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The Fujairah Free Zone is a promising place to set up business in the UAE due to its combination of major shipping routes, excellent port and airport connections, strategic geographical location and simplified legal procedures. FFZ is one of the oldest free zones in the UAE. It is located in the Emirate of Fujairah, near the port of Fujairah.
Many heavy industry and mining companies are located in this promising free zone. In addition, due to the convenient location of the Port of Fujairah with direct access to the Indian Ocean, all major oil companies have offices in the region. Establishing a free zone company in Fujairah is one of the choices made by companies planning to do business in the Emirate of Fujairah. It has the largest oil depot in the GCC region.
Fujairah expanded its business to more than 200 different divisions. Some of the leading job areas include:
Before you even decide to set up business in Fujairah Free Zone, you should know the business activities that your company will carry out. Depending on different business activities, different types of licenses are offered. Let's take a look at the various Fujairah free zone licenses available:
The Fujairah Free Zone license is priced at a very low AED 5,000. It also offers special licenses if foreign investors wish to get involved in industries such as petrochemicals, education, oil, investment and more.
The cost of a visa for foreign investors or entrepreneurs is around 3,460 AED. The entry visa is usually issued in 3-4 working days. After this, you need to have a medical check and Emirates ID application. UAE residence visa stamping is generally done in 3-5 working days. Moreover, no health insurance is required for visa processing.
Business renewal in the Fujairah Free Zone is easy. It can happen in 1 day. It costs less than the initial setup fee. All updates in this free zone take place in January. So, if you start your business in October, you pay a license fee until the end of the calendar year and then renew your license for the following year in January.
No audits are required in the first year, but Free Zone will need them after the second year of operation. If you haven't had a business so far, you can negotiate the audit submission with the free zone to waive it.
In case of liquidation of the company, you must give 5-6 months' notice to the free zone authority. It can be done via email from your registered email id. For this, you will need to do the following steps:
The license cancellation fee charged by the government is 1,500 AED.
Company formation in Fujairah Free Zone is a simple process that makes it easy for new businesses to start their own business without much hassle. The steps included are:
To start the process of business setup in FFZ, there is an order for the submission of certain evidence documents sufficient for legal action. Documents required to register a company in the Fujairah Free Zone include:
The Fujairah Free Zone is an area that offers a favourable environment for starting a business with low overhead and setup costs. With MAD Middle East, you can take this opportunity to combine your business in the Fujairah Free Zone or Fujairah Creative Zone without red tape. Our experts have the necessary knowledge of the local market and government guidelines and consulting experience to get you started. Contact us and get started today!
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