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The United Arab Emirates is one of the top business communities that offers smart innovative services for aspiring start-ups as well as established corporations. It is a world-class hub with modern services for those who wish to start their business within specialized facilities. Among all the dedicated free zones offered by the UAE, Sharjah Media City Free Zone is the most dynamic initiative launched to make creative entrepreneurship accessible to all.
Through this article, we will dive into the significant facts and information about Sharjah media city, SHAMS company setup particulars, and Sharjah media city licenses.
Sharjah Media City Free Zone
Sharjah Media City Free Zone, in short SHAMS, is located in the city of Sharjah, the nearest emirate to Dubai. Incorporated in the year 2017, the SHAMS launch aimed to build a flourishing atmosphere for creative and media businesses by providing them with innovative facilities and services. Additionally, Sharjah’s business-friendly laws and state-of-the-art infrastructure enable aspiring investors to embark on their entrepreneurial journey in the UAE, offering them a robust environment.
Benefits of setting up business in Sharjah Media City Free Zone
- 100% ownership of the business
- Affordable company setup
- No restriction on the age limit of the owner/employees
- Exemption from corporate and personal taxes for 50 years
- Exemptions from custom duties
- Free transfer of funds
- 100% repatriation of capital and profits
- Easy hiring procedure, including foreign employees
- Quick documentation processing
- No requirement of NOC for incorporation(No-Objection Certificate)
- No paid-up Share Capital or Annual Audit
- Can start the business remotely
- Strategic location
- A wide range of activities
Types of licenses available in SHAMS
To set up a company in Sharjah Media City Free Zone, you will need to procure a business license from the SHAMS authority. SHAMS authorities issue licenses to companies, freelancers, and entrepreneurs who work in the media, technology, and creative industries.
- Service license – Allows production, re-production, transformation, and distribution of services.
- Industrial license – Allows manufacturing, production, and transformation of industrial goods.
- Trading license – Allows import and export of goods as well as wholesale and retail sale of goods and services.
- Holding license – Allows holding assets or stakes of a company.
Sharjah media city license covers more than 120 business activities. Moreover, you can combine multiple activities under one license.
Types of business entities permitted in SHAMS
SHAMS LLC
- A Limited Liability Company (LLC) is an independent entity that separates its shareholders or owners from the company. By that means, the liabilities of the company are its, and not of the shareholders. Similarly, the assets of the company remain as company assets and not the shareholders’.
- An LLC can be formed with one or a maximum of 50 shareholders, individuals, or corporate entities.
- This form of entity is entitled to obtain a valid license as well as sponsor its employee visa. Other than that, it is eligible to open a corporate bank account as well.
- An LLC formed in SHAMS is regulated by the rules and regulations of the respective free zone authority.
SHAMS Branch
- A branch is an extensive division of an existing company in the UAE. The actions and activities of the branch are controlled and regulated by the parent company. The gains and losses, income and expenses, costs and debts everything belong to the parent company.
- Just like LLC, a branch can also open an account in SHAMS bank after obtaining a valid business license. It can also sponsor employee visas.
- The major advantage of opening a branch in SHAMS freezone is that it doesn’t require any minimum capital and can be operated by a single manager. Unlike LLC, it does not have to follow the rules and regulations of the SHAMS free zone authority.
Facilities offered in SHAMS freezone
Sharjah Media City Free Zone offers basic office amenities to the new businesses to encourage a trouble-free company formation, such as –
- Dedicated desk
- Shared desk
- Dedicated office
- Shared office
Along with these tangible facilities, SHAMS also provides access to Wi-Fi, printers, and meeting rooms to avoid any kind of stress for the business owner.
You may like it: Setting Up a Limited Liability Company in Dubai, UAE
SHAMS Company Formation
SHAMS freezone offers an affordable company formation for entrepreneurs. The added advantage includes remote registration without being present in the UAE as well as a quick registration process within 7 days.
The major steps of SHAMS company formation are as below:
- Select your business activity
- Choose a trading name
- Apply for a business license
- Submit the requested documents
- Get the needed approvals
- Acquire the license
- Open a bank account
- Apply for visas, if any
The basic documents required for SHAMS company setup are –
- Passport copy of the owner/shareholders/managerial partners
- Valid UAE visa
- Certificate of Incorporation
- Memorandum of Association (MOA) and Articles of Association (AOA)
- Board resolution to establish a new company/branch
- Board resolution giving signatory authorization or Power of attorney for the third party
- Valid trade license
- Certificate of good standing
Important points to be noted:
- The branch company has to present the documents of its parent company.
- All the documents need to be duly attested and approved by concerned authorities.
- It is necessary to get approvals from all the relevant departments of company formation.
- Sharjah Media City permits the establishment of non-media industries as well.
The details and complexity of the process lie in the type of entity and business activity you choose to run in the Sharjah Media City Free Zone. However, it offers the facility of registering your company while sitting at your home and getting the company documents through electronic means. Also, the authenticity of the documents can always be checked via SHAMS website.
License Renewal process
Just like the company formation, the applicant can renew the license remotely, without visiting UAE. In addition, there is no need of submitting any audit reports and the applicant has to pay a renewal fee, which is the same as the setup cost.
Furthermore, it is important to renew the license on time, to avoid any hefty penalties.
Conclusion
While building your venture in the UAE, SHAMS is a great choice for start-ups and developing businesses, especially those related to creativity and media. Even though SHAMS gives preference to media industries within their region, it also supports other businesses who wish to embark on their entrepreneurial journey in the Emirates.
So, if you have made up your mind to launch your venture in this land, it is advisable to seek expert advice from professional consultants before taking any crucial steps. Besides, it is important to have full knowledge of the SHAMS free zone’s business registration rules and regulations, including the tedious paperwork.
Shuraa Business Setup extends services required for your SHAMS business setup. Our well-experienced team will study your requirements and walkthrough through the entire procedure on your behalf. We will thoroughly assist you in accomplishing all the legal tasks conveniently before as well as after company formation.
So, get a creative workspace in Sharjah media city!
Get in touch with our experts on +971 44081900. For chat queries, drop a text on WhatsApp at +971 50 777 5554. You can also send your queries over email at [email protected].
