When setting up a business in Fujairah, you will have to decide what type of legal structure you want it to fall under. There are seven different types of business entities to consider.
If you are looking to setup a trading business, Fujairah could be the perfect spot. While the other emirates are situated along the Arabian Gulf, Fujairah is the only one located on the eastern side of the UAE on the Gulf of Oman. It’s strategic location, puts it in a great spot to still be well-connected to Dubai, Sharjah, and Abu Dhabi. The stable economy, high-end infrastructure, and advanced facilities have been attracting investors to the city for over a decade now.
Decide what business activity you want to operate and choose a name. Every business needs a unique and different name to stand out from other businesses. You’ll need to settle on your name and get primary approval from Fujairah Municipality.
You will have to get permission from the concerned Ministry/Department in case the business is of unique nature.
You will have to draft the company’s Memorandum of Association and have it notarized.
You will have to get a Capital Contribution Certificate and an Auditor’s Certificate. The Capital Contribution certificate, which is for cash shares, comes from the bank. The Auditor’s Certificate is for cash shares and kind shares.
Get an approval of the MOA, tenancy contract, capital certificate, and other documents needed. They will all have to be notarized and submitted to the Municipality.
The trade name will be approved and entered into the Commercial Register. After approval, the Municipality will issue the license.
Fujairah has grown in popularly because of its cheaper living costs compared to Dubai and Abu Dhabi. The affordability, convenient location, and advanced facilities have been a big draw to entrepreneurs looking to setup business in Fujairah. And the list of benefits goes on. Tourism and construction are big draws for business on the Mainland. There’s a couple of requirements to setup business here – there must be two partners who are at least 21 years old, and there also has to be a local partner.
Fujairah’s Free Zone location is the main draw that brings investors to the area. It is one of the oldest UAE free zones strategically situated near the Fujairah Port. The area has access to the world’s major shipping routes, a world-class airport, and streamlined procedures. Low production costs and minimal overhead expenses make Fujairah Free Zone business setup ideal for a start-up or young entrepreneur. The area is busy with heavy industrial and mining companies, as well as industrial and maritime activities.
This Free Zone is a little different from a regular Fujairah Free Zone and doesn’t have any trading activities. The Creative City Free Zone was created in hopes of attracting regional and international broadcast TV and radio providers. The area offers a modern, fully-equipped business center that includes everything you need for broadcasting, publishing, event management, information technology, and other professional services. Setting up a business in Fujairah’s Creative City Free Zone is a really quick process that is usually complete in about a week. Entrepreneurs will have 100% ownership in this zone without any capital requirements or annual audits.
If you are doing business in Fujairah, then you will need a business license. This is a relatively quick process; most business licenses can be issued in just a day. There are six business licenses you can apply for in Fujairah, which type you get will depend on the type of business you plan to have.
This license costs a little more compared to some other licenses that are offered. A general trading license allows investors to trade in all kinds of products and gives the authorization for free import, export, and re-export in your specified area.
If you plan on doing any trading, then you will need a commercial license. This license will give you permission to import, export, or re-export your products.
This type of license gives a company permission to provide their specified services. This could include business consulting, accounting firms, law firms, marketing, media services, and more.
With an industrial license, you can import raw materials, manufacture materials, and export the finished product to any country. Some industries that fall under this license are oil and petroleum processing, steel manufacturing, rug manufacturing, and other businesses that assemble, process, or redesign goods.
If you plan to lease warehousing facilities, you will need this license. A Warehousing license gives investor permission to lease a warehouse for storage, packing, and distribution of goods.
This license will allow a company to create a product. There are some regulations that come with this license. A company must follow all of the guidelines in the area for electricity, water, and environmental characteristics to get this license. The project will also have to be approved by a Free Zone authority, implemented, and fully insured for human resources and machinery.
With this type of business, you won’t require a national partner. Medical services legal practices, engineering, and computer consultancies are all businesses that fall under a sole proprietorship. The Investor does have to hold a legal UAE residence permit.
This is the most common form of corporate structure in Fujairah and across the UAE. An LLC can have a minimum of two shareholders and a max of 50.
Only UAE nationals can have this type of company. This type of firm is made up of two or more partners that are jointly responsible for all liabilities.
A professional company in Fujairah that practices a profession as its primary business.
With this business, two or more partners agree to share the profits and losses equally. This is usually a contract agreement, but it is not mandatory to be notarized and can also be a written or oral agreement.
This type of company is also called a Public Joint Stock Company. This type of company is divided into equal negotiable shares. It is incorporated by ten founding members.
This is also known as a Private Joint Stock Company. This type of business entity cannot invite the public for subscripting in its shares. It is incorporated by a minimum of three members.
Fujairah is a dream come true for investors that are looking to start their own business. The city is known by entrepreneurs around the world for its ideal location, impressive infrastructure, modern technologies, and easy business setup. Fujairah’s Mainland, Free Zone, and Creative City Free Zones offer endless possibilities for a successful business setup.
So, are you ready to have your business dreams made into a reality? MSZ Consultancy will offer the best business setup services in Fujairah. We will guide you through the entire process from start to finish. With MSZ Consultancy, your business will be setup and successfully running in no time.
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We are your one-stop for everything you need for setting up a business in Fujairah. Our expert consultants will guide you through all the steps that are involved in getting your business up and running smoothly. We help with everything you need from company formation, securing a space and a sponsor, answering any financial questions you have, and making sure you have all the legal paperwork you need finished on time.
At MSZ Consultancy, we help make your business dreams become a reality! You won’t have to worry about losing a night of good sleep thinking if you have everything in place to open your business in Fujairah, because at MSZ Consultancy, we do all of the hard work for you. We will guide you through the administrative, financial, and legal processes that you will need to start a business in UAE.
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Learn How Companies Have Used the Experts at MSZ Consultancy to Build a Business in Fujairah
Mr. Mujeeb has been very helpful since the beginning. He was not only focused on the procurement process of the license alone. He took his time to explain to me what are my best options for various activities. He took time to listen and understand his client’s needs. The entire process was a breeze! Thank you, Mr. Mujeeb and to MSZ!
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You will need a copy of the shareholder’s and director’s passports. Proof of an MOA, a valid business license, a trade name certificate, the mandatory capital will need to be deposited into the bank, and you will need the personal information of the shareholders and investors.
The Fujairah Municipality is responsible for business setup in Fujairah.
There are several steps to follow to setup a business in Fujairah. First, you need to get primary approval from Fujairah Municipality, draft an MOA, submit an application for registration, finalize the trade name, and get a license.
Strategic location, visa sponsorship support, stable currency, liberal economic policies, opportunities for investments, and low startup costs.