Setup Business in UAE Blog

unused warehouse space ideas

I own some property (13k sqft office/warehouse) and lease office/warehouse space out to my main service business. However, I am scaling back on the space needs for that business and will have additional space available in the warehouse to use (2000sft).

I don't want to lease it out to someone else at this time, because of buildout expenses. But I thought about using the space to create a additional business for additional revenue stream. I want to supplement my income a little more.

Is retail arbitrage or import/export a viable revenue stream? Can money actually be made? I know how to build and maintain websites and market well on the internet. Just didn't want to waste the space. I already have inventory shelving, CRM/Accounting software ready to go and shipping process in place.

Thoughts?

Posted 24 November, 2018

Fujairah Free Zone

Strategically located on the East Coast of the UAE, Fujairah Free Zone operates under the aim to provide a triple advantage to its investors – ACE - Accessibility, Connectivity & Economy. Companies established here have easy access to all Arabian Gulf ports, the Red Sea, Iran, India and Pakistan on weekly feeder vessels. Mainline services arrive from Northern Europe, the Mediterranean, Far East and North America on a weekly basis, and services leave twice weekly to the Far East and once a week to North America. Located in proximity to Fujairah Sea Port and Fujairah International Airport, Fujairah Free Zone (FFZ) offers unmatched opportunities to aspiring startups, as well as established companies – from issuing licenses within one working day, to cheaper tariffs and minimum start up time.

“Investors benefit from the triple Fujairah Free Zone advantage, namely the ACE -Accessibility, Connectivity & Economy”

Business facilities in FFZ:

  • Multi-access to neighboring and global markets by land, sea and air.
  • Variety of investment fields.
  • Investor-oriented policies.
  • Efficient and cost-effective investment facilitation.
  • Full investment security.

Legal entities under FFZ:

  • Branch of a foreign company, including offshore company.
  • Branch of a UAE company.
  • Free zone establishment.
  • Free zone company.

Types of Licenses:

  • Trading (normal) license.
  • General trading.
  • Professional/service license.
  • Industrial license.
  • National industrial license.

Posted 9 April, 2018

It's getting really difficult to open bank accounts for freezone businesses in UAE

Hello,

Mashreq decided to close my Fujairah freezone company bank account without any reason, they told me that they are closing a lot of the flexi desk accounts at Mashreq.

A friend has an account at Noor Bank with the same set up and he told me that they stopped opening accounts for Fujairah flexi desk set ups as well. He also told me that Noor Bank is giving him minimal support because of his flexi desk set up.

I went to Rak Bank with my documents and they told me the approval could take up to 25 working days but it's not a guaranteed approval, for now they didn't take my case yet as they think it's going to be too difficult to get the account open.

I decided to try with Emirates Islamic Bank, they took my documents and told me to wait approx 15 working days. Again subject to compliance approval. The banker told me to accept to deposit at least 200 000 AED to improve my chances with the compliance department to be accepted as they are not accepting small customers anymore. So if I get approved I have to deposit that amount in the account to activate it.

I called Ajman Bank and I will meet with them soon, I need a bank account and I can't be just waiting to "maybe" get one. I will keep you updated on what they say.

If you open a flexi desk set up you might encounteer great difficulties to open a bank account. Flexi desk set ups are normally sold to customers with low funds, but then banks (The ones I visited at least) will ask for huge amounts of money to be deposited in the accounts.

If you want my advice, don't open a flexi desk set up because it could take you several months and a lot of money to be accepted at a bank. Or you might never be accepted. I asked in some facebook groups and I know someone who never got a bank account for his flexi desk set up.

Also they are now asking a lot of supporting documents, like contracts with suppliers and clients, invoices, proof of funds (personal and business statements), of course you need to be a resident already and have your DEWA bills in your own name. They want to be sure that people are working and living in UAE, you can't have a flexi desk set up and live somewhere else in the world. You need to have your apartment/house in UAE.

I think the logic behind this is this ; you are living here so you deserve to have a business here or you have so much money that you can rent an apartment just to get the DEWA bill, so in any case it's a good profile for the bank. They don't want small customers.

If any of you opened a bank account with a flexi desk set up in 2018 I'm interested in the contacts and bank name. Thanks.

Posted 18 April, 2018

Does remote business allow ownership in UAE?

Remote business is allowed ownership benefits of up to 49% for confined commitment associations set up in Dubai, and up to 100% for master associations, branches and representative working environments of outside associations and free zone tries.

Posted 21 October, 2018

Offshore Benefits

  • 100% foreign ownership
  • Great tax incentives
  • Asset security
  • Risk mitigation
  • Privacy & Anonymity
  • Low cost company configuration
  • Property rights
  • Zero bureaucracy & modern administration
  • International trade facility

Posted 9 April, 2018

Payment Processor Charges

My payment processor is charging me 2.8% on average and we are processing about $75k-$100k per month. Most of the time it's via Quickbooks invoices so these aren't manually keyed transactions and the transactions are B2B so it's pretty low risk.

The charges seem high for our volume and I am going to shop around, but am curious what others are paying.

Thanks!

Posted 24 November, 2018

How do I acquire business guests?

Free Zone gives the administration of issuing visit visas for business purposes.

Posted 21 October, 2018

Canada Visa - Attestation of Documents

Hey Guys!

So recently I got accepted in a uni in Canada. I was wondering where should I get my O'Level and A'Level (High-school) certificates attested? and whats the procedure? Also, I was born here and want to get my birth certificate attested. Any helpful inputs?

Thanks!

Posted 18 April, 2018