Setting up a new business takes skill and ambition. It also requires significant investment. Paying upfront for a business license leaves you with less to spend on other essentials such as visas, salaries, marketing and insurance. However, there are other ways of paying.
Monthly payment plans free up your money by allowing you to pay in instalments. This process, and the significant advantages of doing business in UAQFTZ, are described in the following sections:
Umm Al Quwain Free Trade Zone actively encourages new investors and entrepreneurs and strives to make entry into the business marketplace as easy as possible. Payment-by-instalment is one such economic initiative. The FTZ offers a range of low-cost business packages to suit all business needs, and they cost as little as AED 786 per month.
Two payment plan options of 6 months and 12 months are available
Depending on your preference, you can pay your business license fee over six or 12 months.
100% company ownership and 0% corporate tax
Don’t worry, you didn’t misread that headline. In UAQFTZ you really will enjoy a corporate tax rate of 0% and will own your company outright with no strings attached.
The license will be issued on the same day as per norms
Paying by instalment does not delay your business launch, as the license will be delivered just as quickly, usually within 24 hours.
Minimum documentation with remote set-up
There is no requirement for complex paperwork, and you don’t have to be physically present to apply for your license or launch your business.
Wide range of Commercial and Service / Consultancy business activities
A UAQFTZ license covers a wide range of industries and sectors, from IT and software to food and entertainment, and from construction and engineering to agricultural and medical. The UAE is also home to diverse consultancies and HR and business development companies of all sizes.
With so many benefits, it’s hard to know where to start. For example…
Stable currency
The UAE Dirham was first pegged to the US Dollar in 1973, and it continues to be so nearly 50 years later. The currency has also been set at a constant rate since 1997.
Tax efficient
UAQFTZ charges zero income tax, and there is no VAT levied on investors’ residential property.
World-class healthcare
The UAE has invested heavily in the healthcare sector, ensuring optimal health and wellbeing for its communities.
Managing Covid-19
The UAE reacted quickly to the pandemic, rolling out a country-wide vaccination campaign and maintaining the highest levels of protection against Covid-19.
Easy connectivity
The international airport at Dubai has direct flights to 97 countries, and the region’s seaports (including one in Umm Al Quwain) enable easy importing and exporting. The UAE has also invested heavily in roads and other essential infrastructure.
Communal harmony
The UAE’s business community is a melting pot of many nationalities from every region of the globe. This cosmopolitan setup champions inclusion and diversity.
Safety for all
The UAE is recognised as one of the safest countries in the world in terms of crime rates, and its law enforcement system is a hallmark of safety and security.
World-class amenities
The UAE is all about communities, offering business, domestic and leisure environments where communities can thrive. The excellence of its infrastructure, legal and healthcare systems is matched by its fantastic public transport, parks, entertainment, dining and more.
UAE residence visa
A residence visa is available to UAE expats aged 55 and over who have lived in the UAE for at least ten years and fulfil certain financial status requirements.
Open and free system
The UAE is all about enabling businesses and communities to thrive. It has transparent and business-friendly economic policies, and imposes minimal government control or private sector regulation in order to encourage foreign direct investment.
UAQ Free Trade Zone has made the licence application process as easy as possible. There are just four basic steps to take when applying:
Step 1: Select a company name, along with two alternatives (in case your first choice is already being used). Send the names for approval and state the business area you intend working in, along with the required licence type.
Step 2: Submit the relevant documents to UAQ Free Trade Zone Authority, including your application form and a colour copy of your passport.
Step 3: The original business incorporation documents should then be signed and submitted to the FTZA.
Step 4: Send the required payment as soon as the documentation has been approved.
All you have to do then is wait for your licence to arrive in the post – it usually takes just one day.
To apply for your business licence on instalment, you will need to submit the following details and documents:
UAQFTZ is a small but thriving free zone located in the UAE, and it’s the perfect place to set up a company. You can opt for whichever license and payment plan suits your business, and licences begin at just AED 8000. Options include a Free Zone Establishment licence if you’re setting up alone, a Free Zone Company licence for up to 50 individuals and shareholders, or a licence to establish a branch of an existing company.
Business setup in UAE is easy, with minimal red tape involved. For example, there is no need to present capital proof, bank letters or audit reports. You and your shareholders will not have to be physically present during the application and setup process, and the Establishment Card is free of charge. Furthermore, there is no requirement for mandatory health insurance.
As the company owner, you can use your existing visa, and as a visa holder you can sponsor your family. What’s more, no NOC is required to set up a company with UAQFTZ, no matter what your business is.
The process of establishing your new business in UAQFTZ can be conducted remotely, and you will benefit from the region’s astonishingly low-cost approach to business. Zero taxes is just the beginning of the story, with low-cost living and fantastic facilities and infrastructure adding to the countless advantages.
So, if you’re searching for a payment plan for your UAE licence, contact UAQFTZ and ask about instalment options. The launch of your exciting new business might break new ground, but it isn’t going to break the bank.
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