How to start a business in Shams Free Zone In 2023?

Starting a business in Shams Free Zone in 2023 will require a few steps. Firstly, you will need to obtain a business license from the Shams Free Zone Authority. This can be done online or by visiting the Shams Free Zone office.

Here we discuss some essentials to start a business in SHAMS Free Zone:

Documents Required For Company Setup In SHAMS

In order to establish a business in Shams Free Zone, entrepreneurs must provide one or more of the required documents to the applicable authorities, depending on the kind of legal entity.

Certificate of Incorporation.
Memorandum of Association (MOA).
Articles of Association (AOA).
Board resolution to establish a new company.
Board resolution to establish a new branch.
Board resolution giving signatory authorization or Power of attorney for the third party.
Certificate of good standing.
Valid trade license.
Supporting documents: passport copy of the individual shareholder, passport copy of the

Director and the Company Secretary and a Passport copy and UAE visa of General Manager.

Cost Of Starting a Business In SHAMS Free Zone

At SHAMS, starting setup costs for one activity begin at AED 10,000 to AED 12,000, including a visa and use of the free zones shared desk facilities. This price may increase to AED 14,000 to AED 16,000, depending on the business activity.

The license package, which includes five business activities, is estimated to cost between AED 20,000 and AED 23,000.

How To Obtain a SHAMS Free Zone License In 2023

To obtain a SHAMS Free Zone license, you will need to follow these steps:

Choose your business activity: The first step is to determine the type of business activity you want to engage in and select an appropriate license category.

Select a company name: Choose a company name that complies with the regulations of the Sharjah Media City Free Zone.

Prepare required documents: You will need to provide a set of documents, including passport copies and visas for all shareholders, a certificate of incorporation, a bank reference letter, and a business plan.

Submit your application: Submit the completed application form and required documents to the SHAMS Free Zone Authority.

Pay fees: Pay the fees associated with your license application, including the license fee, the trade name fee, and the security deposit.

Wait for approval: The SHAMS Free Zone Authority will review your application and notify you of their decision. If approved, you will receive your license.

Set up your office: Once you have received your license, you can proceed to set up your office in the SHAMS Free Zone.

Types Of License in Sharjah Media City

4 types of licenses are available in the Free Zone in 2023, with the Sharjah Media Free Zone License application process varying depending on the license applied for.

Service license
Trading license
Industrial license
Holding license

Sharjah Media City Freezone Visa Quota And License Package Cost

Investors looking for a long-term plan should consider the Multi-Year License Package from Sharjah Media City. This package is also beneficial for those who would like to avoid the inconvenience of annual payments for license renewal.

Clients can purchase 2, 3 or 5 year business license packages, allowing for a one-time payment to cover the specified timeline with automated renewal of the company license for the duration.

Benefits Of Starting a Business In Shams Free Zone

Shams, or Sharjah Media City, is a free zone that was established in January 2017 and has quickly become a popular and famous destination in the UAE due to the many facilities it provides to investors in various industries.

The increasing popularity of Shams Free Zone as a business hub can be attributed to the various incentives it offers to entrepreneurs. More and more companies are choosing to start their businesses in the Shams Free Zone, due to the favorable conditions it provides.

Here are some benefits of starting a business in SHAMS free zone:

Easy registration process
A variety of business activities
Cost-effective
Suitable location
Easy visa process
Registered agent system
Business Setup
Local Sponsorship
Ownership & Repatriation
Taxes

Reasons To Start Your Business In Shams

Foreign investors often choose Sharjah as the destination for registering their companies in the UAE due to its cultural and historical significance in the country. Additionally, Sharjah is widely seen as representing the culture and history of the UAE.

This provides an opportunity for small and medium-sized businesses to partake in the market and be competitive.

Conclusions

Starting a business in Shams Free Zone is a great way to expand your business and take advantage of the many opportunities it offers. From the ease of setting up a business, to the attractive incentives and low taxes, to the wide range of services available – Shams Free Zone is an attractive choice for entrepreneurs looking for a safe, secure, and successful environment to grow their business.

With the right preparation and guidance, you can take advantage of what Shams Free Zone has to offer and start your business today. Contact us for more content like this!

Frequently Asked Questions About How to start a business in Shams Free Zone

Tax Advantages- Ease of Setup- Increased Flexibility

Access to Resources- Reputation

Yes, free zone companies are indeed regulated by the local government in each respective Emirate. Each free zone has its own set of procedures and restrictions that must be followed in order to register a company.

Yes, a free zone license does allow 100% foreign ownership and there is no requirement for an investor to partner with a UAE national when forming the company. However, for an LLC, it is mandatory to provide the presence of a UAE national as a local partner or local service agent.

Free Zones are an important tool for promoting economic growth. They provide opportunities for foreign direct investment (FDI) by providing an attractive environment with less regulation and government “red tape”.

Yes, VAT is applicable at 5% on the supply of services within designated zones and to the mainland. This is in accordance with the Value Added Tax Act of the country.

How To Start a Business In Shams Free Zone In 2023?

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