Sharjah, from the last few years, is swiftly evolving as a hub for business and entrepreneurship, which is why, under the leadership of royal decree H.H. Sheikh Sultan Bin Muhammad Al Qasimi, Ruler of Sharjah, UAE, a new free zone has been developed. The Sharjah Research, Technology and Innovation Park (SRTI Park) was established in the year 2016 and is open for all investors around the world.
About the Sharjah Research Technology & Innovation Park
The SRTIP free zone was established to encourage the association between the private business, government and educational institutes. It has been built to bridge the gap between ideas and the marketplace. SRTI Park is ultimately expected to house over 200 leading international innovators and start-ups. It features flexible office space availability appropriate for the MNCs and SME incubators alike.
SRTI Park aims to offer an atmosphere favourable to creativity and modernization by top-notch infrastructure and high-tech services. SRTIP will help, endorse, and develop an innovative system that will boost the global ranking of Sharjah and make it a leading hub in the research and technology field.
Sharjah is well-known for education and ethnicity, and the park is built nearby to American University of Sharjah Campus. It helps in encouraging research, development, and innovative businesses to set up in the free zone. It fosters talents and supports a community of compatible citizens from more than 150 top educational institutions, firms, and start-ups who unite, work and flourish in the park.
The key objectives behind the development of this free zone include -
- Build Innovation Ecosystem - Develop and manage innovation and learning-focused community that promotes R&D and supports enterprise activities with the infrastructure and services required for success
- Generate Employment - Identify and support high growth potential enterprises which can provide employment opportunities for university graduates and contribute to socio-economic development
- Catalyze Knowledge-Economy - Serve as a catalyst for regional development into a knowledge-based economy through the initiation and execution of strategic development projects which reinforce its position as a global business hub
- Invest for Future - Form collaborative relationships with industry and the public sector to grow knowledge-intensive businesses with the potential to create a long-term, sustainable revenue stream for socio-economic development
Research Areas Focused by SRTI Park
The focus areas are essential to Sharjah, UAE and the region, which will lead the Emirate to act as the region´s role model for establishing a knowledge economy. The SRTI Park will focus on six research areas namely -
Water and Technology
Purification and Desalination, Water Monitoring & Conservation, Water Recycling & Waste Water Treatment, Artificial Rainmaking & Aquaculture technologies
Transport and Logistics
High Performance & Advanced Materials, Mobility Systems & Autonomous Vehicles, Sensor Technologies, Marine & Air Freight Technologies & Urban Planning Systems
Renewable Technology
Solar Thermal Energy Technologies, Smart Grid and Energy Storage, Biofuel Production Technologies, Waste to Energy Technologies
Digitization
Big Data, Internet of Things, Quantum Computing, Smart City
Environmental Technology
Waste Containment & Remediation Technologies, Green Building Construction & Equipment
Production, Design, and Architecture
Robotics & Artificial Intelligence, Advanced Building & Construction Materials, Rapid Prototyping & Digital Fabrication, Production & Factory Planning, Contemporary Arabic Architecture
Facilities Provided by SRTIP Free Zone to Businesses
The SRTI Park Phase 1 includes three interconnected buildings with 60,000 square feet area. It comprises the laboratories, head offices, innovation centre, and a wide range of SMEs, Startups, and newscaster firms, which are working on innovation, research, and development projects. Some of the facilities offered by SRTI Park to the investors are -
Workplace
SRTIP offers customizable workplace options such as Flexi desks, serviced executive workplace, shared workstation, and shell and core entity to all businesses.
Laboratories
Dedicated laboratories are available at SRTI Park for different industrial and educational segments that include technology, health, substance, etc. It also offers houses testing services to the industries for doing research and development work.
Rental Land
Rental lands are available inside SRTI Park to construct their workplaces, schools, labs, research, and development units, retail outlets, and testing units.
Trade Space
SRTI Park has a considerable trade space for food and beverage services. It offers a shopping and entertainment zone for the employees, students, and guests to spend free time.
Innovation Center and More Business Facilities
It has big innovation centres, which can be used by collaborating with the authority of Park. The park also offers meeting rooms, halls, informal gathering areas, and workplace lodging with high global standards.
Dual Licensing
As companies set up in Free Zones in the UAE are not allowed to conduct business in the mainland directly, the dual licensing facility enables Free Zone companies to extend their business to the UAE mainland while operating out of the Free Zone office. This allows the company to reduce operational costs, like having to rent office space in the mainland or acquire a local sponsor. SRTI Park offers the dual licensing facility to its business persons.
Benefits of Setting up a Business in SRTI Park Free Zone
- 100% foreign ownership
- Cost-effective licensing and leasing space
- 100% exemption from corporate and personal income tax
- Access to a pool of talented professionals and students from University City
- 0% import and export tariffs
- Accessibility to local, regional, and international markets
- Freedom to repatriate capital and profits
- A critical mass of sector knowledge and talent
- Fast-track business establishment
- Fostering academia-industry partnership
Procedure to Set up a Business in SRTI Park Free Zone
The three essential steps include -
- Submitting Applications and Business Documents to Government Authorities.
- Registering Business and getting a trade license (based on business activity).
- Paying the required charges and getting approval from all legal authorities.
Over the years, Sharjah has grown into a leading industrial hub as well as economic and educational capital. This diversity of strengths is the perfect equation for a collaborative relationship between academia, the private and public sector to grow knowledge-intensive businesses and create long-term sustainable revenue for the Emirate. The establishment of SRTI Park is another feather in the cap for the Emirates long-lasting development.
How can we help?
Setting up a new business in SRTI Park can be overwhelming as well as exciting. We at Commitbiz Management Consultants can make the whole process easier. Right from business incorporation to office space, we cover it all. Contact us or chat with our consultants for more information.