The government of the UAE has taken the necessary steps to bring foreign investment to create enormous benefits. Sharjah free zone company formation can also be done quickly but an investor needs to be aware of rules and regulations before registering any business in Sharjah fee zones. Few free zones set up in Sharjah are:
- Hamriyah free zone
- Sharjah airport international free zone
- The U.S.A. Regional Trade Center (USARTC) Free Zone
- Sharjah publishing free zone
- Sharjah media city free zone
Types of license:
In order to set up a business in Sharjah free zone, one has to decide on the type of business activity to be performed in the region. Most common types of licenses provided in Sharjah free zone:
- Trading license: this type of license is given to the business involved in industrial and manufacturing activities
- Service license: it includes activities such as consultancy, law firms, auditing, and accounting companies
- Industrial license: This license allows businesses to import raw materials, process/manufacture/ package and export finished products.
Conditions to set up business in Sharjah free zone
The conditions to set up Sharjah free zone company can be smooth and easy if a proper plan is outlined Research, precise, decision-making and following up are the basic steps. Other than that, you need to follow these steps before setting up a business in Sharjah free zone.
- Understanding the business type and deciding appropriate free zone for the same.
- Preparing business setup plan
- Choosing a company name and serving it with the desired fee zone
- Finalizing suitable infrastructure setup
- Estimating the workforce required for the business
- Depositing the minimum capital mandated by the authority
- Completing the business registration and licensing process.
Key steps to set up business in Sharjah free zones
Setting up a business in Sharjah free zone is relatively easier. Key steps to set up busies in Sharjah free zone are as follows
- Determine the legal entity
- Choose a tradename
- Apply for license
- Choose office space
- Get pre-approvals, register the business and then get a license
Advantages to set up business in Sharjah free zone
Sharjah Free Zone company setup is cost effective and works as the most desirable choice for entrepreneurs. These free zones also offer affordable land and labor as well as incentives to small and medium-sized enterprises. They have highly developed infrastructure compared and 24-hour licensing services to enable quick business setup for individuals.
- Foreign ownership: These free zones provide sole ownership for a foreign company without any involvement of an outsider in the company.
- Import and tax exemptions Businesses who are operating in Sharjah free zones of UAE are exempted from duty on exports but to countries that are not the part of the Gulf Cooperation Council (GCC). However, if a business is exporting to GCC country he has to pay some customs duty.
- Corporate tax exemptions: companies within the free zones are allowed for tax exemptions
- Repatriation of profits and capital: Sharjah free zone allows foreign investors to transfer corporate money back to their home country from UAE.
- Inexpensive workforce and easy recruitment procedures: within Sharjah free zones we can find inexpensive workforce in these regions. The requirement process and labor laws are very much favorable for both the recruiter and the workforce.
- Visa facility Investors can have the visa for them, for their staff and for their families which can be renewed without any hassle.
- Easy access to big ports: Sharjah free zone provides easy access to big ports and Sharjah international airport.
- An abundance of energy supply: free zones in Sharjah provide an abundance of energy supply at low cost.
- Confidentiality: The assets owned by a free zone company is kept in confidence by the Free zone Authorities.
- Infrastructure: Free zones are structured in a proficient way to provide a constructive platform for various business to grow and excel in their fields
- No Trade Barriers: organizations are free to trade with other companies all over the world with no trade restrictions.
Business setup in Sharjah symbolizes huge earning potential, tax exemptions, and liberal government policies. Process for forming a company in any of Sharjah free zones is streamlined but required acute planning and proper decision making.