Business Guide to FujairahAyush Khetrapal
It has been a common practice for business houses across the world to set up an entity in UAE for many reasons – exposure to global markets, Exemption in direct and indirect taxes, world class infrastructure; to name a few. This helped UAE change its image from just a tourist spot to a country that is the central point for global trade. From the world’s tallest buildings to the world’s busiest airports, UAE has evolved from being an Oil rich country to a Global Power house. It also serves as a mid point for countries across the globe, where people can now come and accelerate their businesses without travelling to individual countries looking for trade.
Today with more and more companies setting up their offices in the UAE, the 45 Free Zones are expanding on a continues basis and are constantly adding to their list of business activities permitted. This article focuses on the favourite spot for Indian business houses – Fujairah.
Fujairah is the fifth largest of the seven emirates of the United Arab Emirates and is the only one with a coastline solely on the Gulf of Oman. There is a flourishing free trade zone, mimicking the success of the Dubai Free Zone Authority.
There are two major Free Zones in Fujairah – the Fujairah Creative City and the Fujairah Free Zone. Both offer a wide variety of licence types and are highly cost effective in comparison to the Dubai based Free Zones.
Fujairah Free Zone Authority
Two decades ago, Fujairah Free Zone Authority was established with a vision to provide business owners the needed support and facilities for their businesses. Being adjacent to Fujairah seaport adds to the many advantages that investors gain when they decide to carry out the Fujairah Free Zone company setup. The Fujairah Free Zone companies find it easy to access Arabian Gulf ports, the Red Sea, Iran, India, and Pakistan with the means of weekly feeder vessels. In addition to this, Fujairah Free Trade Zone is in near proximity to Fujairah International Airport. So, to sum up, so far, it is a free zone that has good access to seaports and airports, making it an ideal choice among UAE free zones.
Fujairah’s port is located adjacent to the Free Zone, thereby ensuring maximum benefits to investors from its strategic location. Investors can make use of the available shipping services to get access to the Red sea, Arabian Gulf Ports, India, Pakistan and Iran via the weekly feeder vessels. There is also provided weekly service of mainline services from North Europe, the UK, North America, Mediterranean and the Far East.
Benefits of Fujairah Free Zone
- Multiple visa application
One of the biggest attractions of the Fujairah zone is that it enables new investors and entrepreneurs to apply for multiple visas without leasing physical office space. The Fujairah zone offers a ‘Baby Business’ package under which entrepreneurs can sign up for Flexi-desk service, which offers flexible access to desk space. A total of six visas can be applied for in this package.
- No office space required
Fujairah Free Zone permits entrepreneurs to apply for more than one visa without the need of having a physical office space; in fact, there is no need to have an office space at all. It possesses packages for single owners and freelancers, which makes it easy for entrepreneurs to get their business up and running in no time, without the need for commitments or minimal or overhead costs.
Unique Advantages of Fujairah Free Zone
- Exemption in Custom duties
- Access to regional and global markets by land, air and sea
- Access to Fujairah port and Fujairah International Airport
- 100% corporate and personal Tax exemption on company formation
- 100% repatriation of capital and profits on company incorporation
- 100% foreign ownership of Business setup
Ownership in Fujairah Free Trade Zone
The types of ownership are:
- Free Zone Establishment (FZE) – entity with a sole owner
- Free Zone Company (FZC) – that is an entity owned by two to five partners
- Branch of UAE Company
- Branch of Foreign Company
Fujairah today is home to more than 2000 plus Indian Companies and continues to be the number one attraction for Global Trade.