Why Sharjah Media City (Shams) for Business in UAE
Free zones in the UAE have been the highlight of the corporate sector in the UAE. These zones that have played a major part in encouraging investors to come and setup businesses in the UAE. The policies and rules implemented by the government through these zones were investor friendly and investors realized the profitability of the zones, keeping in mind the development of the UAE as the business hub not only for the Middle East, but also for the areas around it.
One of the zones that have attracted a lot of attention from investors and entrepreneurs is the Sharjah Media City, which is also known as the Shams Free Zone. Although the name suggests the purpose of the free zone that is to encourage the media businesses, other businesses that can fit in the zone are also at a huge advantage with the policies drawn for all businesses in this particular zone.
Some of the advantages are such that no other free zone in the UAE is providing them. The Media City aims to give a boost to the media sector in the UAE.
What does the free zone offer?
The zone offers many advantages for businesses that were not provided by the other zones setup in the UAE. The setting up of businesses in the Sharjah Media City has been made easy with the terms that authorities have set for it.
Here are some of the most important advantages being offered by the Sharjah Media City to business owners and investors:
a. Is NOC required or not?
The UAE government does not require business owners to obtain a No Objection Certificate from the local sponsor’s setup their business operations in the Sharjah Media City if you have a UAE residence visa. The relaxation has been provided in order to reduce the friction that businesses face due to documentation.
b. 100% repatriation of capital and profit
There is absolutely no requirement for businessmen to share their profits with anyone if they have setup their businesses in the Shams Free Zone. All the profit goes to the owners and no tax, whether corporate or on personal income, is applied on the profits earned by the business.
c. Investor and Partner visas
Even though the shareholders are not required to be present in the UAE physically. To setup a new company in Shams free zone, visa allocations to a maximum of 6 people on desk sharing facility is allowed according to the law.
The investor and partners visas can be applied for easily for your company and these visas are valid for up to 3 years. Furthermore, renting costly offices to allow visa allocation to staff of the company is not required. This is something that other free zones do not offer.
d. Company documentation duration
One of the advantages of setting up a company in the Sharjah Media City is that the documentation process for company formation is extremely quick and efficient. Complete documentation for companies being setup in this free zone is issued within a few days of the submission of application as the process is fairly simple.
The Sharjah Media City has a lot to offer to those who are willing to take advantage of the opportunities that are there for the taking.
- Multiple types of business activities can be performed under the same trade license if you are investing in the Shams Free Zone.
- You will be investing as an independent entity and will be able to sponsor employees of the company that you setup.
- Moreover, import and export duties are not applied on businesses which are operating within this free zone.
- A company can be formed at a very reasonable cost of around AED 8,500.
- The company that you will form will have limited liability.
- The registration process can be completed easily online as well.
Sharjah Media City has been equipped with the latest communication technology so that the media industry can thrive and make use of quality services in order to produce quality products and services for the market in the UAE.
The authorities have been able to draw up attractive policies that allow businesses to be setup at low initial costs and operate without taxation and duties. This is not just a ‘welcome sign’ for the investors, but a hint of direction that the Shams Free Zone will take businesses into.