LAVECO LTD.

® Member of

Legal Solutions since 1991 International Tax Planning

Association

UMM AL-QUWAIN FZC

United Arab Emirates

Information for 02/2018

end-users www.laveco.com
 LAVECO LTD. ®
Legal Solutions since 1991

CONTENTS

GENERAL INFORMATION 3

INCORPORATION DATASHEET 5

FEES 7
First year fees 7
Annual fees 7
Opening of a bank account in a local bank: 9
Additional services 9
Arrangement of residence visa/residence permit 11

OUR OFFICES AND REPRESENTATIVES 13

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© LAVECO Marketing Ltd., Belize

Photocredits to: shutterstock.com, freepik.com, maphill.com

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 LAVECO LTD. ®
Legal Solutions since 1991

GENERAL INFORMATION
Form of State Absolute monarchy
Area 755 km2
Population: 72,000 (2007)
Capital: Umm Al-Quwain
Business language: Arabic (English is widely spoken)
Currency: UAE Dirham (AED, 1 USD=3.6 AED)
Location: Umm Al-Quwain is situated between Sharjah to the southwest and
Ras Al Khaimah to the northeast.
Time zone: UTC +4

source: ww.maphill.com

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 LAVECO LTD. ®
Legal Solutions since 1991

INCORPORATION DATASHEET
Advantages The United Arab Emirates is an extremely attractive jurisdiction, with
a very good name. The advantages of the UAE include:
-- 0% corporate taxes
-- 0% personal income tax
-- 0% VAT
-- not a typical offshore jurisdiction; the tax free status of
Free Zones is based on cultural traditions
-- the company can open a bank account in the same jurisdiction
-- the company can have local office and employees
-- Free Zone Companies can obtain working visas for investors
and employees
-- easy to obtain a residency permit for investors
-- the full profit of the company can be repatriated
-- high prestige jurisdiction, accepted worldwide in the
business community
Disadvantages The United Arab Emirates is not a member of the Hague Convention
on international authentication, and, as such, the corporate docu-
ments can not be certified with Apostille. Having said that, it is pos-
sible to have corporate documents certified by foreign consulates or
by Apostille in other countries.

Method of The Memorandum and Articles of Association must be signed by the

incorporation / shareholder.
registration
Company legal form Private Limited Company by Shares
Company status Free Zone Company (FZC)

Source of corporate Government of Umm al-Quwain governed by Emiri Decree

legislation No. (2) / 2005

Possible suffixes to Free Zone Company, FZC

company name

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Time required for 2-3 days.

incorporation
Number of directors Minimum 1 of any nationality.
Number of Minimum one of any nationality; can be individuals or companies or
shareholders a combination of both.

Capitalisation AED 300,000 (1 USD=3.6 AED), paid up is not required.

Accounting / reporting Required but not Public.
requirements
Type of shares Registered.
Annual tax and duties Dependent upon the type of company.

Information publicly Registered Office and Registered Agent, Directors.

available
Disclosure of Not required for the Public Records.
beneficiaries
Registered office Local Registered Office required by law within the Free Zone.
Registered secretary / Local Registered Agent is not required by law.
agent
Double tax treaty United Arab Emirates has double tax treaties with the following coun-
tries: Algeria, Armenia, Austria, Azerbaijan, Belarus, Belgium, Bosnia
and Herzegovina, Bulgaria, Canada, China, Czech Republic, Egypt, Fin-
land, France, Germany, Hungary, India, Italy, Korea, Lebanon, Luxem-
burg, Malta, Malaysia, Mauritius, Mongolia, Morocco, Mozambique,
Netherlands, New Zealand, Pakistan, Philippines, Poland, Romania,
Seychelles, Singapore, Spain, Sri Lanka, Sudan, Syria, Tajikistan, Thai-
land, Turkey, Tunisia, Turkmenistan, Ukraine, Uzbekistan, Yemen.

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 LAVECO LTD. ®
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FEES

INCORPORATION COST AND FEES OF AN UMM AL-QUWAIN FREE ZONE ENTITY (AED)

General Premium Micro

Commercial Consultancy Freelancer
Item Trading Consultancy Business
Licence Licence Licence
Licence Licence Licence
Registration 2000 2000 2000 2000 2000 2000
Licence 2500 2500 9500 14500 2500 2500
Premium
16000 16000 16000 16000 n/a n/a
Office
Address
n/a n/a n/a n/a 9000 9000
Services
Benefactor
n/a n/a n/a n/a n/a 3000
fees
Visa
2 visas 2 visas 3 visas 3 visas no visas 1 visa
Eligibility
Total 20500 20500 27500 32500 13500 16500

First year fees: Licence fees (total) + 1900 EUR

The fees for the first -- annual licence fee

year are payable prior -- local government fees and duties
to incorporation and -- incorporation duty
include the following -- company name registration
items -- all administration and consultation fees
-- provision of a registered office for one year from the date
of incorporation
-- preparation of the Deed of Foundation
-- preparation of the Memorandum and Articles of Association
-- original Certificate of Incorporation
-- Share book
-- minutes of meetings of directors
-- forms to be filed with the court of registration
-- Arabic/English bilingual stamp
-- expenses of personal appearance required for registration
-- 1 VIP transfer from Dubai airport
-- fees for forwarding documents by express courier

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Annual fees: Licence fees (total) + 1500 EUR

The annual fees (from -- provision of a registered office for one year from the anniversary
the second year) of the date of incorporation
are payable before -- annual licence fee
the anniversary of -- local government fees and duties
the formation of the -- company renewal duties
company and include -- personal collection of the renewed company documents from
the following items: the Free Zone
-- presentation of the renewed company documents to the
local bank (presentation of the renewed company documents to
the bank in which the company holds an account is obligatory
each year)
-- provision of a stamped certificate from the bank confirming
receipt of the company documents
-- forwarding the original (renewed) company documents to the
client by express courier

Opening of a bank account

1250 EUR
in a local bank:

-- Emirates Islamic Bank

-- Mashreq Bank
-- ADIB Bank
-- Emirates NBD Bank
The bank account -- personal meeting with the client in the client’s hotel
opening fee includes -- preparing the client for the bank interview
the following items -- collection of the client identification documents from the client
-- filling out the banks forms and documentation
-- continuous assistance during the bank account opening process
-- returning client to their hotel
-- tracking the bank account opening procedure
-- assistance in supplying any missing information/documentation,
and in replying to any possible additional questions
-- assistance in collecting the token and bank card and forwarding
them to the client
-- continuous consultation for the resolution of any situations
which may arise.

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Additional services:

Director services: 990 EUR

Nominee shareholder: 490 EUR

Power of attorney: 290 EUR

Consular authentication: from 1500 EUR

Certificate of Good Standing: from 790 EUR

Courier fees: 75 EUR

Nominee services

Advantages -- complete anonymity regarding external partners

-- possibility to have contracts signed

Disadvantages The use of nominees is not accepted in the United Arab Emirates, so
it can be very difficult to open local bank accounts for companies with
nominee structures.

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Arrangement of residence visa/

3900 EUR per person
residence permit:

Arrangement of -- VIP transfer between official locations and the client’s hotel
residence visa/ -- Expedited medical examination
residence permit -- Urgent hospital administration fee (results within 3 hours)
covers the following -- Issuing of health certificate and registration with the Free Zone
-- Compulsory immigration screening and registration
-- Opening of immigration file and submission to the authorities
-- Issuing of entry permit authorising investment visa + express
service fee
-- Submission of entry permit to the airport immigration authority
-- Expedited fingerprint registration
-- Application for residence visa + express service fee
-- Collection of (plastic) UAE ID card
The administrative The whole administrative process takes approximately 3-5 days.
process The client needs to spend approximately 2-3 hours in the company of
our colleagues, and can spend the rest of the time relaxing. To assist
with the relaxation, we provide a 5-day discount card which author-
ises unlimited access to the swimming pools, beaches and spas of 18
5-star hotels in Dubai (Fairmont the Palm, Waldorf Astoria, The Palm,
Sofitel The Palm, Address Marina, Palace Hotel Downtown, Grand
Habtoor, Westin Marina, etc.).
Notes The residence visa and residence permit are valid for 1 years, and can
be extended (naturally, in this case it is necessary to maintain and
renew the company each year).

For obtaining visas, you have to register to the E-channel. In case of

new registration, there is a one-time registration fee of 2100 AED and a
refundable deposit of 5000 AED. The renewal fee is 1100 AED annually.

Additional option: 1-year apartment rental agreement certified by the

local government + proof of address certified by the Dubai Court.

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 LAVECO LTD. ®
Legal Solutions since 1991

OUR OFFICES AND REPRESENTATIVES

HUNGARY HONG KONG

LAVECO Kft. LAVECO LIMITED
LÁSZLÓ VÁRADI JAMES WONG
Office Unit No. 6, 26th F.,
33/a Raday Street
Kin Sang Commercial Centre
1092 Budapest, Hungary
No. 49 King Yip Street
Tel.: +36-1-456-72-00
Kwun Tong, Hong Kong
Fax: +36-1-456-72-01 Tel.: + 852-2388-8051
hungary@laveco.com Fax: +852-2388-2960
www.laveco.com hongkong@laveco.com

UNITED KINGDOM BULGARIA

LAVECO LTD. LAVECO EOOD

GIZELLA KOZMA ANDREY GRAMENOV

104 Akad. Ivan Geshov Blvd.
3rd Floor, Blackwell House Entrance A, 5th Floor, Office 8,
Guildhall Yard, London 1612 Sofia, Bulgaria
EC2V 5AE United Kingdom Tel.: +359-2-953-2989
Tel.: +44-207-556-0900 Mob: +359-888-126-013
Fax: +44-207-556-0910 Fax: +359-2-953-3502
london@laveco.com bulgaria@laveco.com

CYPRUS SEYCHELLES
LAVECO LIMITED LAVECO LTD.
GIZELLA KOZMA SHEIRLEY JEAN-CHARLES
Despina Sofia Complex Suite 2, Oliver Maradan Bld.
Ap. 201, 8 Inomenon Ethnon Olivier Maradan Street,Victoria
Drosia 6042, Larnaca, Cyprus Mahé, Seychelles
Tel.: +357-24-636-919 Tel.: +248-4-322-261
Fax: +357-24-636-920 Fax: +248-4-324-932
cyprus@laveco.com seychelles@laveco.com

UAE
LAVECO MIDDLE EAST FZC
MICHAEL DWEN
Conrad Dubai, 19th Floor,
Sheikh Zayed Road
Dubai S610 UAE
Tel.: +971-4-3827-758
Mob.: +971-50-173-4428
Fax: +971-4-3266-202
middleeast@laveco.com

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