Sharjah is said to be among the most developed Emirates in the UAE. The trading activities conducted in the Emirates account for more than 45% of the country’s Gross Domestic Product. It is the only Emirate with access to ports in the Arabian Gulf’s eastern and western coasts, access to Indian Ocean and direct connection to North Africa. Hence, Sharjah offers great opportunities in numerous ways for foreign investors.
Today we are going to discuss on one of the most sought-after free zone in Sharjah- Sharjah Airport International Free Zone.
SAIF Zone Sharjah- Overview
SAIF Zone in Sharjah provides some of the most enticing business incentives in the region, including speed of service and simplicity of process. Its strategic location, being situated beside the International Airport of Sharjah, makes it advantageous in terms of easy access in the air. It was set up in the year 1995 and has been a premier destination for business ever since. Currently, the freezone serves around 4,500 companies from 91 countries. Apart from businesses, the customer base is among the largest in the world from one central hub, with an entrance to more than 2 billion people within a four-hour flight. It accounts for over a third of country’s industrial activity. Its links to the rest of the world are accessible and immediate and regardless of where Emirates in the UAE. Let us now understand the benefits of starting a business in SAIF Zone.
Benefits of Business Setup in SAIF Zone
- 100% foreign ownership
- 100% repatriation of profits and capital
- 100% exemption from income and corporate taxes
- License issued within 24 hours
- On site labor accommodation
- Simplified procedures
- Sponsorship and visa for all staff
- Access to over 2 billion customers
- Back up service by the Sharjah Chamber of Commerce and Industry
- No restrictions on hiring expatriate workers
Types of Business Entities in SAIF Zone
Like most of the UAE Free zones, SAIF Zone also has three corporate structures. They are as follows;
1.Free Zone Company (FZC)
Under this type of structure, two or more shareholders can start a business while the maximum is five, if approved it can be stretched to seven. The minimum capital required is AED 150,000. Liability shall be limited to the FZCs share capital
2.Free Zone Establishment (FZE)
Under this, a single shareholder can form a company. The shareholder can be any individual or a corporate structure. The capital required for FZE is approx AED 150,000 on average.
3.Branch of a Company
Companies which are established in the UAE can set up a branch office in this free zone. But the company must have valid documents that authorize it to form a branch in SAIF Zone.
Business Licenses in SAIF Zone
The different types of licenses offered in SAIF Zone are as follows;
- General Trading License- It has a large number of products that fall into this range. This license is classified under the commercial license
- Service License- This license allows the owner to carry out services or consultancy activities that are specified in the license
- Commercial License- This license is useful for activities like import/export, consolidate, distribute, and store items in the license from SAIF Zone
- Industrial License- An industrial license from Sharjah Airport Free Zone allows the investor to involve in activities such as processing, manufacturing, packaging, assembling etc
Procedure to Set up a Business in SAIF Zone Sharjah
The process is simple and straight-forward and is as follows;
- Select a company name
- Select a corporate structure from the afore-mentioned list
- Select a business activity according to the guidelines mentioned by the Free Zone Authority
- The third point will help you in finalizing the license
- Now is the time to fill an application form
- After filling the form, you can submit it with the supporting documents
- Now, you have to wait for a final approval from the Free Zone Authority (FZA) after which you can start your business in officially
If you too want to set up a business in Sharjah Airport International Free Zone, then we at Commitbiz can help you with it. Do contact us today- we’d be happy to help you.