Launched in 2017, Sharjah Media City (SHAMS) is a free zone media hub in Sharjah, UAE, and one of the fastest-growing free zones in the nation at the moment. The free zone was created to give investors the opportunity to develop their creative business concepts, and it has shown to be very useful in supporting Sharjah-based entrepreneurial endeavours. As a thriving business centre, SHAMS has drawn enterprises and entrepreneurs from all over the world. SHAMS provides an appealing environment for business setup with its advantageous location, state-of-the-art infrastructure, and supportive legislation. It’s important to comprehend the business licence application process if you plan to Start a business in SHAMS.
PROCEDURE FOR SHAMS FREE ZONE COMPANY REGISTRATION
There are multiple steps involved in registering a business in the SHAMS free zone:
Selecting Business Activity
Decide which precise business venture you want to carry out in the SHAMS free zone. There are many different business activities available in the free zone; pick the one that best suits your goals and areas of competence.
Choosing Company Type
Choose the right kind of legal structure for your business: a Free Zone Company (FZCO) with multiple shareholders, or a Free Zone Establishment (FZE) for a single shareholder.
Choosing A Name For The Business
After determining your company’s operations and legal setup, you must reserve a distinctive trade name. The name must be appropriate for your company and adhere to SHAMS’ naming standards. Verify that no one else has already used the name you are considering for your business before deciding on it. If someone else has, you could face blasphemy or legal repercussions.
Submit Application And Documentation
Prepare and submit the necessary documentation to the Creative Zone representative, along with any other pertinent documents such as your business name, type of activity, and supporting documents, to guarantee that the entire process is easy and relaxing for you. Typically, this includes copies of the shareholders’ and directors’ passports, a business plan, and a NOC, if applicable.
Review And Approval
The SHAMS officials will examine the documents and your application. Should everything be in order, your business setup will be approved.
Lease Agreement
Obtain a real office space in the SHAMS free zone. The free zone provides a range of office options to meet various business needs. Provide all the required documents and sign a lease agreement.
Issue Of License
SHAMS will provide the business licence and any other necessary permits following a thorough assessment and approval of your application. The permitted business activities will be detailed in the licence.
Application For Visa
If you need a visa for yourself or any of your employees, make sure you include every necessary document with the application, including copies of your passport, photographs, and certifications of your medical fitness. SHAMS will make the process of issuing visas easier.
Opening Of Bank Account
Open a business bank account with a reputable UAE bank. Provide the necessary documentation, such as the trading licence for your business, information about the shareholders and directors, and the KYC (Know Your Customer) standards.
Company Registration
Make the relevant payments and obtain the necessary documents from SHAMS free zone to complete the registration process. Fee payment is the final and most crucial step in setting up a business in Sharjah Media City. Following payment, you will receive a payment confirmation along with a deadline to get the licence. The licence is often issued within a week following the request.
Starting The Business
After the completion of all processes, you can start operating your business in the SHAMS free zone.
TYPES OF FACILITIES PROVIDED BY SHAMS
Organisations can use a range of office spaces in the SHAMS free zone that are tailored to meet the needs of individual clients. The following are a few varieties that SHAMS offers:
Dedicated Desks
A designated desk is a space allotted to customers who wish to operate their businesses alongside business owners in related industries.
Shared Desks
An open workstation that entrepreneurs share is called a shared desk, as opposed to the dedicated variety. This choice is frequently seen as perfect for business owners seeking flexible workspaces and networking opportunities.
Dedicated Offices
A personal office is referred to as a dedicated office. For those looking to foster collaboration, these lockable offices provide private workspaces.
Shared Offices
Shared offices facilitate networking among SHAMS-registered enterprises, leading to improved business and networking prospects.
ADVANTAGES OF SETTING UP BUSINESS IN SHAMS
- You can get complete ownership of your company.
- Corporate tax is 0%.
- No import or export taxes.
- Repatriation of capital and profits of 100%.
- Trade, industrial, and service licences are easily accessible in this free zone.
- SHAMS offers relatively cheap startup costs for new business formation.
- Setting everything up is a simple, quick, and uncomplicated process.
- SHAMS offers you a variety of flexible office solutions, such as flexi-desks.
- This is the right spot for you if you want a large number of stockholders. It permits up to 50 stockholders, which is the maximum amount allowed.
- Employees of a SHAMS-based company can start working as early as age 18, and shareholders can start as early as age 19. There are no other free economic zones that permit such a low age limit.
- Getting your new corporate bank account in SHAMS for your recently established firm is very simple.
- It is quite simple to obtain a dependent’s visa when you have a business setup in SHAMS.
CONCLUSION
There are a lot of advantages and commercial opportunities for entrepreneurs and companies setting up business in the SHAMS free zone. SHAMS offers an excellent platform for innovative entrepreneurship and business expansion because of its simplified and effective application procedure, affordable visa fees, and flexibility in not requiring paid-up money. The goal of SHAMS is to become a premier media hub that draws young entrepreneurs and SMEs from the UAE and throughout the world with its cutting-edge facilities and services. SHAMS provides a conducive environment for businesses to thrive, supported by reliable banks and a variety of available business licences.
