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: –|
|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|
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|
|General trading License|
Q) What are the types of entities that can be incorporated in Umm Al Quwain Free Trade Zone?
|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|
- 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?
|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 email@example.com to get all your queries addressed. Spectrum is your partner in your success.
Article contributed by Aishwarya Parthasarathi, Intern.
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