What is Umm Al Quwain Free Zone? How Does it Affect Business Development?
Today, the UAE looks the most promising in the business segment. It offers foreign investors and businessmen many advantages including such places as Umm Al Quwain free zone.
Today, the UAE looks the most promising in the business segment. It offers foreign investors and businessmen many advantages including such places as Umm Al Quwain free zone. This is a small area but at the same time, one of the most popular free trade zones in the modern UAE. In terms of features and business benefits, it is comparable to the Fujairah Emirate Free Zone, which you can check by following this URL: https://uae-consult.com/en/our-services/uae-free-zone/company-formation-in-fujairah
Umm Al Quwain free zone was opened in 1987 and was known as the ‘ABR Port & Free Zone’. In 2014, local authorities ordered to change the name. To date, over 4,000 companies are registered in this region. The majority of them have been developed in the following areas of activity:
- IT technology;
- Medical research;
- Precious metals processing.
Advantages of Umm Al Quwain Free Zone
First of all, this free zone is located near the two international airports of Dubai and Sharjah. This means that tourism is rapidly developing here, and as you know, all travelers want to spend money.
Secondly, the region has modern infrastructure and first-class services. Therefore, we can note plenty of opportunities for starting any business.
Finally, the free zone management levies a 0% tax. There is no annual audit report either.
What Do I Need to Register a Company in UAQ Free Zone?
Umm Al Quwain follows more developed regions offering its investors any type of license: from Commercial to Freelance. Moreover, the UAQ management offers many types and methods of leasing. So, you can use premises in malls, multiple offices, and even rent land.
All you need is a unique company name and at least one shareholder. Also, the administration of the free zone requires the provision of authorized capital (300 thousand AED or $ 82.192). You must fulfill these and other prerequisites as soon as UAQ issues you one of its licenses.