UAQ FTZ opens doors to startups, fintech
umm al quwain — ‘Novelty, Potential, and Growth’ is Umm Al Quwain Free Zone Authority’s (UAQ FTZ) latest motto. A free zone that has gone through a revolutionary inside-out renovation phase in order to boost the entire emirate’s economy, knows very well the positive and longlasting effects of startups.
“That is why we strongly support and welcome entrepreneurs and startup communities,” says Johnson M. George, general manager of UAQ FTZ. “No matter the business activity, if it’s innovative it will have enormous economic and social benefits at a local and regional level.”
Startups would lead to job creation and set up competitive mechanisms into the business environment which can be beneficial for the overall growth of Umm Al Quwain economy, explains George.
The free zone is currently undertaking a series of sustainable and eco-friendly development project in its industrial areas, and is planning to build facilities to turn the free zone into an independently functioning smart city.
“We want to specialise in offering the right management support and technical programmes for startups to flourish and increase in the free zone. We desire to attract ambitious entrepreneurs with highly promising business ideas that can be successfully scaled in the UAE market,” the general manager said.
For UAQ FTZ, it is not simply a matter of economic growth. Given the challenges of the modern world and the high competition of global markets, entrepreneurs necessitate of a strong support from law makers and government institutions. As a government agency, UAQ FTZ’s goal is to specifically create and expand a network of vibrant entrepreneurship community, where all stakeholders are connecting together, in a supportive, ethical and sustainable way for the general improvement and prosperity of the entire free zone, and the country.
“Setting up your own startup is a great challenge. We are trying to reduce the risk by betting on bright entrepreneurs and offering them to minimise their overheads and thereby giving them the opportunity to develop successful and innovative companies,” George said.
Being the free zone of the future, UAQ FTZ wants to be upto-date with the latest trends in finance and technology, also by welcoming startup fintech companies that wish to invest in one of the most investor-friendly, sustainable, and cost-effective free zone.
The free zone has recently launched its newest startup business package with one visa eligibility perfectly designed for independent investors with innovative ideas, who are looking to establish their own startup abroad with a 100 per cent foreign ownership.