Sharjah Free zone Company Formation
The only emirate in the United Arab Emirates with land on both the Persian and Gulf of Oman is Sharjah, which is also the third largest. Covering 2,600 square kilometers, this constitutional monarchy welcomes more than 5 million visitors and investors each year. Sharjah, which is ideally situated between Africa, Europe, and Asia, has a fair legal system and a low crime rate. It is regarded as the nation’s shipping industry and has given the United Arab Emirates an industrial base.
The Sharjah Free Zone now has a much broader scope and is not just restricted to these ancillary industries. In order to create tremendous opportunities for businesses established in the Sharjah free zone, the UAE government has taken proactive measures to attract foreign investment.
Free Zones in Sharjah
- Hamriyah Free Zone
- Sharjah Airport International Free (SAIF) Zone
- The U.S.A. Regional Trade Center (USARTC) Free Zone
- Sharjah Publishing City Free Zone
- Sharjah Media City Free Zone
- Sharjah Research Technology and Innovation Park (SRTI) Free Zone
Types of Licenses in Sharjah Free Zone
Establishing a business in the United Arab Emirates necessitates a current business license. One must choose the kind of business activity to be carried out in the area in order to obtain a Sharjah free zone license, since the type of business activity dictates the number of licenses needed. In Sharjah Free Zone, three primary license types are offered:
1. Commercial License
Businesses that trade or buy and sell goods are eligible for this kind of license. You will receive a commercial license from the free zone authorities if you decide to engage in a business activity that falls under the category of commercial activity. Commercial activities include real estate services, car rentals, and logistics.
2. Trading License
Businesses engaged in manufacturing and industrial operations are granted this license. To obtain this license, you must have a physical office in the nation. It covers things like food product manufacturing, metal casing, furniture manufacturing, and packaging.
3. Professional License
Businesses that offer services are granted this kind of license. They may be professionals, service providers, artists, or craftspeople. Activities like management consulting, law firms, accounting and auditing firms, educational institutions, and medical services are all included.
How to Set Up a Business in Sharjah Free Zone?
If you have a good plan, the Sharjah free zone company setup process can go smoothly and easily. The fundamental steps are conducting research, making accurate decisions, and abiding by the rules and regulations. Apart from that, you must do the following:
- Understanding your business and deciding appropriate free zone for the same
- Preparing business setup plan
- Choosing a company name and reserving it with the desired free zone
- Finalizing suitable infrastructural setup
- Estimating workforce required for the business
- Depositing the minimum capital amount mandated by the authorities in the bank account
- Completing business registration and licensing process
- Completing business setup formalities by getting an individual shareholder, corporate shareholder, or both to sign the company formation documents in the presence of free zone authorities.
Procedure to Get a Sharjah Free Zone License
Businesses that are founded in free zones are subject to the regulations of those areas. You must have legitimate documentation in order to receive the required approval. Depending on the kind of business activity, the list changes. The general instructions for the procedures and paperwork required to obtain a business license in the Sharjah Free Zone are listed below.
1. Initial approval
You need to provide the following documents to get the initial approval-
- Completed application form
- Business plan
- Copy of existing trade license/registration certificate (if you are an existing company, applicable to the local company only)
- Colored passport copies of the company’s shareholders and the appointed Manager/Director for the new company
- Specimen signature of the company’s shareholders and the appointed Manager/Director for the new company
- 2 years audited financial reports for a corporate entity or certificate of reference from a personal bank of the individual shareholder
- NOC from the current sponsor (for individuals)
- Unit title deed
- Letter of Intent
- Registry Identification Code Form (RIC) for Manager/ Director (Original and notarized)
2. Registration
The next step is to register your business and pay the required fees after receiving initial approval. The kind of business license you need will determine the cost. The following are the documents:
- Completed application for registration
- Board Resolution appointing Manager/ Director (Notarized and attested)
- Power of Attorney given to Manager/ Director (Notarized and attested)
- Memorandum and Articles of Association (Notarized and attested)
- Specimen signature of Manager/ Director (Notarized and attested)
- Passport-size photo of Manager/ Director against a white background
- Share capital information
3. Licensing and Visa Process
Under this process:
- Lease agreements will be prepared by the authority
- Then the trade license will be issued
- Visa processing will start
Why Set Up a Business in Sharjah Free Zone?
Commercial companies and industries are drawn to the Emirates by its business-friendly company laws, liberal economic policies and legal framework, and cosmopolitan culture. The UAE government offers unparalleled investor incentives and facilities for Sharjah Free Zone company formation. The Sharjah Free Zone is the most economical option when it comes to company setup costs, as it is relatively moderate in comparison to other free zones in the United Arab Emirates. Additionally, the free zones provide small and medium-sized businesses with incentives and reasonably priced land and labor.
They offer 24-hour licensing services and a more advanced infrastructure than the others, allowing individuals to quickly set up their businesses. Additionally, businesses establishing in the Sharjah Free Zone benefit from reduced accounting and auditing requirements. In Sharjah, there are numerous incentives for starting a business.
Advantages of Setting Up a Business in Sharjah Free Zone
- 100% repatriation of capital and profits
- 100% foreign ownership
- 100% free transfer of funds
- Abundant and low-cost supply of energy
- No currency restrictions
- 100% exemption on imports and exports
- Corporate tax exemption
- 100% privacy with limited financial planning
- 24-hour licensing services
- Cheaper lease rents
- Low-cost labor and warehouse facility
- Easy access to big ports and Sharjah International Airport
Operating a company in a Sharjah free zone is symbolic of enormous income potential, tax breaks, top-notch facilities, contemporary conveniences, liberal government regulations, and unrestricted trade. In any of the Sharjah free zones, the company formation process is simplified, but it still calls for careful planning and sound judgment. A professional company like Commitbiz can assist you with business setup, handling all the necessary procedures to successfully finish the paperwork.
wmbusiness helps global investors, businessmen, and corporates form company in Sharjah free zones while availing all the advantages that a developing economic trading hub provides. Our experts take care of the entire banking, visa, legal, and licensing formalities, and allow corporations to enjoy their company formation process without worrying about the bureaucratic red tape and legal formalities. Contact us today, even it’s for a friendly advice.