Establishing an onshore company implies the possibility of obtaining residence visas for shareholders/employees, as well as their families, which is an indisputable advantage. Moreover, economic substance for onshore companies is created by renting an office or a workstation at Flexi desk / Flexi office.
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Services
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Fees (USD)
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Company registration in UAQ Free Zone, including[2]:
- company incorporation (name check; collection, preparation and submission of documents for incorporation; selection of a licence; delivery of original corporate documents); - liaising with government authorities regarding all matters of the company; - maintaining the company’s online service portal with the free zone and migration authorities; - monitoring changes in legislation, informing about changes and the need to revise the activities / structure of the company; - compliance-check; - postal services (collection / delivery of documents and other correspondence); - company seal. The above price also includes the state fees billed by the Free Zone for company registration, issuance of a license for 1 type of activity and flexi desk office. Other options are available upon request. |
9 400
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Obtaining a residence visa (cost of one visa – investor visa), including:
- Government fees (Entry Permit, Medical Fitness Report & Emirates ID, Visa Stamping on the Passport); - preparing, executing and agreeing the necessary documentation with the migration authority; - accompanying the client to a medical clinic for medical examination; - accompanying the client to the Federal Migration Service for fingerprinting and biometrics; - submitting to the migration authority documents for issuing and stamping a visa; - filing an application for and obtaining a residence card; - selecting an insurance company for medical insurance (if required); - transport expenses. |
4 200
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Assistance with opening corporate and personal bank accounts[3]
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500 (Stage I)
1 500 (Stage II) 500 (Stage III) |
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Total:
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16 100
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[1] VAT of 5% is applied.
[2] The cost of package may vary depending on the number of shareholders, type of licence, and size of office (office size dictates how many residence visas a company can have).
[3]The description of the account opening stages and the conditions for charging an additional success fee can be found below, in the Fees section.
Company registration in UAQ FTZ includes the following steps:
The UAQ FZT can issue the following types of license to companies:
Industrial license – enables the holder to carry on business related to manufacturing of goods, which includes importing raw materials, processing, manufacturing, assembling and packaging products, and exporting the finished product.
General Trading license – enables the holder to trade in goods, which includes importing, storing, warehousing, supplying and exporting various categories of permitted goods.
Commercial license – enables the holder to trade in goods, which includes importing, storing, warehousing, supplying and exporting permitted goods.
Service license – enables the holder to provide the type of services specified in the licence (for example, business consulting, marketing consulting, insurance, etc.).
Some licences require approval from the relevant regulator: for example, opening a clinic will require approval from the UAE Ministry of Health.
for directors / managers / secretaries / shareholders / attorneys:
having documents signed by the company's officers and shareholders.
Upon registration of the company, the following documents will be issued:
A company seal is also issued.
The total time to register a new company is around 10 days.
The UAE does not have such concept as a residence permit. UAE migration rules require the issuance of residence visas, which in practice are similar to a residence permit.
A residence visa can be obtained on the following grounds:
The number of residence visas depends on the business package chosen during registration of the company.
An investor visa and a work visa are normally issued for 2 years. Upon expiration, a visa can be renewed.
Application for residence visas includes the following steps (a visa can only be applied for after registration of the company):
To obtain a residence visa, an individual must enter the UAE with an Entry Permit.
3. Visiting the UAE to obtain a residence visa – in most cases, a visa can be obtained within 5 working days.
The applicant needs to:
After receiving a passport with a residence visa inserted into it, one can leave the country.
4. Obtaining a resident ID card - ID Emirates.
The card is issued a few days after the issuance of a visa. Personal presence is not required to receive it.
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- minimum number:
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- one
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- individual / legal entity:
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- individuals only
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- residence:
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- no requirements
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- minimum number:
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- one
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- maximum number:
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- 50
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- individual / legal entity:
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- individual / legal entity
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- residence:
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- no requirements
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- number:
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- only one
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- individual / legal entity:
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- individual
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- residence:
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- no requirements
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UAQ FTZ companies must also have a secretary that can be either an individual or a legal entity. One person can simultaneously act as shareholder, director, secretary, manager and authorized representative of the company.
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- minimum share capital:
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- AED 300 000
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Upon registration the company and the Free Zone authority sign an office lease agreement; the address of such office is considered the official registered office address of the company.
UAQ FTZ offers various office packages depending on the needs of clients in terms of type and number of licences, number of visas, the need for substance and placement in the Free Zone: from flexi desk and flexi office (a separate room or cell in the open space of first-class business centres) to warehouses and land plots.
The company must annually renew the licence, by paying a relevant fee, and the lease agreement.
Companies registered in UAE free zones are exempt from capital gains tax, property tax and other taxes, except corporate tax and VAT.
A federal corporate tax was introduced in the UAE on 1 June 2023. Free zone companies may be subject to both the standard rate of corporate tax (9%) and a zero rate. The application of a particular rate depends on a number of factors such as the company’s income, the types of its activities (whether they are excluded or qualifying, or not), counterparties, whether the company maintains adequate economic substance in the UAE, and other aspects.
From 1 January 2018, the UAE introduced a Value Added Tax.
VAT as a general consumption tax applies to all transactions with goods and services, unless such transaction is exempted or taxed at 0% rate.
The standard VAT rate in the UAE is 5%.
There is no obligation to register for VAT unless sales turnover within the country exceeds the registration threshold, which is AED 375 000 (~ USD 100 000) in the UAE.
Registration as a VAT taxpayer is required in the following cases:
there is reason to believe that the taxable turnover in the next 30 days will exceed the registration threshold (for example, a contract has been made);
at the end of the month, the taxable turnover for the previous 12 months actually exceeded the registration threshold;
the company receives services to be included in the return using the reverse charge method, in excess of the registration threshold.
It is possible to initiate a voluntary registration after exceeding the threshold of taxable transactions in the amount of AED 187 500 (~ USD 50 000).
Upon registration with the Federal Tax Administration and allocation of the VAT number, a company must quarterly (or monthly in the case of annual turnover exceeding AED 150 000 000 (~ USD 40 830 900) prepare and file a VAT return, and pay the resulting VAT within 28 days of the VAT period end.
Every company registered in UAQ FTZ must keep accounting records sufficient to confirm its financial position and reflecting up-to-date information about the assets and liabilities of the company.
At each reporting date, company directors must prepare financial statements of the company, including auditor’s report, and circulate them to the shareholders for the annual general meeting within 4 months of the financial year-end. However, there is no requirement for audit or submission of financial statements to state authorities.
The company’s first accounting period begins on the date of incorporation and lasts at least 6 months but not more than 18 months. Every subsequent accounting period lasts exactly 12 months from the end-date of the previous period.
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Services
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Fees (USD)
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Company registration in UAQ Free Zone, including[5]:
- company incorporation (name check; collection, preparation and submission of documents for incorporation; selection of a licence; delivery of original corporate documents); - liaising with government authorities regarding all matters of the company; - maintaining the company’s online service portal with the free zone and migration authorities; - monitoring changes in legislation, informing about changes and the need to revise the activities / structure of the company; - compliance check; - postal services (collection / delivery of documents and other correspondence); - company seal. The above price also includes the state fees billed by the Free Zone for company registration, issuance of a license for 1 type of activity and flexi desk office. Other options are available upon request. |
9 400
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Annual renewal of the company, including:
- liaising with government authorities regarding all matters of the company; - maintaining the company’s online service portal with the free zone and migration authorities; - monitoring changes in legislation, informing about changes and the need to revise the activities / structure of the company; - keeping track of the deadlines and making payments for the company renewal and the office lease agreement; - postal services (collection / delivery of documents and other correspondence). The above price also includes the state fees billed by the Free Zone for the renewal of the license. Other options are available upon request. |
7 200
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Obtaining a residence visa (cost of one visa – investor visa), including:
- Government fees (Entry Permit, Medical Fitness Report & Emirates ID, Visa Stamping on the Passport); - preparing, executing and agreeing the necessary documentation with the migration authority; - accompanying the client to a medical clinic for medical examination; - accompanying the client to the Federal Migration Service for fingerprinting and biometrics; - submitting to the migration authority documents for issuing and stamping a visa; - filing an application for and obtaining a residence card; - selecting an insurance company for medical insurance (if required); - transport expenses. |
4 200
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Renewal of a residence visa (cost of one visa – investor visa).
Renewal of a residence visa (investor visa is issued for 2 years) requires taking the same actions and paying the same fees as upon initial application. |
4 200
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Assistance with opening corporate and personal bank accounts, including[6]:
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== services of:
- analysing the company’s structure, its activities / business model / turnover OR, in the case of a personal account, information on the individual’s sources of funds / residence / account balance; - selecting banks individually for you – up to 3 options; - preparing descriptions of banks indicating the criteria by which they were selected; - preparing a description of further steps in the account opening procedure; |
500 (Stage I)
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== services of:
- collecting and analysing the corporate and other documents required to be submitted to the selected bank; - putting together a detailed account opening application, including complete information on the company, its owners and counterparties; - sending the application to one of the banks of your choice; - preparing a detailed description of all further steps in the account opening procedure; - preparing for an interview; - accompanying you to a personal / online meeting with a banker if necessary; - interacting with the bank at ALL stages; |
1 500 (Stage II)
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== payment of the remainder of the full fee – after receiving notification from the bank that the application is under final review by the bank’s compliance team;
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500 (Stage III)
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== an additional success fee is charged if the account is opened faster than the average standard procedure time, which is:
- for corporate accounts – 3 months, - for personal accounts – 1 month. |
+10% to the fee
for the service |
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Compliance fee
Payable in the cases of: - renewal of a company, - liquidation of a company, - transfer out of a company, - issue of a power of attorney to a new attorney, - change of director / shareholder / beneficial owner, except the change to a nominee director / shareholder, - signing of documents. |
350 (standard rate – includes the check of 1 individual)
+ 150 for each additional individual (director, shareholder, or beneficial owner) or legal entity (director or shareholder) if such legal entity is administered by GSL + 200 for each additional legal entity (director or shareholder) if such legal entity is not administered by GSL 450 (rate for High Risk companies, includes the check of 1 individual) 100 (signing of documents) |
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Keeping company’s accounting records.
Maintaining a systematic archive of company documents and providing them to the client upon request. |
200 / hour
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Preparing financial statements, conducting audit and submitting financial statements to the Free Zone authorities.
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400 / hour[7]
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VAT registration.
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1 500
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Preparing and submitting VAT returns.
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200 / hour
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Tax advice on VAT and other matters.
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from 300 / hour
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[4] VAT of 5% is applied.
[5] The cost of package may vary depending on the number of shareholders, type of licence, and size of office (office size dictates how many residence visas a company can have).
[6] For more details on how fees for account opening assistance are charged, please contact your GSL consultant.
[7] The fees for preparing financial statements and conducting an audit are charged based on the time spent at hourly rates ranging from USD 100 to 400, depending on the type of work and qualification of a specialist involved, but not less than USD 1 900 – fees for audited financial statements with a minimum number of transactions.