The UAE provides foreign businessmen with ample opportunity to successfully register a business in the UAE. Each of its emirates is characterized by investor-friendly legislation and taxation systems. Another advantage of registering a company in the UAE is that it has many Free Zones (FZ).
The official currency of the country is the UAE dirham, which is pegged to the USD.
Opening a company in a Free Economic Zone in the Emirates is pretty easy; however, it should be kept in mind that Free Zones are commercial institutions, each of which has its own requirements.
REGISTERING A COMPANY IN A FZ REQUIRES ONE TO PROVIDE THE FOLLOWING INFORMATION:
- type of activities;
- amount of initial capital;
- confirmation of license renewal (annually);
- registration documents;
- confirmation of renting an office.
YOU CAN REGISTER A COMPANY IN UMM AL QUWAIN IN ONE OF THE FOLLOWING LEGAL FORMS:
- public joint stock company;
- limited partnership;
- private joint stock company;
Please note that it is possible to set up a company in Umm Al Quwain by maintaining complete confidentiality.
The advantages of registering a company in Umm Al Quwain include: no strict accounting requirements and no obligatory audit requirements. However, you’ll still need to open a bank account in the UAE.
It is possible to start a business in Umm Al Quwain with 100% foreign capital. Tax benefits include full exemption from corporate and personal income taxes, as well as exemption from import and export taxes.
State duty on special licences is as follows (in USD): trade transactions - USD 685, general trade (wholesale trade) - USD 2,603 , consulting services (including IT) - USD 3,973.
If a company is registered in Umm Al Quwain, its owner is entitled to receive a residential permit in the UAE.
The advantages registering a company in Umm Al Quwain include the absence of strict accounting requirements and absence of obligatory audit requirements. However, you’ll still need to open a bank account in the UAE.
Another advantage is that Umm Al Quwain Free Zone is located almost in the centre of Dubai and near an airport. The head office of this Free Zone is located near Umm Al Quwain.
Looking to register a company in Umm Al Quwain FZ? Need to open an account with an Umm Al Quwain bank? Why not contact YB Case?