One of the most productive and strategic business centres in the United Arab Emirates is the Sharjah Airport International Free Zone, or SAIF Zone. This free zone offers unmatched opportunities to different entrepreneurs, whether expanding their business operations or starting a new business. So, in this guide, we will discuss the steps of business setup in SAIF zone that will help you make informed decisions regarding the setup of your business.
Facilities and Incentives Provided for SAIF Zone Business
If you set up a company in SAIF zone, you will enjoy many benefits. With a history of trading dating back to the early 18th century, Sharjah today is responsible for more than 40% of the industry in the UAE. Moreover, Sharjah Ports and Free Zone, Sharjah Chamber of Commerce and the Government of Sharjah are very proactive and business-minded institutions. They are ready to give all kinds of support to those who want to go into business.
Also, the cost of setting up a business in Sharjah is the lowest in comparison to any other emirate of the UAE. The emphasis on industrialisation has, in the recent past, made Sharjah a commercial hub which enjoys an annual growth rate of 12%.
Apart from tax-free operations and a lack of red tape, the SAIF-Zone provides unmatched trade advantages and great investor benefits that have no comparison.
- 100% foreign ownership
- 100% repatriation of capital and profits
- Full tax exemption in terms of income and corporate taxes
- License issued within 24 hours
- On-site labour accommodation
- Sponsoring and visas for all staff
- Access to over 2 billion customers
- 24-hour hotline for equipment and for providing labour
- World and inter-regional communications with outstanding air, land and sea connections
- Back-up services are offered by the Sharjah Chamber of Commerce and Industry and the Sharjah Expo.
- Competitive pricing of fees, property and management.
The services provided by the free zone are five-starred, and it is one of the key elements of the SAIF Zone company setup. From shared workspace to fully customised offices, it meets all the investor’s requirements. Additionally, the huge warehouse space that is flexible by nature to individual clients’ specifications is still another add-on for the investors to decide on for the SAIF Zone.
Business Structures Available in the SAIF Zone, Sharjah
In order to set up a business in the Sharjah International Airport Free Zone, entrepreneurs are required to choose a suitable form of business that will be best suited for their needs and objectives. Now, let us look at the legal entities that are provided by the relevant free zone authority.
- Free Zone Company (FZC) – Individuals or corporate bodies can own an FZC, and it can only exist in free zones. It must have at least two and not more than fifty shareholders.
- Branch of a Foreign Company – This is an extension of an already existing foreign company. Opening a branch office in Sharjah allows the company to conduct business activities as closely as its parent company. This office is a complete subsidiary of the parent company, and it is operated under the name of the parent and using its license.
- Free Zone Establishment (FZE) – A FZE is a limited liability company that can be opened by either an individual or a business entity. In this case, the shareholder is protected from the company’s liabilities, as their assets cannot be affected by the liabilities of the given company.
Types of Business Licenses for SAIF Zone Company
SAIF Zone offers diversified business license types to address a range of business needs:
- Commercial License: Perfect for trading and import/export business.
- Industrial License: Good for manufacturing and production firms.
- Service License: Ideal for consultancy firms, marketing agencies and other service delivery-related businesses.
- General Trading License: Enables a person to trade a number of product lines.
- E-Commerce License: Precisely tailored for online businesses and digital marketplaces in the Sharjah Airport Free Zone.
Required Documents for Business Setup in SAIF Zone
If you’re starting a SAIF zone business, make sure that you gather all the documents required to make the free zone business setup process smoother:
- Passport copies from the shareholders as well as the managers.
- Samples of passport photographs of shareholders and managers.
- Residence Copy/ entry stamp / visit visa copy.
- Business plan (sometimes required).
- No Objection Certificate (NOC) from the current sponsor if the shareholder possesses a UAE residency visa.
Procedures for Company Formation in SAIF Zone
To have an easier time when it comes to the process of Sharjah free zone company formation, you will have to follow the following steps:
Step 1 – Select the business activities that the business should undertake. This is used to identify the company structure and license needed, among others.
Step 2 – Choose the legal structure of your business in SAIF zone. You have options from the ones mentioned above. This is important to determine the ownership, liability, and taxes, among other things.
Step 3 – Choose the name of the company in Sharjah and make an application for the trade name certification. When choosing a business name, it is a requirement to follow the UAE’s naming regulations.
Step 4 – Collect all required documents and send them together with the completed application form to the online portal or the office. Some of the documents needed are copies of passports and visas of all the shareholders, copies of a business plan, address proof, MoA, Aoa.
Step 5 – Apply for initial approval to the SAIF zone authority. The authorisation will be sent to them once they have gone through the application.
Step 6 – Acquire an office from the free zone as well as a lease agreement from the landlord.
Step 7 – Apply for the appropriate trade license in consideration of the business activity.
Step 8 – Register the business with relevant authorities by filling in an application and relevant documents.
Step 9 – Pay the necessary fees for the authorities to finish the process of establishing a SAIF zone business setup.
Final Words
Business setup in SAIF Zone Sharjah provides unparalleled advantages for enterprises and investors, desiring a cost-effective and friendly business environment. Full foreign ownership, tax exemptions, fast licensing, and first-class infrastructure are things offered by SAIF Zone, which forms a strong ground for both upstarts and grown-up businesses. With various licensing packages, flexible workspace solutions, and simplified processes, SAIF Zone continues to attract global businesses looking to expand in the UAE and elsewhere.
If you are thinking of company formation in Sharjah and require assistance, Xpert Advisory business setup consultants have got your back. As one of the top firms for SAIF Zone company formation, we provide a wide range of services for UAE business set up. So, contact us now and let us take care of all the formalities related to the business setup process in Sharjah Airport International Free Zone.
FAQs
How Many Companies Exist In SAIF Zone?
SAIF Zone has over 8,000 companies from 160 countries, and they are from different industries such as IT services, media, consumer durables, light to medium manufacturing, and many others.
What Is the Rate of Corporate Tax In the Sharjah Free Zone?
The corporate tax in the Sharjah Free Zone is slanted towards supporting the business, particularly for those whose operations are global. Eligible groups can benefit from a zero percent tax rate while nonqualifying ones will pay the standard 9% corporate tax in UE.
How Much Does Company Setup Cost In Sharjah Airport International Free Zone?
About 10,800 AED* is the cost required to start your business in the SAIF Zone. The price is based on a basic office package. Prices differ for both types of offices, licenses, visas, and additional services. However, for accurate estimations, refer to the SAIF Zone or a licensed setup agent.
