Umm Al Quwain Free Trade Zone growing fast
Umm Al Quwain Free Trade Zone’s (UAQ FTZ) development projects have been progressing at a fast pace, according to Sheikh Khalid bin Rashid Al Mualla, Chairman of Ports Customs & Free Zone Corporation.
“All the infrastructural work has been progressing under the patronage of His Highness Sheikh Saud bin Rashid Al Mu’alla, Supreme Council Member and Ruler of Umm Al Quwain and Sheikh Rashid Bin Saud Bin Rashid Al Mualla, Crown Prince of Umm Al Quwain. Infrastructure development for the Phase 2 has begun and we are looking to rope in factories and manufacturers. The government has allocated an additional land of approximately 4 Square kilometers, which can be leased out to the customers. In addition, we are constructing warehouses, offices and residential buildings to meet the demand,” said Sheikh Khalid bin Rashid Al Mualla.
“The Government of Umm Al Quwain took its steps towards an industrial makeover by strategically renaming the Free Zone initiative as the ‘Umm Al Quwain Free Trade Zone’ (UAQ FTZ). The Free Zone has registered and licensed a whopping 850 companies this year with a wide spectrum of investment portfolios.
Though the primary aim was to attract SMEs and micro businesses, with the influx and demand from the UAE business community, UAQ Free Zone hopes to welcome more white-collar businesses into Umm Al Quwain.
“Investors are in for a bagful of incentives in UAQ FTZ like 100% foreign ownership, repatriation of capital and profits, no currency restrictions, no corporate and personal income tax, 100% import and export tax exemption.
Sultan Saeed Sultan Al Ali Executive Director of Ports, Customs & Free Zone Corporation said:
“We believe that registering a company with us is the start of a relation. In addition to the fast company setup, we maintain the swiftness in amendments and all other operational aspects. We want our clients to fully concentrate on developing their business rather than being troubled with long procedures”
According to UAQ FTZ General Manager Johnson M. George, there are various features differentiating them from other free zones, which include the cost, documentations, procedures, types of activities, regulations and so on. ”
We give individual attention to each of our clients. They can establish the company with us directly or through consultants. Anyone can establish a company in UAQ Free Zone, without even stepping out of their home or office,” he said.
“Our investors are mainly from the Asian subcontinent, CIS Countries, UK and France. In keeping stride with UAE’s vision of sustainable economic development, UAQ FTZ is keen on opening its arms to innovation, clean and sustainability-focused businesses. We welcome companies of innovation and development in the sectors of renewable energy, education, health, technology, water and space. We are also welcoming clients engaged in the activities of back offices, call centers, outsourcing, alternative power related industries, R&D hubs, professional consultancy firms, logistics and even assembly units”, he said.
“ We issue micro business and freelancer permits. Furthermore, we act as a one stop shop for our clients. We assist them in visa & residency matters, business promotions etc. We welcome investors to join us for a great success” concluded Johnson M. George.