Registration of businesses in Fujairah - YB Case 2022
Registration period - 14, days
The best offer on the market - beginning at 6200 EUR
Fujairah

Assistance with registering and operating a business in Fujairah

Our address: Office 301 - 3d floor Indigo Icon Tower Cluster F - Jumeirah Lake Towers Dubai
Comprehensive benchmarking of UAE Free Zones
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Features of jurisdiction

Fujairah is the only emirate located on the eastern side of the United Arab Emirates (Gulf of Oman), giving it a distinct advantage over the other six emirates located along the Persian Gulf. Fujairah's connectivity to other major UAE cities such as Dubai, Sharjah, and Abu Dhabi makes it an ideal business hub. Due to the influx of cross-border investments from Africa, India, the United States, Europe, West Asia, and China in production, logistics, processing, trading, and assembly, Fujairah's economy has expanded exponentially over the course of more than two decades.

  • Demanding business sectors

    Fujairah's most popular business sectors are trade, production, warehouses, logistics, and tourism, as a result of its internal politics and geographic characteristics.

  • Possibility of registering remotely

    Remote company registration is neither permitted nor possible in Fujairah, United Arab Emirates.

  • Business taxes

    There is no corporate tax in Fujairah.

  • Regard for overseas investors

    The Emirate of Fujairah is open to foreign investment, making it a popular location for foreign entrepreneurs to establish a business in the United Arab Emirates.

  • Banks

    Abu Dhabi Islamic Bank, Emirates NBD, Mashreq Bank, Noor Bank. Legal system

  • Legal system

    Similar to England and Singapore, the Fujairah legal system for corporate matters is based on the English common law system.

Procedures for registering a business in Fujairah

The registration of a company in Fujairah can take up to three weeks and entails the following procedures:
  • Initial consultation
    Meeting with YB Case representatives in the office to clarify the specifics and needs of the client. Initiating the incorporation procedure in the emirate of Fujairah (initial consultation is possible in a remote format.
  • Name reservation
    The future company's name must be unique and may not contain any restricted words. (Name reservation is viable).
  • Documentation and all preparatory procedures required for filing for registration
    After obtaining approval from the regulator to open a company in Fujairah, the charter and memorandum of the company are prepared and notarized, and the applicant signs and submits all the necessary documents to the local regulator (Department of Economic Development).
  • Submission and receipt of registration certificate
    After receiving all the required documents, the regulator evaluates the application and decides on the incorporation of the company in Fujairah, United Arab Emirates. If the decision is favorable, the founders will receive an incorporation certificate.
  • Оbtaining the proper permits for activities
    According to the results of a company's authorization in the Emirate of Fujairah, depending on the business activity, a special license is required.

Primary prerequisites

  • Minimum paid-up capital is 150,000 AED

  • At least two shareholders (maximum 50)

  • Registered residential address

  • At least two directors (no residency requirements)

  • Registration Agent company secretary

  • Annual submission of financial statements

  • Shareholders' annual meeting (possibly remotely)

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Registration of businesses in Fujairah

Registration of businesses in Fujairah

Fujairah's geographical location, on the eastern side of the UAE, is its primary advantage over other emirates (Gulf of Oman). Businessmen who intend to open a company in the UAE are attracted to this city due to its advantageous transport connections with other major Emirates cities. Fujairah is a growing hub for international commerce, manufacturing, and shipping.

Fujairah became a location for investors from all over the world. Industrial production, transportation, and handling, and also commerce, are the primary sectors for investment access to advanced tools and methodologies available in the area. The free trade areas of the emirate are developed to accommodate global trade. Investments from around the globe intend to build a company in the emirate.

Opening a company in Fujairah: advantages

  1. A geographical location that provides a strategic advantage for east coast shipping.
  2. Political and economic stability, as well as a well-developed infrastructure, make this a favorable location for launching a business.
  3. Government support through the establishment of free trade zones.
  4. Superior road connections with the remainder of the UAE.
  5. Competent professionals.
  6. A sophisticated, effective, and modern communication system.
  7. Сonsistent currency.
  8. Possibility of foreign ownership of 100%.
  9. No import/export duties.
  10. 100% reinstatement of capital and profits.
  11. Remote company registration is possible in Fujairah.

Available legal business structures

  • After completing the registration process as an individual entrepreneur in Fujairah, the investor is permitted to engage in only relevant types of business activities without a local partner. Additionally, the investor must possess a legal UAE residence permit. In this case, the entrepreneur may provide medical services, legal services, engineering and consulting services, computer consulting, and similar services. A contract signed with a local agent who is a citizen of the United Arab Emirates is a crucial element.
  • In Fujairah, a limited liability company is one of the most popular business structures. To register an LLC in Fujairah, at least two partners are required (maximum 50). Partners' liability is proportional to their ownership stake in the business.
  • Establishment of a general partnership in Fujairah; such an operation consists of two or more partners who are equally responsible for all company obligations. Only UAE citizens are allowed to join affiliate firms.
  • Creation of a partnership in Fujairah; all damages and profitability of the firm are split among partners. Firms are enrolled in one of these associates' identities. The contract specifies all rights and liabilities implicated.
  • Establishment of a public joint stock company in Fujairah, with the capital divided into negotiable shares of equal value. The liability of shareholders is proportional to the number of shares they own.
  • Establishing a private joint stock company in Fujairah requires a minimum of three participants. The primary distinction between this type of company and a public joint-stock company is the absence of a requirement for issuing publicly available shares.

How do you start a business in Fujairah?

By registering a company in Fujairah, an investor gains access to the substantial international market of the UAE. There are multiple steps involved in achieving this goal:

  • Identity of your business operations;
  • incorporation of a firm in jurisdiction;
  • enrollment of a company name;
  • capitulation of legal papers to the proper authorities;

Aspects of the procedure for starting a business will depend on the required licenses and permits, as well as the type of business.

The primary steps are:

  1. Originally conceived permission for the title and action from the competent authorities.
  2. Prepare a company incorporation agreement and submit it to the court for notarization.
  3. Obtain a certificate of capital contribution, which banks issue for cash shares.
  4. Offer up to the municipality applications, preliminary authorization, and a notarial duplicate of the certificate of association, lease agreement, and certificate of capital.
  5. The trade name will be enrolled in the trade register, and the certificate of incorporation will be published in the Bulletin of the Minister of Finance after verification by the relevant authorities. A permit will then be issued by the local government.

Documents required for establishing a company in Fujairah:

  • Legitimate business license.
  • Board decision to register a company in Fujairah.
  • Memorandum and Articles of Incorporation with Certification.
  • Business model
  • Replicates of investors' and stockholders' identity cards
  • Suggestion for the organization's moniker
  • Confirmation that the required amount of capital has been deposited with the bank.
  • Data relating to stockholders and investors.

A license can be obtained in Fujairah

In Fujairah, the following licenses are available to business owners:

General business permission -

this license is more expensive than others. This permission enables the unrestricted import and trade of a wide range of goods in the UAE and beyond.

Trade/Commercial License -

permits the sale of particular goods in accordance with the granting authority's restrictions.

Service Permit -

granted to service-providing companies and professionals.

Manufacturing license -

permits the holder to import raw materials, manufacture the good efficacy, and export the final product to any region.

Warehouse license -

permits the owner to rent stockroom storage capacity, packaging, and allocation of merchandise.

Production license -

issued only after the state authorities of the equivalent territory had already endorsed the proposal and it has been carried out correctly and insured.

Registration of a company in Fujairah's free zone

Present global supply chain and the strategic location of this emirate are the main considerations that attract foreign investment to Fujairah. The transfer accessibility of this UAE free commercial and trade area holds a special place:

  • The largest regional port for shipping.
  • Airfield of an international airport.
  • Established vehicular service.

In the free zones of this jurisdiction, the following company types can be established:

  • Free Zone Organization (FZCO) (2 to 5 partners)
  • Individual Ownership (FZE) - sole proprietorship.
  • Registration of a Fujairah branch (companies operating either in the UAE or outside the Emirates).

The emirate designs and develops special trade zones FTZ or FZ to stimulate business.

Fujairah Free Zone (FFZ) - has simplified processes and its location provides access to a globe sea route and airport terminal. The primary advantages of launching a startup and establishing a company in FFZ are as follows:

  • Streamlined recruitment procedure.
  • Built-up infrastructure.
  • One hundred percent foreign ownership.
  • Complete repatriation of profits and capital.
  • No guidelines exist on the movement of money, and there is no monetary regulation.
  • State support.

The Fujairah Creative City Free Zone (FCC-FZ) offers media-related services. This location is popular due to its low establishment fees, lack of entry barriers, and absence of shareholding necessities. Non-requirement of a NOC creates this location appealing to independent contractors. The only significant prerequisite for firm enrollment is the possession of a specific license:

  • Broadcast governance, editor.
  • Music and recreation.
  • Consulting/Post-production/Shooting.
  • Providers of information systems.

Provides access to all major international sea lanes, harbors, and airfields. Opening a business in IFZA offers numerous benefits:

  • Exemption from corporate and individual taxation.
  • No monetary restrictions.
  • There are no minimum authorized capital requirements.
  • One hundred percent foreign ownership.
  • Accessibility to international markets via all modes of transportation.
  • Complete repatriation of profits and capital.
  • Businesses enjoy limited liability.

Licensed pursuits in Northwest Fujairah

The following licenses are required for business registration in Fujairah's free trade zones:

  1. Maritime license.
  2. The establishment of a logistics firm in Fujairah.
  3. Real estate consulting.
  4. Financial consulting.
  5. Fujairah registration of an e-commerce company.
  6. Trading and consulting in the oil and petroleum products industry.

In the consolidated zone of this jurisdiction, the following types of permits cannot be issued: ship agency, marine consulting, ship building and repair, and ship trade.

Conclusion

Fujairah is a jurisdiction whose lucrative environment attracts businesspeople. Experts from YB Case can aid you in implementing business ideas and expanding your firm in the UAE, as well as obtaining business permits in Fujairah free zones. Contact them and request assistance with UAE company registration.

FREQUENTLY ASKED QUESTIONS
What documentation is necessary to register a business in Fujairah?

To establish a company, you must submit the following documents:

  • Information regarding the shareholders and directors.
  • Board's approval of registration.
  • The enterprise's future name.
  • Constitution and Articles of Incorporation.
  • Business strategy
  • Confirmation of opening an account and depositing funds in the UAE.
  • Legal address.
Can a foreigner incorporate a business in Fujairah?
Any foreign individual may establish a business in the UAE.
Conditions of UAE company registration (Fujairah).
Registration of a company typically takes several days. Please consult the YB Case consultation for further details.