The United Arab Emirates is a fantastic country with a lot of potential and opportunity. And if you’re looking to get into the local UAE business, setting up your own company in SHAMS can help you take advantage of this potential. SHAMS Business Setup has never been easier. The best part is that it doesn’t matter if you are just starting up or a well-established company. With many things to consider in business setup, SHAMS has gone ahead and simplified the process for you. If you’re looking to start your own business, read below to find out how easy it can be!
What is a SHAM Free zone?
SHAM Free Zone is a special economic zone located in the United Arab Emirates. It was established in 2017 to provide an incentive for businesses to set up operations in the UAE. The free zone offers a number of benefits, including 100% foreign ownership, tax exemption, and repatriation of profits. SHAMS Free Zone allows for the formation of two distinct types of companies (LLCs and branches) and issues the following commercial licenses to those businesses:
1) Service License
Service providers need to obtain this license before they may begin offering their services. These provide professional services such as consultancy, marketing, advertising, and so on.
2) Trading License
Obtaining this license is essential if your business involves international trade. These are businesses that carry out trading activities and can be either general trading companies or companies specialized in the import and export of specific goods.
3) Industrial License
All businesses engaged in the creation of tangible items are required to obtain this license. These are businesses involved in manufacturing or assembly operations.
4) Holding License
Companies with significant voting ownership in another company are eligible to purchase this license.
How to Register a Business in Shams Free Zone?
The process of registering a business in Sham Free Zone is relatively simple and straightforward. The first step is to submit an application form along with the required documents to the Free Zone Authority. Once the application is approved, the next step is to pay the registration fee and obtain the business license. The final step is to open a bank account in the free zone and deposit the required capital.
The Sham Free Zone offers several advantages for businesses, such as 100% foreign ownership, zero taxes, and no currency restrictions. Additionally, companies in the free zone are allowed to import raw materials and equipment duty-free.
Required Documentation for Establishing a Company in the Shams Free Zone
If you want to establish a business in the Shams Free Zone, you will need to have the following paperwork:
- Certificate of incorporation
- Memorandum of Association
- Articles of Association
- Board resolution to establish a new company
- Certificate of good standing and valid trade license
- Board resolution giving signatory authorization or Power of Attorney to the third party
- Valid trade license
- Passport copy of the individual shareholder
- Passport copy of the Director
- Passport copy of the Company Secretary
Benefits of Establishing a Company in the Hamas-Controlled Free Trade Zone
1) Getting started is easy.
Creating a corporation is a fast and straightforward process. If you are using the services of a Business Setup consultant in UAE to establish your business in the Shams Free Zone, your presence there is not required. After establishing a legal presence in the country, you can start hiring employees without first obtaining approval from the Ministry of Labor.
2) Various Options for Business Trade Licenses
The Shams Free Zone offers four distinct business licenses to meet the needs of various enterprises. Each commercial license opens up a wide range of opportunities for enterprises, providing substantial leeway for those involved. Companies can expand the scope of their single license for an additional price.
3) Getting a visa and opening a bank account is easy.
Finally, establishing a company in Shams Free Zone facilitates the obtaining of UAE work permits and the opening of UAE bank accounts. Company Setup advisors make it easy to open a corporate bank account and secure necessary permits for your business.
As you can see, there are several benefits associated with establishing a company in the Shams Free Zone. It includes the ability to operate under a range of business licenses and the ability to import raw materials without paying duties. If you are an entrepreneur who is interested in starting a business in the UAE, this is an excellent option for you. With the growth of the region, more and more investors are interested in investing in Shams Free Zone. Establishing a business in the free zone is thus an excellent way to take advantage of the UAE’s economic potential. We hope this article has given you all the information you need to start setting up your own business in SHAM Free Zone.