Steps to Acquire License in Fujairah for General Trading
General trade license is a mandatory requirement for every business entity in Fujairah. Due to a favorable business environment, many entrepreneurs are looking forward to set up a new business. The requirements of acquiring general trade license and approvals from various agencies and government ministries can vary depending on the category of the business.
There are three main areas to set up business in Fujairah:
Explore the business opportunities in Fujairah mainland with business setup solutions.
· Zero income tax
· No limit on recruitment
· Open multiple branches
· Access booming markets
· Low operating cost
· Favorable policies
· Less capital requirement
Fujairah Free Zone:
Witness unprecedented growth opportunities starting with Fujairah free zone business setup.
· No income/corporate tax
· Easy business setup
· Developed infrastructure
· No re-export duties
· Low operating cost
· No currency restrictions
· Profit repatriation
Creative City Fujairah Business Setup Procedure:
Steps You Need to Take for a Successful License Procedure:
Step 1: Call Up a Business Setup Consultancy Firm:
It is better to seek for an assist when it comes to conducting a business setup in Fujairah. There are a lot of procedures to be done, and this depends on what kind of license is needed for your company. Because of this, it is always advisable to conduct a business set up in UAE with the aid of business setup consultants in UAE.
Step 2: Prepare the Needed Documents:
- 1- Filled license application form
- 2- Owners and person-in-charge's passport copies in colour (residence page or UAE entry stamp)
- 3- Business Activity
- 4- Other documents as requested
Step 3: Initial Approval/Invoicing:
Initial approval will be sent to your email after the assessment of the documents and approval of the chosen company name. Also the invoice for payment.
There are nationalities that are advised to have license pre-approval be applied before business setup.
Step 4: License Fees and Issuance of License:
The issuance of the license will be taken care of after the license fees are paid for. This will take a few days at best.
Step 5: Document Distribution:
1- Original documents can be collected from us after the license is issued.
- 2- Trade Licence
- 3- Certificate of Incorporation
- 4- Shares Certificate
- 5- Articles of Incorporation/MOA
- 6- Office Lease Agreement
It should be noted that you need to sign the sets of MOA in front of an officer, and a copy will then be given to the Creative City office.
Step 6: Company Bank Account:
You can open a company bank account anytime you want once you have received all the necessary documents. Many local and international banks situated in the UAE, that can assist you with this as well.
Step 7: Establishment Card and Visa:
An establishment card for your company will be processed. This will also take a few days or more than a week.
Visas can then be applied once the establishment card has been issued. Visas are on the company sponsorship.
What is Fujairah Creative City?
Fujairah Creative City Free Zone was launched in 2007 to add to the media hubs in the country with the likes of Dubai Media City and twofour54.
One of the Media Hubs in UAE
Fujairah Creative City Free Zone is structured to have an environment for businessmen who are looking to venture in media, music and entertainment, events, communication, and marketing, etc.
This kind of free zone helps entrepreneurs to make their name in the UAE especially when they are branching out from another country or starting up as a new one. For this reason, many have ventured into the business set up in Fujairah Creative City.
Top-of-the-line Infrastructure and Facilities
It has all the requirements that can facilitate media companies in order to successfully operate inside their location. Since each media area has their own requirements, Fujairah Creative City ensures to meet each of them.
Space for Media Companies
It has 40,000 sq. meters of land area. Because of this, they are able to house a number of organizations and even freelancers. These people are those who are looking to have their creativity be established.
List of Benefits in Fujairah Creative City
Just like any other free zone in the UAE, it boasts many benefits when it comes to it. The following are the benefits that can be obtained in the free zone:
- 1- Fast Releasing of Trade License
- 2- No Office Space Needed
- 3- Low start-up cost
- 4- 100% foreign ownership
- 5- No paid-up share capital or annual audit
- 6- Tax-free UAE Economy
- 7- 100% Profits Repatriation
- 8- Assistance with bank account opening
- 9- Allocation of five UAE residency visas.
Steps to acquire General Trading License in Fujairah:
Step 1: Deciding the trade name
Obtaining initial approval of name and activity from Fujairah municipality
Step 2: Special approvals
Obtaining special approvals from relevant authority in case the activity is special in nature.
Step 3: Apply for trade license
After obtaining all the approvals required person can apply for license depending on the activity carried out by the organization.
Step 4: Choosing an office location
Decide a business location and get tenancy contract.
Step 5: Initial approval
An initial approval certificate is required to continue with the business licensing formalities that permit foreign nationals to practice their desired business activity in Fujairah. The Initial approval entitles the investor to proceed ahead with legal procedures for obtaining the business license, and apply for obtaining required approvals of relevant authorities to practice economic activities.
Step 6: Submitting of documents
Arrange all the required documents like Memorandum of association and all approved documents from relevant authorities.
Step 7: Licensing process
If all the documents are submitted and verified, the required authority will issue the license and start the visa processing. After making requisite payment a license will be issued for carrying the trading activities.
- 1- A license application signed by company managers or legal representatives
- 2- Proof of trademark reservation
- 3- Proof of initial approval signed by required parties
- 4- Personal information of each shareholder ad manager
- 1- General trading license fees
- 2- Incorporation fees
- 3- Trade name reservation fees
- 4- Initial approval fees
- 5- One trading license fee
- 6- Two trading license fees
Note: All the cost of government and required documents are estimation. The exact cost will be determined at the time of submission of applications.
- Acquiring a general trading license can be of immense advantage to businessman. Once you decide to set up a company in Fujairah, you have to go through all the rules and regulations to avoid undesirables' hurdles.