General Information About Fujairah Free Zone
Established in 2005, Fujairah Free Zone Authority (FZZA) has played a significant role in the growth of Fujairah city and the entire Middle East. It is located in the heart of Fujairah, the only one of the seven emirates with all its coastlines on the Gulf of Oman, and adjacent to Fujairah airport. So, if you are an investor looking to venture into the UAE market, you might want to consider Fujairah FreeZone to start your journey.
Fujairah City has established itself as a prominent business destination due to booming tourism and, busy seaports & well-constructed highways for easy transportation. It shares its borders with Oman, Ras al Khaimah, Sharjah, and Ajman.
Due to its slightly traditional environment and different climate, Fujairah is unique compared to Abu Dhabi and Dubai. Apart from being a favorable location for business, it is an excellent place to settle and raise a family.
Fujairah Free Zone: Company Formation
Fujairah Free Zone offers diverse business options. Freezonemarket helps you set up or renew your company in several free zones. FZZA is situated close to the Port of Fujairah, with easy access to all Arabian Gulf ports, the Red Sea, Pakistan, and India. With such accessibility, it is feasible to link with Northern Europe, the Mediterranean and North America on a weekly basis. Fujairah is also an ideal location for international business since it is adjacent to the Fujairah International Airport, which services the UAE’s East Coast.
Fujairah has a second free zone known as Fujairah Creative City. This other free zone is prominent for its significant prospects for businesses in the media and service domain.
Apart from offering reasonable costs to set up a business, recruiting low-cost labour within the Fujairah Free Zone is relatively easy. If you want to set up, renew a Fujairah Free Zone Company or get more information, you should visit FreeZoneMarket.
Fujairah Free Zone: Business Setup in UAE
Business setup in FFZA is relatively quick and easy. The Free Zone provides three types of company ownership options:
- Free Zone Establishment (FZE) – Entity with one shareholder.
- Free Zone Company (FZC) – A company owned by two to five shareholders.
- Company Branch – Subsidiary of another company, can be local or foreign.
A business set up within Fujairah Free Zone offers lots of benefits including:
- Low setup costs
- A broad spectrum of investment fields
- Quick and straightforward registration process
- High-quality infrastructure
- No audit required
It takes around one or two days to renew your Fujairah Free Zone Company. It is a simple process that costs less than the initial setup. Company renewals take place at the beginning of the calendar year. So, if you set up a company within the year, you will pay the license fee for the whole year and renew it the following January.
If you have a zero-visa company, you will renew it for approximately AED 16,200. For the first renewal, FFZA will not ask for a company audit. However, an annual audit will be required during renewal in subsequent years.
If there are any necessary company amendments, they must be done in the presence of shareholders. Company amendments include the transfer of shares, change manager/director, and activity changes for example.
If, at some point, you decide to liquidate your company and stop all your activities in the free zone, FFZA requires you to give a notice of at least five months before the actual liquidation date. Here are the requirements for company liquidation in Fujairah FreeZone:
- Final Audit
- Pay cancellation fee
- Return corporate documents
- Close corporate bank and get clearance
FFZA offers an extensive range of facilities for companies within its economic sphere. These facilities include offices, warehouses and plots of land for lease – all in different sizes. Office spaces start from as low as 20 square metres, while the smallest warehouse is 230 square metres.
This configuration allows you to pick a space that suits the size of your business and the employees you are planning to hire. Other facilities include furniture, such as Flexi-desks that promote collaborations, and wide parking spaces. The lease rate for land varies – however, you will pay around AED 20 per square metre.
Fujairah Free Zone: Business Activities
The Free Zone allows a wide range of business activities within its economic environment. Here are some of the activities present in FFZA:
- Broadcasting and management
- Marketing and Media Services
- Music and Entertainment
- IT services
- Photography and Film Production
Fujairah free zone: Company setup Cost
Before you can set up a business for any of the activities mentioned above, you are required to hold a business license. Fujairah Free Zone Authority offers a broad range of business licenses to suit different types of needs. These licenses have different costs depending on the nature of the business.
A business license within Fujairah Free Zone will cost you anything between AED 21,000 to AED 50,000. The price will depend on the business activity you are setting up.
Fujairah Free Zone: Visa Cost
Getting a residency visa within FFZA will cost you around AED 3,460. The process is simple and Freezonemarket can handle it for you. It usually takes between two to four days to get your entry visa. Once you get the visa, you can proceed to the next steps, medical check-up and application for the emirates ID. Compared to Dubai where having a medical insurance is mandatory to get the visa, in FFZA you can apply for a visa without health insurance, and it takes around two days for your UAE residence visa to get stamped.
If you are interested in setting up a business in a UAE Free Zone, Fujairah Free Zone is undoubtedly a place to consider. FFZA is strategically positioned for business with easy access to the Arabian Gulf ports and major shipping routes. Also, company formation through FreeZoneMarket is relatively straightforward.