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Fujairah Creative City

About Fujairah & Fujairah Creative City:                                                                                                                    

Fujairah Creative City

Fujairah’s strategic & unique location, as the UAE’s only Emirate on East Coast, plays a key role in its development. Under the leadership and vision of His Highness Sheikh Hamed Bin Mohammed Al Sahrqi, the Ruler of Fujairah, the Emirates continue to grow. 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:

Shareholder: Individual Shareholder: Corporate
a. Letter of authorization a. Letter of authorisation
b. Application form to be duly filled & signed b. Application form to be duly filled & signed
c. Brief activity description c. Brief activity description
d. Passport copies with visa page of owners/manager d. Passport copy with visa page of manager
e. Tourist/visit visa copy of owners/manager e. Tourist/visit visa copy of manager
f. Entry stamp page for owners/manager f. Entry stamp page for manager
g. NOC for owners/manager if holding UAE visa g. NOC for manager if holding UAE visa
h. Degree certificate for owners/manager for certain activities h. Degree certificate for manager for certain activities
i. Latest utility bill for owners/manager i. Latest utility bill for manager
 

 

j. Following doc’s of corporate entity to be attested with UAE Consulate in country of corporate entity & MOFA in UAE:
COI/MOA/AOA/POA/Board resolution

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)

International Companies in Ras Al Khaimah Free Trade Zone

Ras Al Khaimah is a rapidly developing city and emirate, located against the setting of the Al Hajar Mountain Range, in the north of the United Arab Emirates.

RAK International CompanyThe 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.

Starting Business in Dubai Silicon Oasis Free Zone (DSO)

Dubai Silicon Oasis Authority, a 100% government-owned free zone, was established following Law No. 16 of 2005 by the Government of Dubai with the mission to facilitate and promote modern technology based industries and to support the regions demand for business expansion.

Business in DSO

Dubai Silicon Oasis

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

DIFC Wills and Probate Registry

The Dubai Court does attest Wills for non-Muslim individuals in accordance with the UAE law andprocedures. Such a will would express an intention for moveable assets situated in the UAE to pass in accordance with the testator’s home country law. However, the application of home country law to immoveable assets (real estate) remains a grey area in the UAE courts. Thus, uncertainties over transfer of immoveable assets based in UAE do remain.

However setting up of The Dubai International Financial Centre (DIFC) Wills and Probate Registry has introduced new internationally-recognized common law principles that will allow non-Muslim individuals owning assets within Dubai to freely dispose of their Dubai estate in the event of their death and will further benefit thos

DIFC Company Setup

Dubai International Company Formation

e wishing to hold financial and real estate assets in Dubai.

The new registry allows non-Muslims expatriates over the age of 21 to register wills written in English in the DIFC Courts, doing away with the current need for translating wills into Arabic and having them attested by a local notary public. Only assets in Dubai can be included in wills registered in the DIFC Wills & Probate Registry.

On death of the testator, the DIFC Wills & Probate Registry will issue a Probate regarding Dubai assets based on the Will registered with the registry and said probate will be executable in the Emirate of Dubai. This thus gives certainty over transfer of all assets including immoveable properties based in Dubai to the beneficiary named in the Will.

The services of the new registry are AED 10,000/- for single will and AED 15,000/- for a mirror will (husband & wife), excluding legal and professional fees for drafting of will.

The rules are largely drawn from the UK’s administration of estates law and on similar legislation in other common law jurisdictions including Australia, Hong Kong and Singapore.

Registering such a will at the DIFC Wills and Probate Registry brings the benefit of promoting investment in the region and avoid family members becoming involved in uncertain proceedings that can be encountered in the UAE Courts. The DIFC procedure is based upon ‘common law’ principles whereby a testator has freedom to dispose of their estate, rather than being subject to any specific legal rules regarding distribution or a forced heirship regime.

A system of precedents will result in an orderly administrative process of a deceased non-Muslim’s estate in Dubai. This, in turn, will provide a greater degree of certainty in the handling of such inheritance cases in the future.

Some important points to note regarding the will that can be registered at DIFC Wills & Probate Registry:

  1. The DIFC Wills and Probate Registry marks the introduction of a new set of rules relating to succession and inheritance matters for non-Muslims with assets in Dubai.
  1. It provides a mechanism for non-Muslims with assets in Dubai only to pass on their estates according to their wishes.
  1. The rules governing the registry complements existing UAE laws on inheritance for non-Muslims, and provide non-Muslims with the option and right to choose the way in which their estates are distributed.
  1. The registry is within the DIFC jurisdiction and will work with the DIFC Courts for the production of grants and court orders for the distribution of assets. As the grant is issued by the DIFC Court, it will be directly enforceable in Dubai without the need to go through the Dubai Courts.
  1. The DIFC is the first jurisdiction in the MENA region, where non-Muslims can register a will under internationally recognized common law principles.

The current thought is that the Registry will register the wills of non-Muslims and, once they are informed of someone’s death, will issue the necessary court orders to allow for the distribution of the deceased’s Dubai based assets. This will also include court orders relating to Guardianship with everything carried out in accordance with the registered will.

Starting a Company in Dubai Internet City (DIC)

Dubai Internet City or DIC, is the largest ICT hub in the Middle East and North Africa. Since 2000, it has developed a flourishing ecosystem for technology based organizations. It is among the prominent locations to carry forward the profound vision of Dubai to transition into a knowledge-based economy.

DIC hosts numerous Fortune 500 companies and multinationals like LinkedIn and Facebook. It also owns

region’s most successful and dynamic technology SMEs and startups from all the ICT value chain elements. Additionally, DIC has initiated several programmes to help the community diversify channel development opportunities. Companies also benefit from the sophisticatDIC Company Formationed Metro Ethernet broadband infrastructure and various business enabling facilities like government transactions.

Established within a free trade zone, DIC forms a strategic hub for firms aiming at capturing the evolving markets in the nearby regions. From Africa to the CIS countries, Middle East to the Indian Subcontinent, and more, the DIC markets cover almost three billion people. It also owns world’s largest commercial IP Telephony network. For multinational companies eyeing markets in the Middle East, Asian Subcontinent, Africa, Central Asia, and Eastern Mediterranean regions, Dubai is an ideal place.

The key benefits: To do business in DIC are as follows:

100% freedom from personal income tax, corporate tax for 50 years, 100% capital and profit repatriation, 100% foreign ownership, next-generation technology based Communications infrastructure, Metro Ethernet Environment, high speed data services & Digital voice at affordable rates & possibilities for market and channel development.

  1. Location: Dubai Internet City, Dubai, (U.A.E.)
  2. Proposed activity: Software/ Internet & Multimedia/ Telecommunication & Network/ IT – Services
  3. License available: Commercial license
  4. Entities Type: Free Zone-Limited Liability Company (FZ-LLC) & Branch office
  5. Shareholder: Can be Individual or Corporate entity
  6. Director: Individuals only
  7. Share capital: Minimum of AED 50,000/-
  8. Audit: Audit report is not required to be filed with the authority
  9. Estimated time: Minimum of 5 – 6 working weeks to obtain final trade license

Global Business Services (GBS) has helped many individuals and corporate entities to set up their businesses in Dubai Internet City Free Zone. Global Business Services (GBS) provides you consultancy and helps you with company incorporation services at Dubai Internet City Free Zone.