Sharjah Research Technology and Innovation Park (SRTIP), a free zone founded in 2016, was established to foster technology, research, and innovation across a range of sectors. If you are a business pioneer or an industry newcomer looking to expand or establish yourself in the heart of tech innovations, SRTIP is the right choice.
SRTIP free zone has an encouraging business environment, allowing investors to utilise the triple helix concept. This means that investors like you can benefit from working closely with Sharjah’s University City, government departments, and businesses to cultivate innovation.
Read on to understand the details of Sharjah Research Technology and Innovation Park.
Why was the SRTI Park Free Zone Established?
This free zone in Sharjah was established to reinforce the UAE’s efforts to position itself as a worldwide leader in technology and science. The key reasons behind establishing include:
- Economic Growth- SRTIP facilitates economic growth by encouraging strategic knowledge-based projects that focus on innovation and Research and Development (R&D).
- Supporting Business Advancement - With the Sharjah University City located within the freezone, businesses seeking to indulge in R&D activities can make use of opportunities, infrastructure, and services that are key to their growth.
- Scope of Investment - You can work in collaboration with the public sector and industry leaders to enhance your business' revenue in the long term.
- Generating Job Opportunities - This freezone encourages business activities that lead to creating job opportunities for people, including graduates from Sharjah University City.
Business Sectors Allowed to Operate Under SRTIP Free Zone
The Sharjah Research Technology and Innovation Park allows various types of businesses to operate within its habitat. Business activities in this free zone are categorised into six areas, which are listed below -
- Water Technology- Business opportunities in this field include irrigation, water recycling, desalination, stormwater management, among others.
- Digitalisation- Cybersecurity services, software development, Internet of Things (IoT) marketing, Artificial Intelligence (AI) services and others, are some of the business opportunities in this sector.
- Environmental Technology - You can produce eco-friendly products and devise new methods of waste management to encourage sustainability.
- Green Energy - You can set up a business related to manufacturing solar panels, wind turbines, and others while also finding new sources of renewable energy.
- Advanced Manufacturing - Business activities in this sector encompass 3D printing, rapid prototyping, factory planning and production, robotics, and monitoring systems, among others.
- Transportation and Operations - This area allows you to engage in import-export, cargo services, online delivery, autonomous vehicles and other mobility systems.
Amenities Offered to Businesses in the SRTIP Free Zone
A business setup in Sharjah free zones can leverage the following facilities -
- Research Laboratories
- Co-working spaces
- Personalised office spaces
- Land to construct schools, R&D spaces, and laboratories, among others.
- Entertainment and food and beverage zones
Benefits of Company Setup in SRTI Park
The authorities of Sharjah ensure that entrepreneurs like you looking to venture into the innovation and R&D sector can flourish in SRTIP. By launching a business in this free zone, you can enjoy complete ownership, competitive tax rates, full repatriation of profits, as well as quick and budget-friendly incorporation.
Normally, companies established in the UAE’s free zone are not allowed to operate on the country’s mainland. However, SRTI Park allows you to obtain a dual licence, which enables businesses to expand their operations to the mainland while operating from the free zone.
How to Start a Company in Sharjah Research Technology and Innovation Park?
You can only incorporate a Limited Liability Company or a branch office in this free zone of Sharjah. After choosing one of these legal forms, you can proceed with the incorporation process. Decide a name for your business and submit it to the relevant freezone authorities along with a filled-out application form and personal and company-related documents. You can reach out to experts at Commitbiz to understand the details of the documentation process.
Towards the final steps of the process, you will be required to pay the fees for securing the licence and approval to start operating legally in this free zone.
Upon completion of this process, you will receive the business licence, certificate of incorporation, rental agreement, Memorandum of Association (MoA), and notarised proof of address from the relevant free zone authority.
Cost of Setting up a Company in Sharjah Research Technology and Innovation Park
The exact cost of a Sharjah free zone company formation is not certain and may depend on multiple factors. Some of the main factors that affect the cost of a business setup in SRTIP free zone include:
- Obtaining licences
- Renting office space
- Additional approvals
- Documentation cost
- Registration fees
- Service provider fees
- Fees incurred for opening a corporate bank account
The team of experts at Commitbiz have assisted plenty of entrepreneurs like you through their incorporation journey. Reach out to us in a bid to learn and understand more about setting up a business in the SRTIP free zone.
Can I collaborate with the university in the Sharjah Research Technology and Innovation Park (SRTIP) Free Zone?
Yes, businesses established in STRI Park can collaborate with local research centres and Sharjah University City. You can also hire university graduates to join your business projects.
Who can set up their business in SRTIP?
SRTI Park allows all kinds of entities to establish themselves. From startups and large corporations to educational institutions, the SRTIP free zone is open to all.
What incentives does the SRTIP free zone provide entrepreneurs?
This free zone allows entrepreneurs like you to take advantage of networking opportunities, access to funding, mentorship programmes among others.