There are many different types of business styles to choose from when it comes to setting up the legal style of your company. Here’s a look at the different types of business entities in Fujairah and what they involve.
Entrepreneurs from all over the globe come to Fujairah to set up their company. Why is Fujairah so popular for business owners? For starters, it is the only Emirate situated along the Arabian Gulf. So, it is well-connected to other major cities in the UAE like Dubai, Sharjah, and Abu Dhabi. It has a seaport and an airport, making it a hot spot for import and export businesses. Fujairah also gets a lot of buzz for its size. It is the fifth-largest Emirate in the country, covering 1.5% of the area. The great location, along with tax benefits and no currency restrictions, are just a few reasons why Fujairah is the perfect spot to form your company.
Every business needs a unique and different name to stand out from other businesses. You will also have to settle on what type of activity you will have. Fujairah Municipality will issue the primary approval.
You will have to get permission from the concerned Ministry/Department in case the business is of a unique nature.
You will need to draft the company’s Memorandum of Association and have it notarized.
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 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.
Business on Fujairah’s Mainland has grown in popularity due to Dubai and Abu Dhabi’s high cost of living. Not only does Fujairah offer a cost-effective company setup, but there are plenty of business opportunities and benefits. When you setup a company on the Mainland, you get to enjoy the tax-free advantages, no limits on employment visas, and more. A Mainland company does have a few requirements. There must be at least two partners who are at least 21 years old. You will also need to find a local sponsor that will own 51% of the company.
Fujairah Free Zone is a dream come true for companies that want to do trading. The Free Zone is next to the Port of Fujairah and has easy access to all Arabian Gulf ports. The Fujairah International Airport is also in close proximity to the Free Zone. This airport is the only one serving the UAE East Coast as well as Oman. And if that wasn’t enough, there’s also a well-established highway service. The strategic location gives businessmen the opportunity to optimize many business processes and reduce delivery time. The location, low production costs, and minimal overhead expenses is a cost-effective opportunity for a profitable business in Fujairah.
Fujairah Creative City Free Zone is a little different from a regular Fujairah Free Zone. The Creative City Free Zone was developed in 2007 to attract clients in the media field. Advertising, audio/visual, architecture, broadcasting, marketing, and photography are just a few of the business activities that are popular in this Free Zone. This region offers affordability, convenience, and new opportunities for expansion.
When forming a company in Fujairah, you will have to apply for a business license. This is something that is required for all businesses in the UAE. So, you won’t be able to do business without it.
This type of license allows investors to trade in all kinds of products. Free import, export, and re-export of specified commodities in and outside the UAE will be allowed with this license. The general trading license is a little costlier compared to other licenses.
This type of license allows you to trade in specified products. The type of products depends on the rules of the license issuing authority. MSZ Consultancy can help guide you through the application process and even the Fujairah trade license renewal.
Accounting firms, law firms, business consultants, and other types of firms that offer services will have to apply for this license.
An industrial license allows the company to import raw materials, manufacture those products, and export the finished product to any country
If your business needs a warehouse, then you will need this license. This will allow you to lease a warehouse and use it to store, pack, and deliver goods.
If your company needs a manufacturing license, then you will need to get approval first. You can get the license after your project is approved by the authority in the Free Zone, implemented and fully insured for human resources and machinery.
Medical Services, engineering consultancies, legal practices, and computer consultants are just a few of the jobs that fall under this category. The owner will be responsible for all the responsibilities and liabilities of the company.
This is the most common form of company in Fujairah and across the UAE. With a Limited Liability Company (LLC) you must have a minimum of 2 shareholders and a max of 50. The shareholders’ liability is limited to the shares in the business.
The name of this company can be made up of the names of the partners. With this type of company, it’s an arrangement between two or more partners that are UAE nationals. Each partner is jointly liable to the extent of all their assets for the company’s liabilities. All partners are considered a dealer, so if any partner goes bankrupt, then all partners go bankrupt.
This type of company is set up between professionals who can only conduct non-commercial activities. This type of company can be entirely owned by expatriate shareholders and will require a UAE national as a service agent. The service agent will not hold shares in the company but may require an annual fee.
This is a popular way of doing business in the UAE. With a joint venture two or more partners agree to share losses and profits of one or more commercial companies. The company will be passed on in the name of one of the partners.
This type of company, also known as a public joint-stock company, is divided into equal shares. A shareholders’ liability is limited by the number of shares that are held by them.
This is a company that is formed by three or more people. With this type of company, you can’t invite the public for subscribing in shares.
Fujairah has so many benefits for business owners, like no taxes, a strategic location, and a business-friendly environment. It’s no wonder entrepreneurs from all over the world want to set up their company here. If you want to form your company in Fujairah, we want to help! Although the city is known for its easy company formation, there are still several rules and regulations involved that could cause some hiccups. MSZ Consultancy is experienced in all the laws involved with company formation in Fujairah. We will guide you through the entire process from start to finish, to see that your company is formed and operating without any problems.
We are your one-stop for everything you need for forming a company in Fujairah. We have been facilitating international business and corporate solutions to help passionate entrepreneurs across the globe for over 15-years. We provide company incorporation and business setup services in Fujairah. Our team of experts has in-depth knowledge in the field of consultancy and will guide you through the best options suited for your company.
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 company in Fujairah. 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 for your company formation in Fujairah.
We provide customizable services for you and your company to ensure that you get everything you need at an affordable price. We won’t just be around for your company to get started, but we will stick by your side for your corporate needs down the road, like PRO services, product registration, company liquidation, and more. We are more than just a service provider; we want you to consider us a long-term partner.
Learn How Companies Have Used the Experts at MSZ Consultancy to Form a Company 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!
I dealt with Mujeeb, who was very prompt at responding to my initial enquiry.
He listened to what I wanted, he did not presume anything or try to sell me something I didn't require or would not fit my purposes and always responded to my emails swiftly.
I am extremely satisfied with the service received from MSZ Consultancy and would definitely recommend them.
As MSZ consultancy has guided me to get my business license last month, I found it to have both a professional and friendly environment simultaneously, I recommend to everyone who is looking for business setup consultants in Dubai. Mr. Zubair was really understanding, cooperative and helpful throughout the process.
As easy as it could be, MSZ helped me setup my business and everything has just been uphill from there. The staff and the Employees were all so easy to talk to and friendly, 100% would recommend MSZ to everyone looking to setup their business.
Strategic location, stable currency, skilled workforce, and tax benefits.
You will need a copy of the passport of your shareholders and directors. You will also need your MOA, business license, trade name certificate, a deposited mandatory capital amount in the bank, and the personal information of your shareholders and investors.
The Fujairah Municipality is the government authority that oversees company formation.
First, you will have to get approval from the Fujairah Municipality, draft an MOA, and submit an application for registration with all the documents needed. Once you’re approved, a trade name will be entered in the Commercial Register, and its MOA will be printed in the Ministry of Economy bulletin.