Setting up a business in Fujairah is highly beneficial for foreign investors as the emirate has been described as the ‘lungs of the UAE’. This strategic location is the key reason why the prospect of business setup in Fujairah Creative City free zone has become the top choice of investors, SMEs, entrepreneurs, freelancers and even corporate groups planning an expansion. As the name suggests, Fujairah Creative City is an industry-specific free zone mainly catering to the business ambitions of entrepreneurs engaging in the creative industries such as media, advertising, social media, e-commerce, broadcasting etc.
Investors need not sweat a lot to obtain a trade license in Fujairah Creative City as the incorporation procedure is straightforward and flexible. Moreover, the free zone has the most modern infrastructure suited for all types of businesses. In any case, investors need not worry about the incorporation process as they can seek the advice of business setup consultants in the UAE. Now, let’s proceed to explore the ins and outs of company formation in Fujairah Creative City free zone.
An Introduction to Fujairah Creative City
Fujairah Creative City, one of the fastest-growing free zones in the UAE, has been launched to make the emirate a hub of creative industries. The free zone was launched in 2007 and is being regulated, controlled and maintained by the Creative City Free Zone Authority. The key focus industries of the free zone include but are not limited to Media, Events, Consulting, Education, Communication and Marketing, Music and Entertainment, Design and Technology etc.
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License Packages Offered by Fujairah Creative City
License packages offered by Fujairah Creative City attract considerable demand from foreign investors as they are unique and diverse. Each package comes with a cost, visa, office rental options and activity. New entrepreneurs may find it tough to choose the license package that aligns perfectly with their business plan. They can solve this dilemma by availing of business setup services in Fujairah Free Zones. The following is a list of license packages provided by Fujairah Creative City Free Zone:
1. Commercial C
Commercial C is a single owner license package with the option to select a single business activity. The investors can select any one of the activities related to media, e-commerce or IT. The package, however, comes with zero visa eligibility. The cost of setting up a business in Fujairah Creative City under this package starts from as low as AED 6,000. Business setup consultants in Fujairah can help the investors understand better about this package.
2. Commercial FZE
Commercial FZE is a single owner package but with the attractive option to select up to three business activities. This package comes with zero visa eligibility. The free zone offers a 35% discount on this license package as of 26 October 2021.
3. Commercial FZ LLC
As the suffix LLC (Limited Liability Company) implies, the Commercial FZ LLC package allows multiple shareholders. Visa eligibility is zero, but the entrepreneurs can choose up to three business activities. Fujairah Creative City Free Zone offers an attractive discount of 35% on Commercial FZ LLC packages as of 26 October 2021.
4. Elite Package
The cost of setting up a company in Fujairah Creative City Free Zone with an Elite Package starts from AED 16,000. Two activities can be selected with one individual owner/PIC option. The benefits of starting a company in Fujairah Creative City Free Zone under this package include one free visa (three years), Flexi-desk facility, PRO services, e-channel registration etc.
5. Commercial Plus One
A Commercial Plus One license package is meant for one individual owner who is allowed to choose up to three business activities Fujairah Creative City Free Zone. Benefits include eligibility for two UAE visas, Flexi-desks with full facilities, and PRO services.
6. Freelancer Company
Four UAE visas are being offered under the freelancer company package by Fujairah Creative City Free Zone. of the four visas, one will be issued free of charge. Benefits include Flexi-desk with full facilities, PRO services and the freedom to select up to three business activities in Fujairah Creative City Free Zone.
7. Baby Business Package
Initiating the process of business setup in Fujairah Creative City with a Baby Business package is the best chance to avail of benefits such as six visas (one free of charges), ability to choose up to three activities, establishment card etc. Additional benefits include PRO services and Flexi-desk facility with online support, internet access, signboard, conference room, PO Box etc.
8. Genius Package
Setting up a company in Fujairah Creative City with a Genius Package allows the investors to have the eligibility for 15 UAE visas (one visa-free of charge). The investors can choose up to three business activities, along with benefits including establishment cards, PRO services, and Flex-desk facilities.
Benefits of Company Formation in Fujairah Creative City
The process of business setup in Fujairah Creative City Free Zone offers a wide range of benefits to the investors. Some of them are:
- Strategic location in Fujairah
- An easy company registration process
- Wide range of business activities
- Affordable business packages
- 100% ownership
- 100% repatriation of capital
- Zero income tax or corporate tax
- No requirement to submit annual audit reports to the free zone authority
- Easy to open bank accounts
Process of Setting up a Company in Fujairah Creative City
Getting a business up and running in Fujairah Creative City is not a big deal. The process can be completed in a few days given the entrepreneurs stick to the rules and regulations set out by the Authority. Some of the steps for obtaining a license in Fujairah Creative City are listed below:
- Design a business plan and choose the activity
- Select a license package
- Name the company as per the UAE rules
- Select a legal structure
- Gather all the documents and submit them for approval
- License issued
Reporting Requirements in Fujairah Creative City
The process of company formation in the UAE has transformed in a big way since the introduction of Anti-money laundering & combatting the Financing of Terrorism (AML-CFT) laws. In line with the AML law in the UAE, the companies need to meet requirements such as Ultimate Beneficial Ownership (UBO) disclosure and Economic Substance Regulation (ESR). To ensure compliance, the Fujairah Creative City companies need to disclose the UBO details to the Authority.
The companies should also file ESR notification and ESR reports if they conduct Relevant Activities such as Banking, Insurance, Lease-Finance, Investment Fund Management, Shipping business, Holding Company, Headquarters Business, Intellectual Property Business and Distribution & Service Centre Business. Most importantly, companies undergoing liquidation in the UAE also need to meet these requirements. Business owners can easily navigate these reporting requirements by consulting with the best business setup consultants in Fujairah.
Avail of the Best Business Setup Services in the United Arab Emirates
Even though a business idea is the sole vision of an entrepreneur, they can’t set it into motion alone. For instance, the investors need professional help to navigate the rules of business setup in Fujairah Creative City along with the laws governing immigration and labour. The assistance of business setup consultants in the UAE, such as Jitendra Business Consultants (JBC), can provide every business with the much-needed push. JBC is a leading provider of business setup services in the UAE with years of experience in helping entrepreneurs, investors, startups, SMEs and big corporate groups.
JBC has a team of highly qualified company formation advisors who can help the entrepreneurs decide on critical aspects such as selection of activities, determining the ideal license packages & facilities, along with reporting requirements such as UBO & ESR. JBC also provide services such as bank account opening, rental offices, PRO services etc. Connect with our business setup consultants in the UAE to avoid the risk of setting up a business in the wrong way.