Sharjah is a blend of cultural diversity. It is the third largest emirate of United Arab Emirates (UAE) and is a fairly populous city. Located at the southern coast of the Persian Gulf on the Arabian Peninsula, this emirate shares various aspects of legal, economic, political, and military functions with the other emirates. It is a perfect destination hub for nature lovers and is a center of tourism as well. The vibrant city is located in the trade free zone and it embraces Sharjah International Airport towards the south-east of the emirate.
Sharjah Airport International Free Zone (SAIF Zone)
Sharjah Airport International Free Zone (SAIF Zone) is the world’s first ISO Certified Airport Free Zone, situated adjacent to the Sharjah International Airport. It was established in the year 1995 with 55 companies. Today, it is considered as the most dynamic free zone dedicated to quality and excellence and a home of more than 6500 companies. A center of attraction for business ventures in UAE and beyond, it provides a broad range of opportunities to startups and business entities to set up their business roots. One of the prime objectives of SAIF Free Zone includes versatility. Starting from a single office space it extends its capacity to manufacturing and warehousing facilities. SAIF Zone provides you with all the business facilities without any involvement of tax.
Business Opportunities in Sharjah SAIF Zone
Sharjah free zone offers an extensive range of business opportunities in different sectors. Few of these sectors include General trading, perfumes, and cosmetics, business consultancy services, manufacturing of cages, assembling hubs of machinery parts, freight forwarding services, oil and gas services, IT service and solutions, marketing services, accounting services, third-party logistics services, etc.
Types of Businesses Incorporated in SAIF Free Zone
Company formation in Sharjah Airport Free (SAIF) Zone, is built on the basis of different business types. These are:
1. Free Zone Establishment (FZE)
A sole person can establish an FZE in SAIF Zone. It requires only one shareholder and the minimum capital requirement is AED 1,50,000.
2. Free Zone Company (FZC)
It requires a minimum of two people for the business to operate. Maximum shareholders are 5 but can get extended to 7 (if approved by SAIF Zone Authority). The minimum capital requirement is AED 1,50,000.
3. Branch of a Foreign Company
Any company who has got its roots in a foreign country can incorporate their branch office in SAIF Zone. Name of the branch company will be the same as the parent company.
4. Branch of a UAE Company
Any company incorporated or established in any corner of UAE has the flexibility of extending its branch in SAIF Zone. The name will be the same as the parent company.
Benefits of Company Formation in Sharjah SAIF Zone
Setting up a company in SAIF Zone offers multiple benefits to its investors. Let’s have a look:
- A foreign investor can avail 100% foreign ownership
- The tax burden is removed and a foreign investor is a free bird
- It provides the flexibility of onsite labor accommodation
- The lease period is elongated to 25 years
- Strategic location as it is situated in between the east and west
- Unlimited work support, easy sponsorship, and visa for the entire staff
- No restriction in hiring foreign professionals
- Flexibility and accessibility to Arabian Gulf ports and the Indian Ocean
Sharjah Free Zone License
In order to carry out the business activities, business licenses are to be granted to begin its operation. SAIF Zone offers different license depending upon different business activities.
1. Industrial License
Offered to carry out the import of raw materials, manufacturing, assembling, and export of finished goods. Licensing fee: AED 7,500.
2. Commercial License
Used for import, export, distribution, consolidation of products. Licensing fee: AED 7,500.
3. General Trading License
Used to carry out multiple business-related activities. Licensing fee: AED 15,000.
4. Service License
Offered to professionals to carry out their profession and later on, they can establish their own company. Licensing fee: AED 7,500.
SAIF Zone Fees and Registration Process
Company registration in SAIF Zone happens by both Licensing and Leasing. The registration process involves three core steps:
- Submission of required documents and a basic outline of the project to the marketing and sales department.
- Upon receiving the approval letter, lease amount needs to be paid and the agreement needs to be signed.
- Collection of business license, along with lease agreement and keys for the facilities.
Documents Required for Setting Up Your Company in SAIF Zone
The documents required for company incorporation in SAIF Zone are:
- Application form
- Project summary
- Passport copies of owners/managers
- Certificate of registration/incorporation
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Board resolution to open a branch in SAIF Zone
- Bank statement of the last 3 months
SAIF Zone Modern Facilities
Utmost care and planning have undergone to include modern facilities in SAIF Zone to make business more effective and efficient. Some of the modern facilities include:
- State-of-the-art office spaces
- Temporary storage facilities
- Bunker facilities
- Labour accommodation
Advanced Armor Engineering (AEE) relocated to Sharjah, considering it to be more business oriented.
SAIF Zone offers investment facilities for global beauty sector to explore the possible opportunities.
Rexton launched the largest LED light facility in the Middle East in SAIF Zone.
Thus, we can say that the Emirate is expanding itself to cater to the needs of different businesses. SAIF has grown tremendously down the line. It sets a podium for different investors dealing with different businesses and builds higher chances for them to invest in SAIF Free Zone. Do you hold any business idea in your mind? Want to expand it in SAIF Zone? Yes? Good decision! The next step that you need to be careful is all about choosing a business consultant who can help you in establishing your business in SAIF Zone. At this point, we introduce you to Commitbiz Management Consultants. We are a business consulting firm and specialize in dealing with clients who want to set up their business in the Middle East region. Our business experts can help you in the core business setup process in SAIF Zone. The legal proceedings will be taken care of. To know how, do contact us – we’d be glad to assist you and help your business to become a part of Sharjah SAIF Zone.