah National Insurance Company, the insurance and banking sectors are also actively developing.
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Fujairah free zone company formation: features
Thanks to the amazing fusion of traditional values and modern technology, Fujairah offers high quality services comparable to the most developed countries in the world. Today, hundreds of international companies and local firms of various industries, including market leaders such as Fujairah National Construction Co LLC, are registered on the territory of this emirate.
A foreign investor can register here a company of the following types:
- Free Zone Establishment - this type of company is suitable if there is only one individual owner.
- Free Zone Limited Liability Company – it should be selected if there are 2 or more owners. Owners may be both individuals and legal entities;
- Local Branch – a branch of a previously registered local company;
- Foreign Branch – also a branch, but of a company that was registered outside the country.
Fujairah free zone companies of such types can by 100% owned by foreign citizens without participation of local partner.
The recommended minimum authorized capital is different for each zone and can reach up to 150,000 dirhams. The authorized capital can only be declared by the documents of the company without a requirement for mandatory payment. Due to such simplified requirements for authorized capital, Fujairah companies list is annually replenished with hundreds of companies.
The type of available licenses also depends on the free zone you select. Fujairah Media Free Zone offers only service license, while the other two zones offer a wide selection of licenses including Fujairah general trading license, consultancy license and others. All licenses are issued for one year with the right to renew.
The shareholder of the company can be both an individual and a legal entity, a resident of any jurisdiction. The director of the company can be an individual with residence in any jurisdiction.
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The advantages of opening a company in Fujairah free zones
Fujairah free zone company formation ensures the investor with many advantages for business development. Firstly, it is an excellent infrastructure with a wide selection of premises and production facilities:
- Trade offices - commercial premises that can be rented for all necessary trading operations with different goods. The minimum area is 35 square meters. Fujairah free zone authority provides full assistance to the investor in the selection and rental of premises.
- Warehouses - units of various sizes that can be leased for storage of various goods, as well as for general trade. After Fujairah free zone company registration investors can use facilities of their warehouse to become a large distribution center of any permitted goods in the region.
- Production capacities - investors can rent construction and production equipment adapted to their requirements, with an open area for production purposes. They can also use the services of contracting companies in Fujairah.
- Business Hub - hub with the area of 1000 square meters that meets all the needs of investors. It contains conference rooms and furnished trading offices, in addition offering a restaurant where investors can relax and make a business deal in a favorable atmosphere.
Fujairah free zone company setup allows entrepreneurs to use the port to its full potential and benefit from the geographical location of the Emirate at the crossroads of trade routes. Ships for Asia, America and Europe weekly arrive to local port, willing to receive and ship cargo anywhere in the world. The port is equipped with modern equipment, including an 800-meter deep-sea pier and cranes for unloading and loading of any cargo.
Fujairah International Airport quipped with modern aviation and the latest loading and unloading technologies is also located here. Its proximity to the seaport of Fujairah and modern customs terminals lead to quick and trouble-free operations as with sea so with air cargoes.