Setting up a business in the United Arab Emirates (UAE) is easier when you register in a free trade zone. The RAKEZ, Fujairah FFZ and UAQ free zones allow 100% foreign ownership and offer attractive incentives.
This comprehensive guide explains everything you need to know about forming a company in these free zones in detail.
A Step-by-Step Process of RAKEZ Company Formation
The RAKEZ (Ras Al Khaimah Economic Zone) free trade zone simplifies setting up your business in 4 stages:
Stage 1: Selecting A Suitable Business Activity
The first step is deciding your business activity based on your objectives and capabilities. RAKEZ allows over 21 activities – trading, manufacturing, services, e-services and more.
You need to study options that align with your business plan.
Stage 2: Choosing The Right Company Setup Package
RAKEZ offers pre-defined company setup packages based on needs:
Standard Package: Includes flexi desk space and visas for 2 employees. Suitable for basic companies.
Premium Package: Provides fully furnished offices and visas for up to 5 employees. For established companies needing more resources.
Custom Package: Tailor-made as per specific business requirements. For advanced customization.
Evaluate each to pick the right one for you.
Stage 3: Submitting The Necessary Documents
RAKEZ needs standard documents from shareholders/partners and directors:
- Passport copies
- Proposed company names
- UAE residence visa copies
- Detailed business plan
- Other proofs
The RAKEZ setup team helps finalise any additional documents.
Stage 4: Getting Approvals and Starting Operations
RAKEZ reviews submissions and issues initial approval in 1-2 weeks. Final licence is granted within 2-4 weeks.
- Companies can now apply for investor, staff and director visas.
- Premises handover, recruiting etc. can start immediately.
- In 4-6 weeks, your RAKEZ firm can commence full operations.
Step-by-Step Process of Fujairah FFZ Company Formation
Similar to RAKEZ, Fujairah FFZ company setup involves:
Stage 1: Picking The Right Business Activity
The first stage involves picking the right business activity that matches your objectives. FFZ allows over 21 options across trading, manufacturing, services, logistics and more – review these carefully before finalizing one that works for your goals.
Stage 2: Submitting Documents For Verification
The next step after reserving your desired company name is submitting the necessary documents for verification. FFZ will need shareholder and director passport copies, UAE residence visa copies, written confirmation of chosen activity, reference letters, and other proofs to process your application.
Stage 3: Getting FFZ Approval
In stage three, the FFZ team vets your submission which generally takes 1-2 weeks. During this time, they will draft the articles of association and issue the final trade license to operate within the free zone.
With FFZ approval, the last step involves commencing operations – you can now rent office/warehouse space or land, apply for investor and staff visas, develop facilities, recruit your team and so on. Within 3-5 weeks from starting the company formation process, you can kickstart active business operations in Fujairah Free Zone.
Stage 4: Starting Operations
The streamlined 4 stage journey allows new entities to register and activate their company in FFZ efficiently within a month. Reach out to FFZ consultants right away if you aim to leverage Fujairah Free Zone to launch and grow your business in the UAE.
Step-by-Step Process For UAQ Company Setup
UAQ has a swift 2 stage setup process:
Stage 1: Document Submission
The first step after selecting your business activity involves collating and submitting all required documentation. UAQ needs shareholder passport copies, written confirmation of chosen trade name and economic activity, copies of owners’ UAE residence visas, office lease agreement in UAQ, and any other regulatory proofs.
With the submission completed, UAQ authorities will then review your company formation application over the standard timeframe of 1-2 weeks. Once satisfied, they will issue your UAQ free zone trade licence allowing you to legally operate in the jurisdiction.
This licence issuance marks the second stage – with approvals in place, your UAQ company can now kickstart operations. You can proceed to rent warehouse space or office facilities, apply for investor and employee visas, develop premises infrastructure, and launch your business.
Stage 2: Getting Approvals
In summary, the streamlined 2-stage process means investing just 3-4 weeks to make your UAQ free zone entity fully functional. The jurisdiction offers an efficient company formation framework for investors and entrepreneurs keen to tap into UAQ’s strategic advantages. Reach out to UAQ free zone consultants to seamlessly establish your company.
Conclusion:
How To Pick the Right Free Zone for You , While RAKEZ, Fujairah FFZ and UAQ make company registration easy, choose based on:
Setup Budget: RAKEZ is more premium-priced while UAQ is very affordable.
Business Goals: Review activities allowed to pick the right free zone.
Expansion Plans: Assess facilities, team size etc. needed for growth.
Reach out to free zone authorities directly for latest information and personalized advice. With the right guidance, you can swiftly establish your UAE business!
FAQs
The renewal fees depend on the zone but are very reasonable – starting AED 6,000 per year, specific fees can vary depending on the chosen free zone, business activity, and license type.. Free zones also offer multi-year renewals.
If all documents are in order, free zones can issue investor/partner visas in 2-3 weeks. The process is faster than mainland visas.
Yes, leading UAE banks offer easy loans, overdrafts and other facilities for companies registered in RAKEZ, Fujairah FFZ and UAQ free zones.
