Everything You Must Know About Starting a Business in SAIF Zone

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 the 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 one of the most sought-after free zones in Sharjah- the 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 to 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 the country’s industrial activity. Its links to the rest of the world are accessible and immediate regardless of where the Emirates is in the UAE. Let us now understand the benefits of starting a business in SAIF Zone.
 

Benefits of Business Setup in SAIF Zone

• 100 percent foreign ownership.
• 100 percent repatriation of profits and capital.
• 100 percent 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 the SAIF Zone

Like most of the UAE Free zones, the 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 FZC's 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 approximately AED 1,50,000 on average.

3. Branch of a Company

Companies that are established in the UAE can set up a branch office in this free zone. However, the company must have valid documents that authorize it to form a branch in the SAIF Zone.
 

Business Licenses in SAIF Zone

The different types of licenses offered in the SAIF Zone are as follows;

1. General Trading License- It has a large number of products that fall into this range. This license is classified under the commercial license
2. Service License- This license allows the owner to carry out services or consultancy activities that are specified in the license
3. Commercial License- This license is useful for activities like importing/exporting, consolidating, distributing, and storing items in the license from the SAIF Zone
4. Industrial License- An industrial license from Sharjah Airport Free Zone allows the investor to be involved in activities such as processing, manufacturing, packaging, assembling, etc
    

Procedure to Set up a Business in SAIF Zone Sharjah

The process is simple and is as follows;

1. Select a company name.
2. Select a corporate structure from the aforementioned list.
3. Select a business activity according to the guidelines mentioned by the Free Zone Authority.
4. The third point will help you in finalizing the license.
5. Now is the time to fill out an application form.
6. After filling out the form, you can submit it with the supporting documents.
7. Now, you have to wait for final approval from the Free Zone Authority (FZA) after which you can start your business 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 will be happy to help you.