An amazing amalgamation of the traditional values of the East and modern technologies of the West, Fujairah offers a standard of living comparable to that of world’s most developed nations. More than a quarter million people of various nationalities, including Emiratis, inhabit this Emirate of 1,450 sq. kms.

Since its launch in 2007, Creative City has been providing thousands of clients with reliable services in a successful business environment. Creative City sets up professional environment for individuals and businesses working in a broad spectrum of business fields including media, events, consulting, education, communication and marketing, music and entertainment, design and technology complementing existing media clusters in the region and further facilitating creativity in all fields. Creative City provides licenses to individuals within a Free Zone economic environment. It regulates and processes all government formalities, work permits and visas and simplifies the process of a business startup. Providing a complete one-stop solution, Creative City offers customized services and business packages and ensures professional assistance to its clients during every step of a company formation process.

Benefits offered by the Fujairah Creative City is just the same, as other free zones are providing such as 100% foreign company ownership, 100% repatriation of capital & profits, 100% exemption in corporate, personal income tax, import-export taxes & duties, No currency restriction, Simple & speedy registration procedures and many such benefits.

Location:

Fujairah Creative City, Fujairah, (U.A.E.)

Proposed activity:

Consultancy/Service/Import & Export (IT Related) activities can be carried out

License available:

Service, Consultancy & Commercial License can be obtained

Types of entities:

FZE (single shareholder), FZ LLC (2-5 shareholders) & Branch office

Shareholder:

Can be Individuals or Corporate entity

Director:

Individuals only (Minimum one. Shareholder can also be Director)

Share capital:

AED 100,000/- in case of FZE/FZ LLC & AED Nil/- in case of Branch office (Required to be deposited in bank before or after incorporation)
Do note that shares are deemed to be issued on incorporation of the company irrespective of whether share capital is deposited in bank pre or post incorporation”

Audit:

Not applicable

Estimated time:

3-5 working days for incorporation & setting up company.
Another 10-15 working days for immigration card subject to security clearance & thereafter Visa may take approximately 7-10 working days on normal basis

Docs Required:

Note: All shareholders (or authorized attorney in case shareholder is a corporate entity) are required to personally visit and sign in presence of licensing authority before incorporation of the company. Alternatively they can issue a POA duly attested by UAE consulate in their country of residence & thereafter attested by UAE Ministry of Foreign Affairs (which may cost approx. AED 2,500/- per POA)

The city’s government started an offshore facility in September 2006, which is regulated by the Ras Al Khaimah Free Trade Zone Authority International Companies Regulations 2006. Some of the features of this regulation include as below:

The RAFKTZ International Company Regulations do not require local shareholding in a company, hence allowing 100% foreign ownership, which is unlike the legislation governing organizations in the UAE.

Although the UAE firms follow the country’s law, RAFTKTZ allows the International Company to choose the jurisdiction it prefers to apply for disputes, inheritance and other matters. It is necessary to mention the law in the Memorandum and Articles of Association.

RAFKTZ has set very less limitations on the activities of International Companies, enabling them to carry out assorted business activities.

Subject to the consent of each Emirates Real Estate Authorities or Land Departments, the International Company can buy real estate properties in the UAE. Although, International Companies are generally not allowed to do trade with UAE residents, the Authorities permit offshore firms to be the shareholders in both onshore and offshore UAE companies (local LLC companies).

A foreign company can have a bank account in the UAE to conduct routine operational transactions. It can also establish professional terms with accountants, legal consultants, management companies or similar other persons doing business within the UAE.

Documents of incorporation can be signed at the agent’s offices/ UAE associate without requiring to visit RAFKTZ.
The requisites of an offshore firm registered in the RAFKTZ include as below:

Shareholders

At least one shareholder is necessary. Corporate shareholders are allowed. Shareholders will fix the Company’s capital structure Whilst there are no minimum share capital requirements, each share must have a par value of AED 1,000.

Bearer shares are prohibited. Only registered shares are allowed and are to be paid in full at the time of allotment. Every company shall record minutes of all general meetings and other proceedings.

Members’ registration can be inspected by any member of the offshore company. Refusing the inspection will be an offence.

Directors

At least one director is required and corporate directors are allowed. Directors’ details are hidden for public view.

Secretary

Every company is required to have a secretary. Director can also acquire this designation.

Restrictions on Name & Activity

Names must conclude with Incorporated or Limited. The following words and their related activities are prohibited for use:
Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Fund, Imperial, Insurance, Municipal, Mutual Fund, Royal and Trust.

Local Requirements

To abide by the local company law, the company MUST have a registered office address within the Free Zone. It must appoint an approved registered agent.

Timescale

Registration of the International Company in RAK FTZ will take 2 days.

Annual Reporting

Every company must maintain accounting records, which need to be kept for 7 years from the date of their preparation. The directors must approve the accounts and one of them must sign it. The accounts are not required to be filed with RAKFTZ Authorities.

Taxation

RAK FTZ IC is not taxed in the UAE.

Limitations

RAK FTZ IC is not allowed to

• Do business (or provide services) with a customer /supplier based in the UAE
• Maintain a physical office in the UAE
• Sponsor UAE residence visas for shareholder/ employees / directors

Company Renewal

Renewals for RAKFTZ-IC are carried out at every anniversary date of incorporation, failing which result in penalties.

If the company does not renew within 6 months from the due date of renewal, it will be removed from the companies’ register.

At every renewal, valid passport copy and recent utility bill as an address proof of director/shareholder are required as a part of enhanced due diligence. In case the shareholder is a corporate body, then latest incumbency certificate and aforementioned docs of directors would be required.

DSO’s urban master-planned community spans 7.2 million square meters and has been carefully divided into 5 main pillars based on industrial, commercial, education, living, Residences and public facilities.

DSO is designed as a high-tech ecosystem which offers businesses a plethora of advantages including a state-of-the-art infrastructure, in-house business services and strong business support such as technology investment incentive for large enterprises, entrepreneurial support, incubation centre and venture capital funding.

1. Location : Dubai Silicon Oasis, Dubai, (U.A.E.)
2. Permitted activity: Mobile Technology, Internet, Data Centre, Arabization and Localization Technologies, Software, Software-As-A-Services and Semiconductor
3. License available: Trading/Service and Industrial license
4. Type of entity : Free Zone Entity, Free Zone Company& Branch office
5. Shareholder : Can be Individual or Corporate entity
6. Director : Individuals only
7. Share capital : Minimum share capital of AED 100,000/- & AED Nil/- for branch office
8. Audit : Audit report is required to be submitted to free zone authorities
9. Estimated time: Minimum of 5 – 6 working weeks to obtain final trade license
10. Key benefits:
    1. Ownership, Taxation & Repatriation Advantage.
    2. 100% foreign ownership.
    3. 100% repatriation of capital and profits.
    4. No personal income tax.
    5. No corporate tax.
    6. No currency restriction
11. Renewal : License of the company has to be renewed on annual basis. Penalty would be charged by the authority if license is renewed after expiry date.

Global Incorporations has helped many individuals and corporate entities to set up their businesses in Dubai Silicon Oasis Free Zone. Global Incorporations provides you consultancy and helps you with company incorporation services at Dubai Silicon Oasis Free Zone.