Fujairah Oil Industry Zone
Fujairah Oil Industry Zone Authority, Fujairah
Description
FOIZ is dedicated to optimizing the value of the oil and gas industry in Fujairah by developing and regulating all aspects of the hydrocarbon sector, with a strong emphasis on health, safety, quality, and environmental standards.
| Emirate | Fujairah |
| Website | https://foiz.gov.ae/ |
| Contact Email | info@foiz.gov.ae |
| Contact Info |
Phone: +971 9 2244000
Address: P.O. Box 9900, Fujairah, UAE
|
| License Types | Oil Storage, Oil Trading, Bunkering Services, Refining |
| License Cost | License costs vary based on the type of activity and scale of operations. |
| Formation Cost | Formation costs depend on the specific requirements and scope of the project. |
| Minimum Capital Requirement | Minimum capital requirements are determined based on the nature and size of the proposed operations. |
| Allowed Business Activities | Oil Storage, Oil Trading, Bunkering Services, Refining |
| Company Legal Structures | Free Zone Establishment (FZE), Free Zone Company (FZC), Branch of a Foreign Company, Branch of a UAE Company |
| Allowed Activities | Oil Storage, Oil Trading, Bunkering Services, Refining |
| Restricted Activities | Activities not compliant with UAE laws and regulations |
| Investor Visa Cost | Visa costs depend on the specific requirements and number of visas needed. |
| Employee Visa Cost | Visa costs vary based on the number of visas and employee categories. |
| Processing Time (Days) | Processing times vary depending on the complexity of the project and regulatory approvals. |
| Physical Office Required | Yes |
| Office Space Options | Dedicated office space, Industrial facilities |
| Office Space Cost | Office space costs are determined based on the specific requirements and size of the facility. |
| Virtual Office Available | No |
| Bank Account Assistance | Yes |
| Bank Account Cost | Bank account setup assistance is provided; costs depend on the chosen bank and account type. |
| Partner Banks | RAKBANK, Emirates NBD, Mashreq Bank, Abu Dhabi Commercial Bank |
| Governing Laws | Subject to the laws and regulations of the Fujairah Oil Industry Zone Authority and the UAE. |
| VAT Registration Required | Yes |
| Corporate Tax Applicable | No |
| Annual Audit Required | Yes |
| Renewal Fees | Renewal fees depend on the license type and scale of operations. |
| Business Restrictions | Activities not compliant with UAE laws and regulations |
| Ownership Structure | 100% foreign ownership allowed |
| Import/Export Restrictions | No Standard UAE import/export regulations apply. |
| Benefits | Strategic location near the Port of Fujairah, Access to the Middle East's largest commercial storage capacity for refined oil products, Proximity to major global shipping routes, Comprehensive infrastructure for oil and gas operations, Supportive regulatory environment |
| Drawbacks | Specialized focus limits diversification into non-hydrocarbon sectors, Environmental regulations may impose additional compliance requirements |
| Specific Compliance Requirements | Strict adherence to health, safety, quality, and environmental standards as mandated by FOIZ and UAE regulations |
