LICENSE RENEWAL

The process of renewing your company is straightforward and can be conveniently managed remotely by your appointed agent.

This renewal is required annually, and its cost, which is notably lower than the initial setup expenditure, varies depending on the company’s chosen package.

For companies operating bank accounts within the UAE, it’s obligatory to present the newly issued license to the bank following renewal. This step ensures the continuation of the company’s banking services without any interruptions.

AMENDMENTS

Company amendments in Creative City Fujairah can include:

• Change of company name
• Change of the manager (person-in-charge)
• Change of business activities
• Shares transfer, etc.

The fees are about 2,000 AED for shares transfer and even less for other amendments.

LIQUIDATION

The liquidation of a company in Creative City Fujairah can only proceed upon receiving a personal application from either a shareholder or an authorized representative holding a power of attorney from the company owners.

A fee of AED 4,000 is applicable for the cancellation of the company license, and an additional AED 600 is charged for the cancellation of a resident visa.

If the company has maintained a corporate bank account, it is essential that this account is closed before initiating the liquidation process. A confirmation letter from the bank, validating the closure of the account, will be needed.

Upon successful dissolution of the company, the free zone authority will issue an official deregistration letter. This serves as a formal confirmation of the company’s liquidation, marking the conclusion of its existence within the free zone.

Creative City Fujairah Free Zone presents an attractive choice for those seeking to:

• Consolidate multiple service activities.
• Obtain a high number of visas.
• Establish a company without the requirement of a personal visit.

However, it may not be the optimal choice for individuals intending to sponsor dependents under their visa, as this necessitates a personal visit to the Immigration authority.

The geographical distance could mean multiple trips to the Creative City Free Zone, which may be inconvenient.

Similarly, those needing a UAE driver’s license would need to process it in Fujairah, requiring additional travel.

An alternative could be the Umm Al Quwain Free Zone, which is closer to Dubai and offers reasonable fees, potentially striking a better balance between convenience and cost for certain business needs.