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Fujairah Creative City

Fujairah Creative City

Fujairah Creative City (FCC) is a free zone with a whole complex of territories and strategic facilities. The largest business center provides professional environment for individuals and companies whose activities include a wide range of business areas, including media, consulting, education and technology. In recent years, Fujairah has acquired the status of an international, tourist and financial center.

Why the FCC?

Distinctive features:

  • location near major emirates;
  • pristine nature is ideal for those who decide to stay in the frison;
  • inexpensive pricing policy – the place is perfect if you decide to accumulate / invest start-up capital.

The main mission of the FEZ is to create an infrastructure and environment that will allow media, consulting, communications, design, and technology to work at the local, regional, and global levels. Here they provide support to new enterprises, keeping costs low, as well as reducing the volume of required documents.

Of the other advantages for business center users, it is worth highlighting:

  • 24/7 access to the building;
  • fast internet;
  • copy center;
  • cafes and catering places;
  • security, cleaning;
  • offices and conference rooms.

Types of offices on the territory of the FCC

There are 2 types of offices available:

  1. Furnished offices – separate spaces with furniture. An option for a company with employees.
  2. Fitted offices – built-in offices. An option for sole businessmen.

What business licenses do the FCC have and how much do they cost

Company

Investors and entrepreneurs can use the following packages:

  1. Commercial Star (no visa): FZE 1 owner,media/e-commerce, flexible desk, fees, processing fees. The cost is 5599 AED.
  2. Commercial (no visa): FZE/LLC multiple owners, multi-business, fees, Flexi Desk rates, processing fees. Price – 8900 AED.
  3. C+1 (2x visa): everything from the previous package + the cost of the immigration card, registration fees. The receipt is 13,000 AED.
  4. Elite (1x visa): FZE one owner, multi-business, one-time free visa at registration, Flexi Desk rates, fees,immigration card, visa processing, processing fee, E-Channel registration. Price – 15 900 AED.
  5. Freelancer (4 visa): includes everything the same as in the Elite package, only there are several owners. The price tag is 16 250 AED.
  6. Baby Business (6x visa): identical to the Freelancer package, the cost is 19,950 AED.
  7. Businessman (10x visa): identical to Freelancer package. Price – 25 750 AED.
  8. Genius (15x visa): identical to Freelancer package. Receipt – 30 700 AED.

Types of activities in the frison

  1. Audio.
  2. E-commerce.
  3. Architecture.
  4. Design.
  5. Technologies.
  6. Consulting.
  7. Photo/video shooting.
  8. Broadcasting.
  9. Advertisement.
  10. Business, communications.
  11. Publishing house.
  12. Production.
  13. Education.

There is no trading activity here at all, and for some types of work, for example, broadcasting, you will have to get approval from the management of the frison.

How to register a business: step-by-step instructions

Man at the table
  1. Choose 2 unique names (there will be a check): it is allowed to use Latin alphabet characters. They should not contradict the order of the Emirates.
  2. Decide on the structure of the company, the type of license.
  3. Pay for the services of a lawyer, make a deposit to cover additional expenses, for example, a notary, registration fee.
  4. Provide originals or certified copies of documents: internal and foreign passports, proof of address, CV, scanned copy of photo 3.5×4.5 on a white background for the director, participants, attorneys.
  5. Prepare the documents to register the business.

List of required papers:

  1. Request.
  2. Regulation.
  3. Security Approval form.
  4. Activity characteristics.
  5. Color photocopy of the passports of the shareholder, director.
  6. A card with signature samples.
  7. Attorney.
  8. Terms & Conditions.

Sign the Charter and the registration application by personally visiting the administration/its representative office in Dubai.

Before registering a company, the administration will check on the basis of the Security Approval form. At this stage, they may ask for additional papers, for example, a certificate of non-conviction. The duration of the check is from 2 to 4 days.

The whole process takes an average of 10 days (excluding weekends).

How to apply for residency?

  1. Apply for an Establishment Card (10 days).
  2. Submit documents, get an entry Permit (Entry Permit, 7-14 days). Visit the UAE with the specified permit (5 working days). Pass a medical examination (blood test, flura), take biometrics (retinal image, fingerprints).
  3. Get an Emirates ID. It is also not necessary to live in the UAE, but if you are not in the country for more than six months, the permit is canceled.

What should be the structure of the institution?

Employees

Allowed forms

  1. FZE – LLC with one owner of shares.
  2. FZC – LLC with 2 (or more) owners of shares.

Branches of local/foreign organizations, subsidiaries (for legal entities) are also allowed.

Directors

Requirements for the director: the number is at least 1, the presence of an individual, a resident visa. The data about it is submitted to the administration of the FEZ, but the 3rd persons will not be able to get acquainted with them.

Secretary

Requirements for the secretary: only a natural person, can be a director at the same time. Information about him is not public. If you do not specify the secretary separately at the time of the formation of the company, then they will appoint a director.

Participants

Requirements:

  • quantity – minimum 1;
  • the presence of an individual, a legal entity;
  • age – over 21 years old.

Authorized capital

In this FEZ, there are no rules regarding the minimum share capital.

Office

Be sure to sign a contract for the rental of office space. His address will be considered the official address of the company. But, the company can also rent additional offices, production spaces, warehouses.

Further work

Revenue analysis

An important requirement is imposed on the company – annual renewal of the permit, payment of fees, lease agreements.

Income tax

Organizations that are registered in the UAE FEZ do not have to pay income tax.

VAT

The 5% rate is applicable to every transaction with goods and services. The exception is exemption from tax/taxation at a rate of 0%.

The taxpayer must pay VAT if:

  • sales turnover on the territory of the state in the next 30 days will be higher than the registration threshold – 375,000 dirhams;
  • at the end of the month, last year’s turnover actually exceeded the threshold;
  • the company provides services that need to be included in the reporting on the reverse calculation, for an amount above the threshold;
  • initiative registration if the threshold of 187,500 dirhams is exceeded. You can get the organization’s tax number in at least 20 days (excluding weekends). After that, you will have to file a tax return quarterly, pay money for payment no later than 28 days.

Audit and reporting

Mandatory requirements:

  • maintaining accounting records confirming the monetary position, up-to-date data on assets;
  • annual preparation of financial statements.

At the same time, it is not required to undergo an audit, as well as submit reports to government agencies.

Approximate cost of creating a business

Man at computer

On average – 11,900 USD for registration with 1-2 licenses, office rental, registration services, deposit for e-channel. If you add the amount for a resident visa ($ 4,200), opening a bank account ($2,500), then the total budget for the creation will be $ 18,600.

The amount for the preparation of financial integrity, audit is calculated from the time spent. Approximate rates are $100-400 per hour.

Frequently asked questions

How do I apply for a new permit with the FCC?

Fill in/provide the following papers:

  • completed KYC application form;
  • color photocopy of the passport of the owner, responsible person;
  • the “UBO” declaration form;
  • power of attorney (2 sets) with 2 (more) owners with a detailed description of the rights;
  • rules, regulations.

Legal papers (more than 1 page) must be well sealed. The administration of the FEZ has the right to request any additional document, additional certification at the embassy, if necessary.

The documents must be in English/Arabic. If this is not the case, you need to translate, assure.

What papers will be provided after the establishment of the business?

You will be given:

  • Certificate of registration. It will indicate: number, date, type of permit, information about participants, capital.
  • License for the specified type of activity (for 1/2/3 years).
  • An office space rental agreement.
  • Charter/MOA.
  • Power of attorney (not required, provided that one person is a director and a shareholder).
  • Share certificates.
  • Company seal.

How to transfer, sell shares?

Shares

Prerequisites for the sale of shares to an individual (if the paper needs to be signed, then the signature must be from all shareholders):

  1. A written request indicating the transaction.
  2. License change form.
  3. The decision of the Board indicating the changes.
  4. The form of stock trading (also signed by the buyer).
  5. Color photocopy of the buyer’s and seller’s passport. All original papers must be returned to Fujairah.
  6. Fees for making changes.

Processing will take 5 working days.

What will happen if the license is not renewed?

Fine:

  • 200 dirhams for each following month;
  • 1100 dirhams plus 100 dirhams for each subsequent month for the constituent card;
  • 5000 dirhams – for each visa.

How to revoke the permit to carry out activities?

  1. Submit the completed form.
  2. Pay in advance for the cancellation of the reservation, fines (if any).
  3. Cancel all permits with the right of entry.
  4. Provide authorization letters: for a bank account, from a telecom operator, from the Post Office (if necessary). And also – the decision of the Board of Directors, originals, cancellation forms for all visas.

What will be required to extend the right to engage in activities?

  1. Request.
  2. Payment.
  3. License renewal form with the entered data.
  4. Color photocopies of the passport.
  5. Power of attorney (if there are several owners).

How do I add changes to the license?

Male

You can request an amendment during the extension for free. The exception is adding activity. The approved resolution of the Council with the signatures of all participants must be submitted to Fujairah.

What are the requirements for updating the license?

  1. Completed change form.
  2. Color copy of passport with entry stamp, PIC.
  3. Council resolution (for LLC).
  4. Payment.

How do I change or add a business activity?

  1. Provide a completed form.
  2. Return the source documents to the FEZ.
  3. Provide a new description of the working direction.
  4. Pay the amendment fees.

The new documentation will be prepared within 3-5 working days.

How many shareholders are allowed?

The maximum number is 5 people.

Thus, Fujairah Creative City is an ideal solution for those who seek to combine several types of services, a large number of visas, as well as to open a company without a personal visit.

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United Arab Emirates Ifza Dubai Building A2 IFZA Business Park - Dubai Silicon Oasis