Sharjah Media City Free Zone
Setting up a business in Sharjah Media City FreeZone
Sharjah’s free zone is set up as a free trade zone for both local and foreign investors. Sharjah’s free zone offers everything that an interested business set out to achieve can get from the Dubai business scene. Sharjah’s free zone has the most comprehensive commercial property market in all of UAE. The Dubai free zone is the biggest commercial property market in the region, with investments in different industries ranging from industrial to the food, real estate and offshore banking. Sharjah’s free zone also features world-class infrastructure and modern governmentality, making it the perfect place to set up shop and make a mark for yourself. Sharjah’s Free Zone offers a range of benefits to both local and foreign investors and this article highlights some of them.
Sharjah’s free zones have the highest number of foreign direct investment as per a study released by CIDSE (Commerce and Investment Research Centre). Sharjah’s premium rates attract more foreign investors to buy property in Sharjah. This is because the taxes in Sharjah are lower than any other cities in UAE. This is one reason why Sharjah has the highest number of foreign direct investment as per CIDSE research.
Sharjah’s free zone is home to some of the best and most affluent entrepreneurs in the country. Located right next to Dubai, Sharjah’s location makes it the ultimate destination for corporate and international business setup. The Sharjah Media City area houses a large number of multi-national companies, with a high standard of living and a highly favorable business setup. Sharjah has been the favorite destination of many entrepreneurs, who set up their businesses here. As the only Dubai location offering a high standard of living, along with state-of-the-art infrastructure and legal environment, Sharjah attracts aspiring entrepreneurs every year.
Sharjah’s free zone offers investors a lot of benefits that they can make use of. Because there are no restrictions on company formation, more companies are establishing their headquarters in Sharjah. Also, as the cost of doing business in Sharjah is less than anywhere else in the region, more investors are making business activities in Sharjah and doing so, they enjoy several benefits. These benefits include the following:
A competitive business environment – Sharjah is home to many multinational companies as well as a large number of domestic and foreign investors. This has a big impact on the level of competition that an entrepreneur will face. If you are thinking of setting up your own business in Sharjah then you have an excellent advantage compared to other local competitors. This is because the government of Sharjah has worked hard to facilitate business setup in the free zone, making it easy for foreign entrepreneurs to set up their companies, without any hindrances.
Top 3 categories of licenses issued in Dubai to register a company
Depending on the nature of the activity a business entity plans to undertake, license in one of these categories will be issued:
1. Commercial License – is issued to a company who will engage in any kind of trading activity.
2. Industrial License – is issued to a company who will engage in manufacturing or any industrial activity.
3. Professional License – is issued to service providers, professionals, artisans, and craftsmen.
The Dubai Economic Department for Business Development in Dubai is the government agency who is responsible for issuing Dubai company/Business licenses. This department operates from several locations to deliver licensing services in Duabi, UAE.
- The very first step in the process of incorporating a company in Dubai is getting an effective legal name for the business entity. One can choose any name for the company including the name of the company, its address, the name of its director and the management team, and many more. The legal name of the company must comply with the laws of the country where it is incorporated. An expert firm will help you choose the name of the company accordingly. Another factor that you need to take care of is that the name of the company should not be confusing.
- Once you have selected the name of the company, you have to get the ownership of the business. If you are not aware of how do I start an LLC in Dubai, this aspect is the responsibility of the firm that you have chosen to do the task for you. As far as the ownership of the business is concerned, you need to get in touch with an experienced business lawyer who will help you carry out the procedure legally. Once you are done with the process of incorporating the company in Dubai, you need to register it at the Companies Registry. You will have to provide all the details about the nature of the business, the owners and the type of trade that you undertake. All these details are mandatory and you need to submit them along with the application form in the database maintained by the Registry.
- After getting the registration of the company, you need to register the company. This process can be done online or by visiting the Companies Registry office in the city. You need to pay a nominal fee for the registration and you need to provide the latest contact information of the directors to the registry authorities. If you are still wondering how do I start an LLC in Dubai? then you need to know that all this entire process can be completed within three months from the time of filing the first set of forms.
- Now, you need to decide about the capitalization of the business. This decision depends on your requirements and the profit margins that you can get from the business. For instance, if you are running a small retail business, then you can start a limited liability company with a capital of only a few thousand dollars. However, if you are planning to set up a manufacturing business, then you need to have a business plan that will include figures regarding the investments, profits, losses, etc. That is the reason why it is necessary to have a well-written business plan before starting the business.
- The next step in the process of how do I start an LLC in Dubai is to find a name for your company. It is not mandatory to choose the name of the company when you apply for its registration. But, if you are going to establish a limited liability company, then you have to use the name of your company or brand. Again, you have to select a trademark that will be able to represent your company and its products. For instance, if you are dealing in the manufacturing of sports equipment, then you can choose the name of the brand or you can even purchase a trademark from the trademark department of the United States Patent and Trademark Office.
- After you have chosen the name of your company and trademark, you need to register the name. This is done by filing the appropriate paperwork with the concerned office. However, you must remember that even if your company name is already registered, it does not mean that the name cannot be changed anytime in the future. Therefore, you have to keep this factor in mind. Even if you have registered your company’s name, you should still check on it once in a while so that you can make the necessary changes as and when necessary.
- One important point that you have to consider when you want to set up an LLC in Dubai is the formation procedure. You will have to complete the set of procedures and formalities required to get a legal registered company up and running. In addition, you will also have to abide by certain laws, regulations and rules in order to become functional as a business unit. In order to deal with these requirements, it would be better if you seek help from a company that specializes in establishing a limited liability company in Dubai. You can discuss the details of the company’s formation with this company and you can also take a look at the services that they are offering to get the ball rolling.
A friendly workforce – Sharjah’s free zones provide a friendly workforce to its entrepreneurs. This is because there are a lot of job opportunities in the free zones for both UAE nationals and foreign entrepreneurs. Companies that want to establish their headquarters in Sharjah can choose from a large number of fields including, IT, management, engineering, commerce, media and banking. All of these industries enjoy good employment prospects for both local and foreign investors.
A booming market – Sharjah’s free zones provide a great platform for investors to make their investments work. Sharjah’s free zones feature many shopping malls and parks that attract a huge number of local and international tourists. Sharjah’s ruler, the emirate’s chief executive officer and other members of the Royal House are regularly seen on Sharjah TV and radio channels engaged in various forms of business. These businessmen have a lot of reasons to move to Sharjah and invest in the region’s growing economy.