The starting point of any business is location. As a region that actively nurtures businesses by providing highly favourable legislation and infrastructure, the UAE gives your commercial enterprise a head start.
Launching your company with a UAQ Free Trade Zone commercial licence brings many advantages, allowing you to trade in pretty much any area you can think of. This up-to-date guide walks you through the benefits and the practicalities, covering the following areas:
Any business purchasing and selling in or from the UAE requires a commercial licence. This document authorises the holder to import, export, store or distribute the items specified on the licence.
A licence holder can specify three different product lines or ten similar ones on their application. As a licence holder in UAQ Free Trade Zone, you can apply for UAQ Chamber of Commerce membership to facilitate import and export operations. There are also different licence packages to cover visa quota requirements, including a no-visa package for those who don’t require a residence visa.
The most obvious benefits of a UAE commercial licence are the absence of import, export, corporate and personal income taxes and no limitations on the repatriation of capital. But the benefits certainly don’t end there. Company incorporation can be conducted remotely, and you can choose the commercial licence package that matches your practical requirements – for example, flexi desk, physical office or warehouse.
There’s never been a better time to start a company in the UAE. The region is experiencing renewed business interest, investment and development following the easing of Covid-19 restrictions and the fantastic success of the delayed 2020 World Expo in Dubai, which ended in March 2022.
Setting up a company for commercial trading in UAQ Free Trade Zone is as easy as it gets. It can take just 24 hours to incorporate a company here, and the application process involves minimal red tape. There are five basic steps to take:
Step 1: Select your company name for approval and state your intended activity and required licence type.
Step 2: Submit all required documents to the UAQ Free Trade Zone Authority. This will include your application form and a colour copy of your passport.
Step 3: Incorporation documents should be signed and submitted to the FTZA. These should be originals, not copies.
Step 4: Submit your payment as soon as the documentation has been approved.
Step 5: Wait for your commercial licence – but not for too long, as the process is rapid.
Once the company is incorporated, you could be successfully running your commercial business within two days. You don’t need to visit the UAQ Free Zone office in person when setting up your company or paying for your licence application, which saves you both time and money.
A commercial licence allows you to trade in a wide range of sectors, including – but certainly not limited to – the following:
To apply for your commercial licence, you will need to submit three proposed names for the business you wish to establish, listed in order of preference. The names must conform to UAE regulations and should not have been used by any other company or trader.
In addition, you will need a colour copy of your passport and the passports of other named shareholders. Proof of residence is also required, and this can be provided by a recent utility bill featuring your name and address, or your last UAE entry stamp or visa.
The Umm Al Quwain Free Trade Zone adds its own unique stamp and distinct benefits to the general advantages of operating a business in the UAE. As the holder of a commercial licence in the FTZ, you enjoy a fantastic combination of favourable tax laws, low costs and excellent infrastructure. The zone is in a perfect location for trade, import and export, being just 30 minutes from Dubai and enjoying special concessions at UAQ’s sea port.
There are many benefits in applying for and using your general trading licence in the UAQ Free Trade Zone. These are just a few of them:
You will also enjoy zero import and export taxes within the free zone and outside GCC countries. Furthermore, you will benefit from repatriation of all capital and profits, zero currency restrictions and no foreign exchange controls.
The FTZ boasts excellent infrastructure, with a road network second to none and fully-serviced high-tech offices and warehouses available to suit all business sizes and types. If it’s a flexi-desk arrangement you’re looking for, that can be accommodated too.
The UAQ Free Trade Zone was specifically created by the Umm Al Quwain government to attract entrepreneurs and nurture business. The commercial company registration process is simple, and UAQFTZ’s ongoing support will help you every step of the way.
Reaping the benefits of your commercial licence, you’ll be operating in the UAQ Free Trade Zone at a time of growth and new initiatives. The zone is currently in a second phase of development that promises even greater rewards for business owners.
Applying for a commercial licence is the first step on this highly rewarding road. Contact UAQFTZ to get the commercial ball rolling.