- November 25, 2021
- Posted by: DBS
- Category: Dubai Business Services
Table of Contents
Business Setup in Sharjah Media City
In order to set up a business in Sharjah Media City, there are certain procedures that need to be followed. The area is considered an investment zone, and the laws and regulations of the UAE apply here. There are several incentives provided by the government for setting up a business in this zone.
Sharjah Media City: Why You Should Setup Your Business There
In case you are from Dubai and looking for a good business setup in UAE, then Sharjah media city is the best place to get your business started. The reason behind this is that Sharjah is considered a free trade zone, and the companies registered here enjoy a number of benefits, including low tax rates, strict government rules and regulations, freedom of investment, etc.
After the launch of Dubai, Internet City, the second largest free zone in the Middle East, was launched in an attempt to convert Sharjah into a leading information technology hub. The Sharjah Economic Development Department (SEDD) aims to develop Sharjah as a center of excellence for IT development and applications, including education, research, and development, software production, and services.
SHAMS – Formation of a Company
Investors in Sharjah can choose from a number of cost-effective and cost-efficient packages for company formation.
Entrepreneurs can find affordable free zones in Sharjah Media City. Whether you are in the UAE or abroad, you can register your company in SHAMS remotely. It typically takes seven days to complete the process.
Overview of the Business Setup Process in Sharjah Media City
The process of incorporating a company starts with submitting the application for approval of its name and attaching copies of passports, along with photos of the shareholders/directors. It is also possible to have a single shareholder company here, and the same person can act as a shareholder, director, and CEO.
Individual shareholders are eligible for Investor Visas under the company, while multiple shareholders are eligible for Partner Visas. Investors are granted three-year Visas after incorporating a company, which may be renewed at the end of the period without any hassle.
Companies incorporated with the SHAMS Freezone Authority require a Capital of at least AED 150,000. AED 1000 is the value of each share, and 150 shares are in total.
Because a Limited Liability Company (LLC) is the legal structure under SHAMS Freezone, shareholders are only liable for defaults of the company up to the value of their shares. Investors will be able to register in SHAMS just by paying the fee for License without having to provide proof of capital to Freezone.
SHAMS Company Setup Documents
For a company to be setup in the SHAMS Freezone, the authority requires a minimum amount of documents.
The needed documents are as follows:
- Copy of the Shareholder’s passport.
- The photo should be passport size.
- Submit Application.
The business activity to be listed on the license, as well as the address of the shareholder, are both essential.
DBS Business Setup can assist you throughout the whole procedure, beginning with the approval of the business name. In the case of particular nations, it will advise submitting a passport copy for pre-approval.
Post-incorporation Documents Receivables
Following the registration of a company, SHAMS issues a complete set of company paperwork. The proprietors can open a bank account in any local commercial bank with this entire set of paperwork. The documents that were provided at the time of incorporation are listed below:
- COI (Certificate of Incorporation)
- Permission to use (showing License number, Company name, address, business activity, Shareholders & Person In Charge)
- Association Memorandum
- Certificate to be shared
- Agreement of Occupancy (equivalent to tenancy contract)
Facilities for Business in SHAMS
- Options for company establishment start at Dhs. 11,500.
- To incorporate your new firm, you do not need to be physically present in the UAE.
- There is no need for a NOC to establish your own business.
- There is no paid-up capital or annual audit.
- The company is entirely owned by foreigners.
- Capital and earnings are fully repatriated.
- The transmission of monies is completely free.
- Import and export tariffs are zero percent.
- For the next 50 years, there will be no corporate tax.
- In only two days, you’ll have all of your paperwork.
- Low-cost labor and simple recruitment methods
- Multiple visas are required for a wide range of activities, including services, commerce, and industrial licensing.
SHAMS Free Zone License Cost
The cost of a Shams license starts at around AED 5,750. However, depending on the type of your business, the pricing may vary.
License renewal in Shams free zone:
Businesses in SHAMS may renew their licenses at a low cost and with ease. Furthermore, the renewal of your Shams free zone license does not need a yearly audit report.
To finish the renewal fee procedure for your firm and submit the completed lease agreement for your facility. Another benefit of owning a firm in Shams is that you will have a physical presence in the UAE.
Sharjah Media City PRO Services
Our PRO Services in Sharjah Media City provide a wide range of administrative and document clearance services.
Our skilled team of qualified experts has extensive experience dealing with various government authorities for document clearance and approvals.
Our special PRO Services Package for Sharjah Media City includes the following services:
- Preparation and submission of a company formation application form
- Attestation of documents and legal translation
- Chamber of trade, notary, and attestation from the Ministry of Foreign Affairs
- Immigration Clearances and Company Establishment Card
- Investors and workers must have a residence visa and an Emirates ID.
- Visa for Sponsorship Cancellation and de-registration of a corporation
- Customs registration and acquiring necessary trade permissions
- Trade License Amendments and Renewal
- Preparation of shareholder documents, Memorandum of Association, and PO.Box registration
- Financial auditing and report writing
The Benefits of Sharjah Media City
- Without a visa, the minimum cost is AED 8,050.
- A diverse range of commercial activities is available.
- It is possible to secure six visas for the shared desk option.
- There is no deposit required.
- There are no age limitations for investor visas.
- There is no requirement for your firm to have a physical presence in the UAE in order to establish itself.
- For your company, you might designate Corporate Directors and Corporate Managers.
- The simplest and quickest online registration procedure.
- Your company documentation will be supplied in a matter of days.
- Companies’ liability will be restricted.
- The ideal strategic position is only 15 minutes from Dubai International Airport and 5 minutes from Sharjah Airport.
Advantages of a Sharjah Free Zone Company
- Sharjah Free Zone is entirely owned by foreigners.
- Import and export of all commodities are exempt from any duties.
- The state government has completely exempted all commercial deductibles.
- Capital invested and income earned are fully repatriable.
DBS Business Setup: We are at yout Service
Whether you’re a multinational company or an individual entrepreneur, setting up a business in the UAE is easy and straightforward. You just need to follow these simple steps and hire a Dubai business setup consultant from DBS Business Setup to help you with your business registration needs.
Our DBS Business Setup consultants are available to help you through the process. We can also provide you with access to our global network of partners, who will be able to assist you in finding the best solutions for your business needs. You can reach out to us today by calling or emailing our team.
Book a free consultation today!
Call us on +97145667485 or WhatsApp on +971551129344.
You may also chat with a live agent on our website https://www.dubaibusinessservices.com/, request a call back on https://www.dubaibusinessservices.com/contact-us/ or visit our office Clover Bay Tower Office 1111, Business Bay Dubai UAE
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