Umm al Quwain freezone is located in the emirate of umm al quwain (north of UAE). Alongside the usual benefits setting up a company in freezone offers, Umm Al Quwain offers entrepreneurs other benefits that differ slightly from others in the region. Here they are:
Benefits of setting up a company in Umm Al Quwain Free Zone:
- 0% corporate and personal tax
- 100% company ownership
- 100% repatriation of capital and profits
- No currency restrictions
- 100% import and export tax exemption
- Easy incorporation process: No share capital is required nor is shareholders experience and attestation. Furthermore, annual audit report does not have to be provided and a formal business plan is out of the window.
- Easy Set-up: Entrepreneurs can set up their offices remotely without the need to visit the UAE and the business can be up and running in less than 2 days.
- No Visa: In Umm al quwain, a business owner can setup a business without the need to apply for a visa. Hence, many can take advantage of this benevolence by the emirate and conduct their business from anywhere in the world
- Location advantages: Umm al quwain is arguable one of the best places for an entrepreneur to setup a business in the UAE as it benefits from low cost living and labour which is a plus for any business owner starting out to save in a good way. What’s more, there is easy access to the city of Dubai, the Dubai International Airport and Sharjah International Airport. The Freezone is also within easy reach to various UAE Sea Ports. So it’s the best of both worlds.
Types of licenses:
Licenses available in the Freezone includes but not limited to
- Trading License (Commercial and General): The ‘commercial license’ allows for import and export, distribution and storing of items specified on the license. Under a Commercial License, there can be three different product lines or 10 similar product lines. General Trading License enables the owner to trade in a wider range of activities and gives freedom to trade any item permitted in the UAE; although commodities requiring special approval cannot be traded under a general trading license.
- Industrial License: Owners of this license can import raw materials for manufacturing, process and assemble purposes and thereafter export as desired.
- Consultancy License: Owners of this license can offer expert or professional advice. A maximum of two activities are allowed.
- Freelance License: The freelance license is a breath of fresh air for many. Under this license, the owner can conduct business as a professional, using the name as written in the international passport as opposed to a company. Usually, it is designed for those who operate in technology media and film sectors, and is issued to talent roles, creative roles and selected administrative roles.
- Service License: This will be approved for service providers. Services such as Logistics; Courier Services; Insurance Service Provider; Travel Agency; Tour Services and Car Rental can be done under this license.
Umm Al Quwain Fee Structure
| Trade License Fee (Commercial & Service/General) | FEE |
| Trade License | 2,500 AED |
| Registration | 2,500 AED |
| Legal Maxims Service Charge | 3,000 AED |
Legal Maxims Consultants has a team of experts committed to providing out of the box consultancy, support and management services to investors interested in a new company formation in Umm al Quwain freezone or any of the Free Zones in the UAE.
Our service charge is arguably the cheapest in the whole of UAE. Contact Us for a free consultation and a free quote today.