The UAE is a world-renowned business location for a long list of reasons. There’s the country’s famous 0% tax rate, its perfect location between East and West, its encouraging business environment and its straightforward company incorporation process.
One word that is very rarely associated with this part of the world, however, is cheap. This after all is a country known for luxury and opulence. That said, it is certainly possible to find cheap company setup in the UAE.
Whether you’re looking for the cheapest free zone license in the UAE or the cheapest trade license in the UAE, you can find it with the help of a company formation expert.
What is the cheapest free zone in the UAE?
This is the million-dollar question. Or should that be the 25,000-dirham question.
While it is difficult to immediately seek out the cheapest free zone in the UAE, there are a number of things you should look for when embarking on your search.
First, you should consider looking outside of the more expensive emirates such as Abu Dhabi and Dubai. Not only do smaller emirates like Fujairah offer more affordable license packages, they also benefit from low cost labour, land and amenities.
As well as considering the location of the free zone, you should also look for one that offers a virtual, flexi desk or coworking license option and offers a package price inclusive of your visa application.
Fujairah Creative City is certainly among the cheapest free zones in the UAE. It offers a range of affordable license packages with no paid-up share capital requirement, no annual audit and an easy incorporation process. There is also no need to be present in the UAE to establish your new company.
A license package in Fujairah Creative City, inclusive of one visa application and use of the free zone’s co-working facility costs just AED 24,775.
How to apply for the cheapest free zone license in the UAE
The process of applying for a free zone license and setting up your business consists of just five simple steps.
Step 1: Decide your business activities
Before approaching a free zone, you should first outline your business activities. There are thousands to choose from and the ones you intend to carry out will dictate which free zone you can set up in.
Many free zones cater to certain activities, so you’ll need to make this decision upfront. As it has such a bearing on the rest of the process, it’s a good idea to work with a company setup expert when making this decision. We are familiar with permitted activities and will be able to suggest free zones that align best with your business.
Step 2: Choose a company name
Next, you must name your business. There a few things to keep in mind when naming a business in the UAE. Here you must abide by a strict, yet easy to follow, set of naming conventions.
In short, you should avoid any offensive or blasphemous language. Avoid names of well-known organisations and avoid abbreviations if naming your company after yourself – i.e. Dave Mann Consulting, rather than D Mann Consulting. You must also check that your chosen name is available to register.
Step 3: Applying for your trade license
This is perhaps the most important step of all – applying for your trade license.
It is advisable to work with a company formation specialist throughout this process. We can make your application on your behalf, working with the relevant free zone authority to ensure a fast and straightforward company incorporation.
When making your application, you are usually only required to provide a few details and some basic documentation, including:
- Completed application form
- Passport copy of the proposed owner or owners
- Two colour passport size photos
Step 4: Apply for your visa
If you’re looking for the cheapest trade license in the UAE, you’ll likely want the cheapest free zone visa in the UAE too.
The most cost-effective way to apply for a visa is through a free zone with the help of a company setup expert.
As the holder of a UAE business license, you can also sponsor others for their visas. This could be a spouse, parent or child, or a domestic worker such as a housekeeper.
The maximum number of visas you can apply for will depend on the size of your company, your chosen setup and, for dependant visas, your personal earnings.
Step 5: Opening a corporate bank account
The final step in the process, before you can trade, is the opening of your corporate bank account. Unfortunately, the UAE’s strict money laundering regulations can make it difficult for overseas entrepreneurs to access corporate banking facilities. Working with an expert in the field makes for a much smoother process.
At BIZ, we have great links to both local and international banks and can easily put you in touch with the one best suited to your needs – even arranging face to face meetings if necessary.
We’ll help you find the cheapest trade license in the UAE
That’s all there is to it. As you can see, if you’re armed with the right knowledge, finding the cheapest trade license in the UAE can be easy and straightforward.
That being said, it does require a level of prior knowledge of the license application process. What’s more, it is important to note that the process is only straightforward if your license application is complete at the time of submission and free from errors.
To help you to ensure that this is the case, it’s a good idea to work with a company formation specialist such as Business Incorporation Zone (BIZ) when establishing a new company in the UAE.
We are a team of company registration professionals who are passionate about bringing the dreams of aspiring entrepreneurs and SMEs to life.
As well as handling your license application, BIZ can also assist with the opening of corporate bank accounts and advise on the most appropriate financial institution to suit your specific needs.
We also offer visa and immigration services and can handle all government formalities, permissions, work permits and visas applications that are required to trade in the UAE.
In short, our experts can establish your company on your behalf, make your license and visa applications, and take care of all the necessary admin – leaving you free to get on with running your business.