Sharjah Free Zones
Sharjah is the UAE’s third most populous emirate and the only one with territory on both the Gulf of Oman and the Persian Gulf. This constitutional monarchy covers 2,600 square kilometres and yearly draws over 5 million investors and tourists. It is regarded as the country’s maritime industry and has served as an industrial basis for the United Arab Emirates. Sharjah free zone, on the other hand, is no longer restricted to these ancillary industries and now has a much broader scope. The UAE government has taken strong initiatives to attract international investment. All this has resulted in significant prospects for businesses based in the Sharjah free zone.
Procedure To Start A Company In Sharjah Free Zone
If you establish a suitable strategy, the process of forming a Sharjah free zone corporation may be straightforward and simple. The fundamental steps include research, accurate decision-making, and adherence to norms and regulations. Aside from that, one must follow the instructions below:
- Understanding your business and determining the best free zone for it
- Creating a business setup strategy
- Choosing a business name and reserving it with the appropriate free zone
- Putting up an appropriate infrastructure setup
- Calculating the number of people needed for the company
- Depositing in a bank account the minimum capital amount specified by the government
- Completing the registration and licensing process for a business
- Completing business setup formalities in the presence of free zone authorities by having an individual shareholder, a corporate shareholder, or both sign the firm creation forms.
Procedure To Apply For A Sharjah Free Zone License
- Companies based in free zones are subject to the rules of the different free zones. Valid documentation is required to obtain the requisite permission. The list differs depending on the type of business. The methods and paperwork required to get a business license in the Sharjah free zone are outlined below.
- Obtaining initial permission
To acquire the initial permission, you must provide the following documents:
- Application form filled out completely
- a business strategy
- a copy of a current trade license or certificate of registration (if you are an existing company, applicable to the local company only)
- Colored passport copies of the company’s shareholders and the new company’s chosen Manager/Director
- Signatures of the company’s shareholders and the new company’s designated Manager/Director
- 2 years of audited financial records for a business organization or a letter of recommendation from an individual shareholder’s personal bank NOC from the current sponsor (for individuals)
- Deed of title to the unit
- Manager/Director Letter of Intent Registry Identification Code Form (RIC) (Original and notarized)
2. Registration is the second step.
After you’ve received preliminary clearance, the following step is to pay the required costs and register your company. The cost is determined on the sort of business license you need. The following are the documents:
- Registration application submitted in its entirety
- Manager/Director is appointed by a Board Resolution (Notarized and attested)
- Manager/Director is given power of attorney (Notarized and attested)
- Articles of Association and Memorandum (Notarized and attested)
- Manager/Director signature sample (Notarized and attested)
- Photo of the Manager/Director in passport size on a white backdrop
- Information about the capitalization of the company
- The authorities will produce lease agreements.
- After that, the business license will be granted.
- The processing of visas will begin.
Benefits Of Starting A Business In Sharjah Free Zones
- 100 percent capital and profit repatriation
- Foreign ownership is 100 percent.
- Transfer of money is completely free.
- Energy source that is plentiful and inexpensive
- There are no monetary limits.
- Imports and exports are both free from duty.
- Exemption from corporate taxes
- With limited financial preparation, you may have complete anonymity.
- Licensing services are available around the clock.
- Less expensive lease rents
- Labour at a low cost and a warehousing facility
- Large ports and Sharjah International Airport are easily accessible.
The foundation of a company in one of Sharjah’s free zones represents enormous earning potential, tax exemptions, world-class infrastructure, contemporary amenities, liberal government policies, and the removal of trade obstacles.