Company Formation in Fujairah
Fujairah, one of the seven emirates of the United Arab Emirates (UAE), is a rapidly growing business hub known for its strategic location, modern infrastructure, and favorable business environment. With its proximity to major markets in the Middle East, Africa, and Asia, Fujairah has become an attractive destination for entrepreneurs and businesses seeking to expand their reach and tap into new opportunities.
The government of Fujairah has taken several steps to create a business-friendly environment that encourages entrepreneurship and fosters economic growth. This guide will provide an overview of the critical considerations and steps in setting up a business in Fujairah. Whether you're an established business looking to expand into new markets or a first-time entrepreneur, this guide will help you navigate the process and make informed decisions about your business setup in Fujairah.
Finding a Location for Your Company Formation in Fujairah
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 set up a company on the Mainland, you enjoy 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 must also find a local sponsor owning 51% of the company.
Fujairah Free Zone
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 near the Free Zone. This airport is the only one serving the UAE East Coast and Oman. And if that wasn’t enough, there’s also a well-established highway service. The strategic location allows businessmen to optimize many business processes and reduce delivery time. The location, low production costs, and minimal overhead expenses are cost-effective opportunities for a profitable business in Fujairah.
Fujairah Creative City Free Zone
Fujairah Creative City Free Zone slightly differs 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 popular business activities in this Free Zone. This region offers affordability, convenience, and new expansion opportunities.
Types of Business Entities in Fujairah
There are different types of business styles to choose from when setting up your company's legal style. Here’s a look at Fujairah's different types of business entities and what they involve.
Medical Services, engineering consultancies, legal practices, and computer consultants are just a few jobs in this category. The owner will be responsible for all the responsibilities and liabilities of the company.
Limited Liability Company
This is the most common company in Fujairah and 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.
General Partnership Company
The name of this company can be made up of the partners' names. In this type of company, it’s an arrangement between two or more partners who are UAE nationals. Each partner is jointly liable to the extent of all their assets for the company’s liabilities. All partners are considered as dealers, so if any partner goes bankrupt, 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 business method in the UAE. With a joint venture, two or more partners agree to share the losses and profits of one or more commercial companies. The company will be passed on in the name of one of the partners.
Public Shareholding Company
This type of company, a public joint-stock company, is divided into equal shares. A shareholder’s liability is limited by the number of shares they hold.
Private Shareholding Company
Three or more people form this company. With this type of company, you can’t invite the public to subscribe to shares.
Types of Business Licenses Available in Fujairah
When forming a company in Fujairah, you must 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.
General Trading License
This license type allows investors to trade in various products. Free import, export, and re-export of specified commodities in and outside the UAE will be allowed with this license.
This license type allows you to trade in specified products. The type of products depends on the rules of the license issuing authority. GC 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, you 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, you will need 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.
6 Easy Steps for Company Formation in Fujairah
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 must get permission from the concerned Ministry/Department if the business is unique.
You must 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.
Fujairah has 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 companies here. If you want to form your company in Fujairah, we want to help you! Although the city is known for its easy company formation, there are still several rules and regulations involved that could cause some hiccups. Gryffin Capitalist 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.
Documents Required for Company Formation in Fujairah
Why Choose Gryffin Capitalist?
We are your one-stop for everything you need to form a company in Fujairah. We provide company incorporation and business setup services in Fujairah. Our team of experts has in-depth knowledge in the consultancy field and will guide you through the best options suited for your company.At Gryffin Capitalist, we do all of the hard work for you. We will guide you through the administrative, financial, and legal processes needed 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, and ensuring 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 you get everything you need at an affordable price. We won’t just be around for your company to get started, but we will stand on your side for your corporate needs down the road, like PRO services, product registration, company liquidation, and many more. We are more than just a service provider, we want you to consider us a long-term partner.
Strong belief in long-term client relationships
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Efficient and Transparent Process
What our clients say
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