Launched in 2017, SHAMS Free Zone, or Sharjah Media City is located in the Sharjah Emirate, serving businesses and talented individuals with world-class infrastructure. It is a renowned hub for media and creative industries in the United Arab Emirates. Nevertheless, it has always been open to a variety of commercial and professional activities.
The major perk of SHAMS business formation is that it allows individuals as young as 18 years old to carry out operations in the free zone. Moreover, it also offers a quick and easy incorporation procedure with the use of the latest technology. Therefore, it has become the fastest-growing free zone and an economical option for business setup in UAE.
In this article, we will cover all the aspects concerning SHAMS Free Zone Company Setup.
Reasons to choose SHAMS Free zone for business setup
The major reasons why companies in the SHAMS Free Zone are rapidly increasing are –
1. Quick registration process
The digitalization of the registration process in the Sharjah Media City Free zone has enabled quick and easy registration of companies for investors. Getting a license has become more flexible and comfortable in this zone. The applicant can receive the license within two to three days and does not have to submit any NOC for that.
2. Range of activities
The investor can choose from various business activities available while registering in the SHAMS Free Zone. As the free zone serves a broader client base and companies can seek help with the services amongst themselves, this facility can actually prove to be helpful for both the company as well as the Freezone.
3. Easy to open a bank account
Setting up a bank account in UAE can often be a tough and time-consuming task. However, SHAMS provides a straightforward procedure to open a bank account. Our specialist team can share a list of banks in the Sharjah Media City that offer trusted long-term services to businesses and their owners in the Free zone.
4. Registration through agents
For a new SHAMS company incorporation, the shareholders are not required to be physically present in the Free zone. They can simply hire registered agents to carry out this task. They can sign the necessary documents and send them to the agents who will submit them to the concerned authorities. Further, the authorities will generate electronic copies of the corporate documents which can be used to open a business bank account.
The registered agents at UAE Expansion can assist you in your business setup in Dubai and also help you complete the post-registration formalities like the SHAMS Free zone visa, corporate account setup, etc. effectively and quickly.
Benefits of SHAMS company formation
- Tax exemptions
- Foreign ownership
- Remote registration
- Free repatriation of capital
- Exclusive advantages for media-related enterprises
- Quick and simple incorporation
- Cost-effective formation
- No annual audit required
- Permits foreign recruitment
- No paid-up share capital
Company formation options in SHAMS
SHAMS LLC Company formation
An LLC(Limited Liability Company) in SHAMS is an independent entity that separates the respective owners from the company. Thus, the liabilities and assets of the company are limited to the company itself, and not considered as the personal liabilities and assets of the owners.
Advantages of SHAMS LLC:-
- Independent operating company structure
- Allowed to obtain a license and open a corporate account
- Entitled to sponsor employees
A branch in SHAMS usually belongs to an existing parent company. Therefore, all the profits, benefits, and other returns of the branch are of its parent company, which is the controlling body of the branch. Similarly, all the costs, expenses, debts, and other liabilities of the branch would also belong to the parent company.
Advantages of SHAMS Branch:-
- Can obtain a license and open a corporate account
- Eligible to sponsor employees
Licenses available for SHAMS company setup
SHAMS Free Zone provides four types of licenses depending on the requirements of the company. For instance,
- Service license – Allows individuals and firms to produce, reproduce, transform, and distribute services in Sharjah Media City.
- Trading license – Companies can import, export, and sell goods within the Free zone with a trading license. It also includes rendering of services related to the sale and distribution of goods.
- Industrial license – Companies engaged in the production, re-production, transformation, and manufacturing of goods can obtain the industrial license.
- Holding license – With this particular license, entities are allowed to hold standalone assets and stakes in other companies, such as real estate, patents, trademarks, stocks, etc.
Facilities provided to SHAMS companies
Companies in SHAMS Free Zone are provided dedicated office spaces and facilities specially designed to cater to clients and their needs and requirements. For example, access to Wi-Fi, printers, meeting rooms, etc. The office facilities may include the following –
- Dedicated desk – An assigned space for individuals willing to work with like-minded entrepreneurs.
- Shared desk – A common and flexible space shared by creative entrepreneurs seeking networking opportunities in Sharjah Medica City.
- Dedicated office – A lockable individual office space for entrepreneurs that provides a private working environment, ranging from single desk space to multiple desks for other members of the company.
- Shared office – A shared office space facilitates networking among companies, thereby creating more opportunities for businesses.
Key points to remember:-
- SHAMS entities can have a maximum of 50 shareholders and four directors.
- The minimum age of the shareholder and the employees working in a SHAMS company must be 18 years.
- The maximum age of the shareholders can be 69 years, whereas for the employees it is 57 years.
- Usually, MOA is issued to companies with multiple shareholders. However, SHAMS companies with single shareholders can also apply for MOA by paying an additional fee.
- Certain professional and financial activities in Sharjah Media City may require the submission of additional documents and external approvals as well.
- Companies operating in the Sharjah Media City Freezone renew or cancel their business license before their expiry.
- The Shareholders, managers, and Directors of a SHAMS company must ensure undergoing an identity verification before proceeding with the application process.
Documents required for SHAMS Free Zone company setup
SHAMS Media City Free Zone authorities would require you to submit a set of documents for your company registration in the concerned region. These may include –
For individual shareholders:-
- Passport Copy and photograph of the shareholders
- UAE visit visa/entry permit
- Proof of address
- Registration application
- Description of business undertakings
For corporate shareholders:-
- Certificate of incorporation/business license of the existing company
- Certificate of incumbency/good standing
- Memorandum of Association (MOA)
- Board Resolution
- Credentials of the appointed manager
Feel free to connect with the business formation experts at UAE Expansion who can lead you through the procedure and carry out all the essential responsibilities on your behalf.
SHAMS Free Zone License Costs
The cost of setting up a business at SHAMS depends on the chosen company structure and activities for operations, selected corporate facilities, SHAMS free zone visa cost, and many other vital factors. Hence, it’s better to seek advice and assistance from business formation experts in UAE who can provide you with a personalized quotation of all the necessary costs involved based on your business needs.
Set up your company in SHAMS Freezone today!
UAE Expansion offers comprehensive services for doing business, from business registration to bank account opening in the Middle East. Our team of seasoned professionals has rendered their dedicated assistance to thousands of companies to unveil their operations in the UAE.