Umm Al Quwain Free Trade Zone (UAQFTZ)

A Quick View on Umm Al Quwain Free Trade Zone (UAQFTZ):

Umm Al Quwain Free Trade Zone was founded in 1987, but it came to the limelight only after 2014 when it had undergone major restructuring and started marketing its services. This free zone is basically an investor friendly favorable to SMEs and micro businesses. Mr. Johnson M George is the general manager of UAQFTZ.

 

Q) Why investors have to consider Umm Al Quwain Free Trade Zone (UAQFTZ)?

Umm Al Quwain Free Trade Zone offers: –
Investor-friendly environment.
Affordable leasing options for office space and warehousing.
One of the most attractive places with effective investment
Lower costs of living and labor

 

Q) What are the various business activities Umm Al Quwain Free Trade Zone (UAQFTZ) welcomes?

What are the business activities Umm Al Quwain Free Trade Zone welcomes?
Media and Marketing Services
Assembly
Courier Services
E-commerce
Import/Export
Insurance Services
Logistics
Manufacturing
Packaging
Technology
Transport
Travel

 

Q) What are the types of licenses offered to set up the business in Umm Al Quwain Free Trade Zone (UAQFTZ)?

Types of licenses offered to set up the business in Umm Al Quwain Free Trade Zone
Commercial License
General trading License
Consultancy License
Freelance permit
Industrial License
Service License

 

Q) What are the types of entities that can be incorporated in Umm Al Quwain Free Trade Zone?

Entity Type Explanation
Free Zone Establishment (FZE) Suitable for single shareholder
Free Zone Company (FZC) Suitable two and up to 50 shareholders
Branch A branch of an existing or foreign company

 

Note:

  • Business setup in Umm Al Quwain Free Trade Zone does not require any local sponsor.

 

Q) What is the company set up process in a brief in Umm Al Quwain Free Trade Zone?

Company Set up process Required documents
Identifying the legal form of company Application form
Choosing the license Passport copy of shareholders, Directors and Manager
Choosing the facility Address proof of the shareholders and Managers
Submission of documents Signed filed incorporation documents
Making the payment passport size photographs
Receiving trade license and commencing the business

 

Q) What is to be done for renewal of license in Umm Al Quwain Free Trade Zone?

For renewing the license
Cost of Renewal is less expensive than that of cost of incorporation.
Payment for renewal along with the signed lease agreement for the next year to be submitted.

 

Q) What is the process to liquidate the entity in Umm Al Quwain Free Trade Zone?

Process to Liquidate
Cancellation of the visas
Termination of lease agreement
Closure of the bank account
Clearance from Customs in case the entity had a trading activity in the license

 

Q) What are the competitive advantages to setup a business in Umm Al Quwain Free Trade Zone?

Competitive advantages
 Simple setting up process
No personal income tax and corporate tax
100% on company ownership.
100% profits and capital repatriation.
No currency restrictions
100% import and export tax exemption within the Free Zone
High end infrastructure
Special concessions at UAQ’s airport
Modernized and investor friendly rules and regulations

 

Why Spectrum Auditing?

Spectrum Auditing is an expert firm in the Company Formation and Company Liquidation process. Our passion and heart lie in serving the clients and we aim at the utmost client’s satisfaction. We are registered Auditors under the Ministry of Economy UAE and also registered Tax Agent from Federal Tax Agency UAE, Dubai providing dedicated Audit, Accounting, Tax services and various Business Advisory Services complying regulatory requirements.

Reach us to have a frills free life in your journey in Dubai, UAE. We at Spectrum will assist you in taking care of all the legal procedures involved in the registration and de-registration of your company in Umm Al Quwain Free Trade Zone. Call us today for any kind of assistance at +971 4 2699329 or email us at info@spectrumaccounts.com to get all your queries addressed. Spectrum is your partner in your success.

 

 

Article contributed by Aishwarya Parthasarathi, Intern.

Email info@spectrumaccounts.com to get all your queries replied.

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