Cost to Form & Renew a Tax-Free Company in UAQ FTZ

Discover the expenses of establishing and maintaining a tax-free company in UAQ FTZ

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So, you’re contemplating diving into the world of business in the UAE? You’ve probably heard about the Umm Al Quwain Free Trade Zone (UAQ FTZ). But what’s the real deal on the Cost to Form & Renew a Tax-Free Company in UAQ FTZ? This guide by fzbuddy is your ultimate resource for all your business activities and uaq ftz cost queries. Let’s dive in!

Definition of Terms

  • UAQ FTZ: Short for Umm Al Quwain Free Trade Zone
  • Taxable Income: The money you make that can be taxed
  • Taxable Person: An individual or juridical person subject to tax
  • Foreign Ownership: When people from other countries own a piece of the business
  • Repatriation of Capital: Sending your profits back to your home country
  • Company Renewal: Keeping your company’s license up-to-date
  • Renewal Cost: The fee for renewing your license

Read More: How Much it Cost to Form & Renew Abu Dhabi Global Market (ADGM) Company in 2023

Benefits of Registering a Tax-Free Company in UAQ FTZ

No Corporate Taxes

Imagine running a business without worrying about corporate taxes or capital gains tax. That’s right, UAQ FTZ offers a zero corporate tax rate, making it a dream come true for foreign investors. You get to keep more of your qualifying income!

Full Control with 100% Foreign Ownership

Unlike some other places, UAQ FTZ lets you own your business entirely, even if you’re not from the UAE. This is awesome for individual shareholders and corporate shareholders who want to call all the shots.

Ideal Location for SMEs

UAQ FTZ is strategically located near Dubai International Airport and has easy access to major highways. Plus, it’s not far from Abu Dhabi and Ras Al Khaimah. Talk about an ideal location for SMEs and business growth!

A Wide Range of Business Activities

Whether you’re into tech, fashion, or anything in between, UAQ FTZ has a type of license that fits your range of business activities. It’s a playground for all kinds of business types, from tiny micro-businesses to big corporations and even offshore companies.

Read more: How Much it Cost to Form & Renew Dubai Digital Park (DTEC) Company in 2023

Types of Licenses Offered by UAQ FTZ

Industrial License

An Industrial License is your ticket to manufacturing. You can turn raw materials into finished products and even package them up for sale.

Trading License

Got a knack for buying and selling? A Trading License lets you engage in commercial activity, from gadgets to groceries. This license type requires a commercial license.

Service License

If you’re more into offering services like consulting or accounting, a Service License is what you need. It’s a perfect fit for company setups that focus on offering professional help.

Consultancy License

Are you an expert in a particular field? A Consultancy License lets you share your wisdom for a fee. From legal advice to financial planning, the possibilities are endless.

Other Specialized Licenses

UAQ FTZ also has special licenses for unique businesses, like IT services or healthcare. These are great for when you’re looking to start a company incorporation in a niche market.

Requirements to Form and Renew a Tax-Free Company in UAQ FTZ

What You Need to Get Started

You’ve got options when it comes to the legal structure of your company:

  • Limited Liability Company (LLC)
  • Single Shareholder Company
  • Branch of a Foreign Company

Paperwork, Paperwork, Paperwork

To get the ball rolling, you’ll need a few key documents for company registration:

  • Company Registration Application
  • Business Plan
  • Board Resolution
  • Minimum Share Capital Requirements

Keeping Your Business Alive

Renewing your company’s license in UAQ FTZ is a breeze. Just update your corporate documents and pay the annual renewal cost. And don’t forget to keep an eye out for any new rules or mandatory requirements from government authorities.

Conclusion

Starting a tax-free company in UAQ FTZ is not just easy on the wallet, but it also comes with a bunch of perks like no corporate taxes, full foreign ownership, and a killer location. With a variety of license types to pick from and a straightforward company registration phase, UAQ FTZ is a hotspot for business success in the UAE.

Note: Before you dive in, it’s always a good idea to chat with a business tax advisory to make sure you’re on the right track.

Sources


FZBuddy aims to provide accurate and reliable information as you navigate the UAE Freezone space. As such, our writers refer to primary information sources in supporting each article appearing on this website. These include, but are not limited to, published news articles, government portals, research papers, and more.

  1. Start your Business in UAE at UAQ Free Trade Zone (UAQFTZ). (n.d.). https://uaqftz.com/
  2. Home | The Official Portal of the UAE Government. (n.d.). https://u.ae/en

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