Ever dreamed of a business realm where innovation meets limitless possibilities? Sharjah Research, Technology, and Innovation Park unfolds a journey where your ventures can turn into technological marvels! Ready to dive into an oasis of ideas and progress? Let’s explore how this free zone propels your business dreams beyond the ordinary!
How to Set Up Your Business:
1. Application and Documentation:
To initiate the business setup journey, you need to submit a comprehensive application along with essential documents to the government authorities. These documents typically include:
• Business plan
• Passport copies of shareholders and directors
• No-objection certificate (NOC) if applicable
• Proof of initial approval for specific business activities
This step sets the foundation for your business, ensuring compliance with legal requirements. It’s the moment when your venture starts taking a tangible form on legal grounds.
2. Business Registration and Trade License:
Upon obtaining initial approvals, the next pivotal step is to register your business and secure a trade license. The business registration process involves:
• Choosing a business name and ensuring its availability
• Determining the legal structure – Free Zone Company (FZCO), Free Zone Establishment (FZE), or branch of a foreign company
• Completing the registration forms and submitting them along with necessary documents
Obtaining a trade license is paramount, as it legalizes your business activities within the Free Zone. It involves defining the scope of your operations and adhering to the relevant legal classifications.
3. Approval and License Fees:
With your documentation in order, you proceed to obtain approvals and pay the associated license fees. The approval process involves scrutiny by the relevant authorities to ensure compliance with zoning regulations and legal requirements. The license fees, although an investment, pave the way for enjoying the myriad benefits offered by Sharjah Free Zones.
Costs Involved:
1. Registration Fees:
Every Free Zone has its registration fees, covering the initial setup costs. For instance, FZE/FZCO registration incurs a one-time fee of AED 5,000, while a branch registration also amounts to AED 5,000.
2. Licensing Fees:
Licensing fees encompass the cost of obtaining the official business license, with variations based on the type of license and business activity. Industrial licenses range from AED 7,500 to AED 10,000, while commercial licenses range from AED 7,500 to AED 15,000. Other specialized licenses, such as Aviation/Shipping or Oil & Gas, are priced at AED 15,000.
3. Office Space Costs:
Leasing office space is a significant cost factor. Executive offices (unfurnished) come at an annual cost of AED 15,650, whereas an exclusive desk facility is priced at AED 10,800. Furnished suites, covering a minimum of 21 sq. m, range from AED 28,650. Factory/warehouse spaces, spanning 125-600 sq. m, have varying costs ranging from AED 48,000 to AED 190,300.
4. Land Lease Costs:
For businesses requiring ample land space, leasing starts at a minimum of 2,500 sq. m, costing AED 25 per sq. m. This option is ideal for enterprises with specific land-use needs.
5. Renewal Fees:
Factor in renewal fees for both your business license and office space lease. It’s crucial to understand the renewal process and associated costs to ensure seamless operations.
Forms of Registration & Features
Here’s a comprehensive overview of the available forms of registration within these dynamic Free Zones:
1. Branch of a Foreign Company:
• Overview: This form of registration allows a foreign company to establish its presence within Sharjah Free Zones. The branch operates as an extension of the parent company, tapping into the vibrant business landscape while maintaining a distinct legal identity.
• Key Aspects:
• Requires documentation from the parent company.
• Allows the branch to engage in a range of business activities permitted within the Free Zone.
2. Free Zone Company (FZCO):
• Overview: A Free Zone Company (FZCO) is a distinct legal entity formed within the Free Zones, typically involving 2 to 5 shareholders. This structure provides flexibility and autonomy to entrepreneurs looking to establish a collaborative business venture.
• Key Aspects:
• Requires a minimum capital investment, often set at AED 150,000.
• Shareholders can be individuals or corporate entities.
• Ideal for businesses seeking shared ownership and operational control.
3. Free Zone Establishment (FZE):
• Overview: Geared toward individual entrepreneurs or a single corporate entity, the Free Zone Establishment (FZE) offers a streamlined registration process with sole ownership. This form is suitable for those seeking complete autonomy over their business.
• Key Aspects:
• Requires a single shareholder with a minimum capital investment, typically AED 150,000.
• Provides the simplicity of sole ownership and decision-making authority.
• Ideal for businesses with a single proprietor or corporate entity. Embrace success in Sharjah Research, Technology, and Innovation Park by leveraging its dos—100% foreign ownership, 0% taxes, and diverse registration options. Ensure your venture aligns with thematic focuses like renewable energy and digitization. Avoid the don’ts: neglecting research, underestimating planning, and overlooking regulations. Strive for excellence in a supportive ecosystem, unlocking the full potential of this innovation hub for lasting prosperity. Contact Us to start your journey towards success today!