How free zones can help you establish a business quickly in SharjahAuthor businessconsultantsdubai
The Emirate of Sharjah is the third largest emirate of UAE. Located between Dubai and Ras al Khaimah, the city is spread over an area of 2590 sq. km. Sharjah has been given the status of ‘cultural capital of Arab World’ by UNESCO in 1998. It attracts over 5 million investors and tourists annually.
Sharjah is well known for being the industrial backbone of UAE- 40% of total number of industries in UAE is based in Sharjah. Most of the industries are petrochemicals, textiles, leather, food and basic non-metal industries. Recently, Sharjah free zone has diversified itself from these peripheral sectors and taken a vast business outlook.
The government of UAE has taken proactive measures to boost foreign investment in Sharjah in order to make it perfect place to set up business and reside.
Free zones in Sharjah
- Hamriyah Free Zone
- Sharjah Airport International Free (SAIF) Zone
- S.A. Regional Trade Center (USARTC) Free Zone
- Sharjah Publishing City Free Zone
- Sharjah Media City Free Zone
Read More: Business Setup in Shams Free Zone
Why Setup Business in Sharjah free zone?
Compared to other UAE free zones, business setup in Sharjah free zone is reasonably moderate and a cost effective choice. Free zone authority in Sharjah free zones have undertaken liberal economic policies and legal framework and devised business friendly economic laws in order to attract foreign investment. They also provide affordable land, low cost labor and other business incentives to SMEs. Other major benefits of company formation in Sharjah free zones include,
- 100% foreign ownership
- 100% repatriation of capital and profits
- 100% free transfer of funds
- 100% exemption on imports and exports
- Abundant and low cost supply of energy
- No currency restrictions
- Corporate and personal tax exemption
- 24-hour licensing services
- Fewer accounting and auditing requirements
- Easy access to the outside world by Sharjah International Airport, Port Khalid, Port Khorfakkan and Hamriyah Free Zone Port.
Types of Licenses in Sharjah free zones
There are mainly three kinds of business licenses provided in Sharjah free zones,
- Commercial license – for companies involved in trading or buying and selling of goods e.g. Logistics, car rental, and real estate services.
- Trading License – for businesses engaged in manufacturing or industrial activities e.g. manufacturing of food products, metal casing, and furniture manufacturers, packaging.
- Professional license – for business that provide services e.g. law firms, management consultants, auditing and accounting companies and educational institutes etc.
How to Setup Business in Sharjah Free Zone?
The procedure of Sharjah free zone company formation is quick, smooth and easy provided you devise a proper business plan. This stage needs thorough research of each free zone of Sharjah and then make a proper decision depending upon your need. Keu steps that you need to follow are,
- Understand your business and choose the free zone suitable to your need
- Prepare business setup plan
- Choose a company name and reserve it with the desired free zone authority
- Finalize suitable infrastructural setup for office premises
- Estimate workforce required for your business
- Deposit the minimum capital required by the free zone authority in the bank account
- Complete business registration and licensing process
- Complete business setup formalities by getting an individual shareholder, corporate shareholder, or both to sign the company incorporation documents in the presence of free zone authority.
Each free zone authority in Sharjah free zones has made business setup process streamlined and very easy to follow. However, we advise you to take professional help from business setup consultants such as Business Consultants Dubai who have ample experience of company formation in UAE. Our experts take care of documentation, licensing, registration, banking, visa and other formalities in order to relieve our clients from bureaucratic red tape and legal formalities during their company formation process.