How to Set Up a Business in Sharjah Free Zone?
Free economic policies and legal framework, worldly-wise culture, and business-friendly ordinances of Sharjah inspire retail businesses and enterprises to use investment openings in the Emirates. Sharjah Free zone company formation boasts of unique investor inducements and establishments from the UAE administration. When contrasted to the other free zones, Sharjah Free Zone company setup cost is relatively fair and acts as the most cost-effective option. The free zones also propose inexpensive property and workforce as well as inducements to all the start-ups. They have outstanding advanced infrastructure compared to the other and 24/7 licensing assistance to facilitate fast company setup for people. Besides, there are only limited accounting and auditing regulations, a comfort to the businesses setting up companies in Sharjah Free Zone.
The process to register your business in the Sharjah free zone can be relatively smooth and simple if you have a detailed plan. Exploration, detailed opinion making and fulfilling the laws and regulations are the fundamental steps. However, there are other steps that you need to follow. But, first let’s take a look at the different free zones that you can choose.
List of Different Free Zones in Sharjah
Sharjah Airport International Free Zone
Sharjah Airport International Free Zone encompasses around 6000 companies from various nations. Likewise, it’s strategic location is set at intersections between leading trade routes that fuse the west to the east. It is also situated very close to the Sharjah International Airport and creates an important center for cargo.
Hamriyah Free Zone
Hamriyah Free Zone is often deemed as one of the examples of industrial advancement in Sharjah. Likewise, this particular free zone proposes geographic benefits unpaired by any other regions in the UAE and provides easy admission to leading international markets. Also, it is a venture oriented free zone and lends flexibility and vitality. Furthermore, this region is favorable for businesses that appear under the classification of SMEs.
Sharjah Publishing City
Sharjah Publishing City is known as the very first publishing free zone in the world. Likewise, it offers those in the text industry a shot to invest on tax-free liberties while profiting from existing as a completely autonomous company.
Sharjah Media City
Sharjah Media City focuses on reinforcing efficient entrepreneurs and enhancing the media industry for business development. It is an outlet constructed for SMEs, start-ups and solidified corporations to rise and widen their business at a multinational level. Also, this particular region has been providing a ton of opportunities for the investors to establish various forms of businesses.
USA Regional Trade Center
USA Regional Trade Center is one of the best and fastest growing free zones in Sharjah. It facilitates enterprise, commerce and cultural awareness between the regions and by promoting services, commerce, production and agrarian export alternatives for the SMEs in the region.
Benefits of Opening a Business in Sharjah Free Zone
- You will get complete repatriation of wealth and earnings
- You will get 100% foreign ownership
- Free transfer of funds
- Abundant and low-cost ration of power
- Zero currency regulations
- 100% impunity on imports and exports
- Corporate tax exemption
- Complete privacy with limited financial planning
- 24/7 licensing services
- Inexpensive lease rents
- Low-cost workforce and storage establishment
- Easy admission to huge ports and Sharjah International Airport
Types of Legal Entities for Establishing Company
There are two kinds of legal entities that can be established by businesses here based on the category of shareholding. They are:
1. Free Zone Company (FZC):
- A multiple shareholder limited liability company.
- It only requires 2 to 5 shareholders.
2. Free Zone Establishment (FZE):
- It is an individual shareholder limited liability company.
First, you have to determine the category of business which is acceptable for company registration in Sharjah free zone. Next, you have to prepare a business plan illustrating all the important details for completing further procedures. Then you have to select a trade name for your company and reserve it with your preferred free zone. After completing all these steps, you have to register your business with the Department of Economic Development (DED). In addition, after registering the business, you have to apply for your sharjah free zone license. A legal business license is mandatory to start a business in the Sharjah Free Zone. However, to obtain this license one has to determine the right type of business activity to be enacted in the area as it decides the number of licenses. There are generally 3 types of licenses offering in Sharjah Free Zone:
1. Commercial License
Commercial licenses are for those businesses inundating in trade of goods. So, if your business activity falls under the commercial activity, you will be receiving a commercial license by the respective free zone administration. Business like car rental, logistics and real estate services are examples of commercial activities.
2. Trading License
Trading licenses are for those companies that pertain to manufacturing and industrial activities. Also, you must have a physical office in the region to obtain this license. It encompasses certain activities such as metal casing, packaging, manufacturing of food commodities, furniture manufacturing and more.
3. Professional License
Professional licenses are for the businesses delivering different assistance or services. The activities under this license are medical services, law firms, educational institutions, management consultancy, auditing and accounting companies.
Also, you have to pay the respective license fee to complete the registration process. Now, let’s look at the list of important documents for obtaining your trade licence.
List of Documents Required for Company Registration
The following documents are mandatory for the successful registration of your company in the Sharjah Free Zone:
- Completed application form for your business registration
- A copy of your business plan
- Notarized and attested Articles of Association (AOA) and Memorandum of Association (MOA).
- A business card of the contact person
- Copies of the passport of the business partners and managers
- Lease agreement
- Feasibility report of the project
- Bank Statements of the Parent Company
- Power of Attorney
- Board Resolution of the parent company
What will be the cost to set up a company in Sharjah Free Zone?
Sharjah free zone is the most reasonable economic zone that requires a minimum capital investment of AED 150,000. Also, this can be solidified with either a local UAE sponsor or a foreign national. So, if you are looking to lease a huge facility, you have to pay for the license along with the rent of the office or storage. In addition, visa and other immigration expenses have to be paid individually.
By starting a company in the Sharjah Free Zone you can rejoice many advantages including tax impunities, liberal government policies, huge profit potential, top-notch quality infrastructure, contemporary amenities, free trade barriers and more. Hence, these innumerable benefits persuade entrepreneurs, foreign investors and corporations around the globe to start their businesses in the Sharjah Free Zone. However, the entire company formation will require thorough planning and adequate decision making. Our team is well qualified to assist you administer your regulatory subjects in a professional and safe way, fitting certain business requirements. Likewise, we can handle the entire legal, licensing, visa and banking formalities while letting you focus on your dubai free zone company formation process without stressing about the complex legal practices.