Fujairah 2040 Plan is looking to upgrade the economy of Fujairah. The municipality has started to work on improving roads, building ports and houses and healthcare facilities. The plan also focuses on providing opportunities for investors to invest in the region.
Fujairah is one of the Seven Emirates of the UAE:
- Lies in the east of UAE along with the Gulf of Oman.
- It’s local industries are cement, stone crushing, and mining
- Fujairah is a free trade zone therefore helping foreign investors to invest.
- It’s port and ship-related services are one of the most important businesses in the city.
Fujairah 2040 Plan:
The plan is to improve the economy, therefore set up new parameters for economy growth. Fujairah government initiated the plan under H.H. Sheikh Hamdan bin Mohammed Al Sharqi to:
- Increase the opportunities for continues growth covering economic, social and environment sectors.
- As well as improve the housing and transportation infrastructure.
In addition one of the reasons for starting the plan is to be able to serve to its population. It looks forward to be half million by 2040, up from around 200,000. UAE government have invested 1.5 Billion AED for this plan.
Key Development Projects:
The key development projects Fujairah is planning are:
- Underground oil storage.
- Expanding the Fujairah Airport.
- Hamid bin Abdullah Road.
- Sheikh Mohammed bin Zayed City.
- And Sheikh Khalif Central Hospital.
As a result this plan will open up opportunities for foreign investors to invest in the region. This will naturally help the economy growth of Fujairah.
Fujairah 2040 Plan Expected Outcome:
Fujairah Sea Port to hold new terminal for,
- Firstly the Oil and Marine Services
- Secondly Dry bulk and containers
Similarly the plan targets expansion of the cargo terminals and Fujairah airport’s runways. And lastly to build around 8800 new homes and 1500 hotel rooms in next five years.
In addition to these, it looks at the growth and development of roads and infrastructure of both the urban and rural areas.
How to Start a Business in Fujairah:
Fujairah is a Free trade Zone. As a result there are specific rules applicable to start a business in Fujairah.
First Clearly State Your Business Activity:
One can do business in following areas:
- Travel and Tourism
- Air transport and Cargo
- Financial institution
- Freight Forwarding
Choose Favorable Location:
To begin with there are three zones which are Mainland, Free zone and Offshore. In short Fujairah offers location to investors according to their business activity and budget.
Select the Business Entity:
Further it is important to choose the business model. Following are the options for the investor:
- Sole ownership
- Limited Liability Company (LLC)
- General Partnership Company
- Professional Company
- Joint Venture
- Public Shareholding Company
- Private Shareholding Company
To sum up the business model is decided based on the number of shareholders and the capital ready for investment.
You must look into the following factors for naming the company:
- The name should be unique and different from other players.
- The company name should show the primary business activity.
- One should hold the copyright for the name.
- The name should not have the name of the location.
- The name should not match any government agency or brand.
- And it should not have any religious reference.
Application and documents should be submitted to the Municipality of Fujairah.
However there are other approvals that are required based on the business activities. For medical field the Ministry of Health will provide the approval. Similarly for financial institutions the authority would come from the Ministry of Finance and Industry. To sum up approval from concerned ministry or department will be required.
After that you need to collect the business license which is issued by the authority to carry out the business activities.
Documents that needs to be submitted for shareholder(s):
- Completed application forms
- ID Card
- Visa and passport copies
- Address proof
- Photo-sized photographs
- The Business activity plan
- Memorandum and Article of Association
- A resolution for the Board of the company
In conclusion, the government has been implementing various strategic moves to provide support with the business investors to invest in and start a business in Fujairah.