Sharjah has increased as a centre for business and entrepreneurship over the last few years, which is why under the leadership of H.H. A new free zone has been established by Sheikh Sultan Bin Muhammad Al Qasimi, the Ruler of Sharjah, UAE. Founded in 2016, the Sharjah Science, Technology and Innovation Park (SRTI Park) is open to all investors worldwide.
About the Sharjah Research Technology & Innovation Park
The SRTIP free zone is established to promote the partnership between the private sector, government and educational institutions. It was constructed to fill the gap between the marketplace and ideas. In the end, it is estimated that SRTI Park will house more than 200 leading foreign innovators and start-ups. It features universal access to office space ideal for MNCs and SME incubators alike.
The goal of SRTI Park is to provide a favourable atmosphere for innovation and modernisation through top-notch infrastructure and high-tech services. SRTIP will assist, support and develop a groundbreaking framework which will improve Sharjah's global ranking and make it a leading hub in the field of science and technology.
Sharjah is well-known for education and nationality, and the park is located near the Sharjah Campus of the American University. It helps to promote the establishment of research, growth, and creative companies in the free zone. It encourages creativity and embraces a group of compatible people from more than 150 of the park's top educational institutions, businesses, and start-ups who unite, work, and thrive.
The primary goals behind the growth of this free zone include -
1. Create Innovation Ecosystem - Build and maintain a community based on innovation and learning that encourages R&D and supports business activities with the infrastructure and services necessary for success.
2. Generate Jobs - Recognize and encourage high-growth potential businesses that can provide university graduates with employment opportunities and contribute to socio-economic development.
3. Catalyse Knowledge-Economy - By initiating and implementing strategic development projects that enhance its position as a global business centre, it serves as a catalyst for regional development into a knowledge-based economy.
4. Invest for the Future - Establish strategic partnerships with industry and the public sector to grow knowledge-intensive enterprises with the potential to generate a sustainable long-term socio-economic development revenue stream.
Research Areas Focused by SRTI Park
The focus areas are essential for Sharjah, the UAE and the region, which will lead the Emirate to serve as a role model for the region's knowledge-based economy. Six research areas will be the priority of the SRTI Park, namely -
Technology and Water
Water Reuse & Waste Water Treatment, Artificial Rainmaking & Aquaculture Technology, Purification and Desalination, Water Monitoring & Conservation
Logistics and Transport
Mobility Systems & Autonomous Vehicles, High Performance & Innovative Materials, Sensor Technology, Maritime & Air Freight Technologies & Urban Planning Systems
Renewable Engineering
Smart grids and energy storage, biofuel processing technologies, waste-to-energy technologies, solar thermal energy technologies,
Digitising
Big Data, IoT, Quantum Computing, Smart City
Environmental Engineering
Technologies for Waste Containment & Remediation, Green Building Design & Equipment
Production, Design and Architecture
Robotics & Artificial Intelligence, Advanced Materials for Building & Construction, Rapid Prototyping & Digital Manufacturing, Manufacturing & Factory Planning, Modern Arabic Architecture
Services Provided by SRTIP Free Zone to Businesses
Phase 1 of the SRTI Park comprises three interconnected buildings with an area of 60,000 square feet. It includes labs, headquarters, an innovation centre and a broad variety of small and medium-sized enterprises (SMEs), start-ups and newscasters employed on innovation, research and development projects. Some of the facilities provided to investors by SRTI Park are -
Workplace
SRTIP provides flexible workspace solutions, such as Flexi desks, serviced executive workplace, joint workstation, and shell and core organisation to all businesses.
Labs
For various industrial and educational segments, dedicated laboratories are available at SRTI Park that includes technology, health, substances, etc. It also provides market testing facilities for households to do research and development work.
Land for Rental
Within SRTI Park, rental land is available for the construction of their offices, schools, laboratories, research and development units, retail stores, and testing units.
Trade SPACE
SRTI Park has ample commercial space for food and beverage services. It includes a shopping and entertainment area for free time for staff, students and visitors.
Center of Creativity and more Industry Facilities
It has large innovation centres that can be used to work with the Park Authority. The park also provides conference spaces, halls, casual social areas and high global standards of workplace accommodation.
Double Licensing
Since businesses founded in Free Zones in the UAE are not permitted to conduct business directly on the mainland, the dual licencing facility allows Free Zone companies to expand their business to the mainland of the UAE when operating outside the Free Zone office. It helps the industry to decrease operating costs, such as having to reserve office space on the mainland or gain a local sponsor. SRTI Park provides the dual licencing facility to its business citizens.
Advantages of Setting up a Business in SRTI Park Free Zone
- International ownership of 100 per cent
- Cost-effective space for licencing and leasing
- Corporate and personal income tax exemption of 100 per cent
- Access to a pool of qualified professionals and University City students
- Import and export tariffs of 0 per cent
- Local, regional, and foreign business accessibility
- Right to repatriate earnings and resources
- A critical mass of information and talent from the sector
- Company establishment Fast-track
- Fostering a relationship between academia and industry
Procedure to Establish a Business in SRTI Park Free Zone
The three main steps are -
- Submission of applications and company records to government authorities.
- Based on the business activity acquiring a commercial licence and company registration.
- Paying the necessary fees and receiving all legal authorities' approval.
Over the years, Sharjah has become a significant manufacturing hub as well as an economic and educational capital. This diversity of strengths is the ideal equation for an academic, private and public sector collaborative partnership to develop knowledge-intensive businesses and generate sustainable long-term revenue for the Emirate. For the long-term growth of the Emirates, the establishment of SRTI Park is another feather in the hat.
How Can We Help?
Setting up a business in SRTI Park can be daunting as well as thrilling. We at Commitbiz Management Consultants can make the complete process more manageable. Right from company formation to the office area, we handle it all. Contact us or chat with our experts for more information.