SHAMS Company Formation Requirements and Benefits

The United Arab Emirates embodies a safe and progressive environment for companies. It offers them foreign investors benefits, such as absolution from corporate, income, and trade taxes, including many other advantages. 45% of GDP in UAE is contributed by Sharjah’s trading activities. Sharjah, a hub of business, tourism, and brilliant infrastructure, has emerged as one of the economical options for business setup in UAE freezones. SHAMS company formation starts at a very nominal price as compared to other freezones in the UAE.  Thousands of young entrepreneurs have successfully launched their venture in Sharjah Media City and are now part of this prospering community.

What is SHAMS?

Sharjah media city or SHAMS is a world-class freezone located in the emirate of Sharjah. Launched in the year 2017, SHAMS was designed to accommodate revolution. It intended to pair media and creativity, inspiring business growth with innovative entrepreneurship in the cultural capital of UAE. 

SHAMS services set a standard for people who wish to launch their business. It provides them a lively ecosystem with great advancements where people live, learn and create. 

Company formation in Sharjah Media City

SHAMS company formation is stress-free, affordable, and cost-effective. SHAMS freezone allows budding entrepreneurs as young as 18-19 years old to set up their own business, which is not available in any other free zone. Besides, it offers all the other benefits normally accessible in other UAE freezones.

Other than that, the Sharjah Media City trade license is an added advantage that can be acquired remotely, without having to visit UAE. 

There are two types of companies that can be formed in the SHAMS freezone : 

1. SHAMS LLC Company – SHAMS limited liability company (LLC) is an independent body whereby the owners and the shareholders are two different entities in the company. The liabilities and the assets are equally shared within the partners associated with the formation of the company.

Advantages of setting up SHAMS LLC Company are –

• It operates as an independent entity. 
• The owner is entitled to apply for a Sharjah Media City trade license and open a corporate bank account as well.
• The company is authorised to sponsor its employees. 

2. SHAMS Branch Company – As the name itself describes, SHAMS branch is a subdivision of an existing parent company. All the profits and losses, benefits and debts, assets and liabilities, income and expenses of the branch belong to the parent company.

The advantages to open a branch company is SHAMS freezone include 

• The company gets the power to sponsor its employees for the visa. 

• The owner gets access to SHAMS trade license and a corporate account in the bank. 

Types of licenses available in SHAMS Freezone

• Service license – The prime objective of the companies acquiring a service license is rendering services in the region. This license allows the production and distribution of services. 
• Trading license – A trading license is obtained to avail the trading facility. The company is allowed to import and export goods within SHAMS freezone.
• Industrial license – This license permits the production and manufacturing of goods. 
• Holding license – Holding license allows holding individual assets or stakes or both in other companies. 

Advantages of setting up a company in SHAMS Freezone

Considering the affordability and other benefits offered in the Sharjah freezone, SHAMS Company formation seems to be the best idea for the new-age investors planning to step into the UAE’s business community. SHAMS provides investors an ideal platform to grow their business in the media and creative industry. 

There are numerous benefits of starting a venture in the SHAMS freezone. Some of them are : 

• SHAMS freezone is one of the cheapest freezone as compared to other freezones in UAE. 
• Convenient location for trade purposes. 
• The registration process for SHAMS company formation can be done remotely, without being present in the country. 
• No age limitations to apply for a SHAMS trade license.
• 100% ownership of the company. 
• Full exemption from tax and customs duties. 
• No restriction on repatriation of capital. The owner can freely transfer the UAE-earned money to his home country. 
• SHAMS offers exclusive packages for company formation. 
• The documentation and registration process takes minimal time to complete.
• No requirement of annual audit or paid-up share capital. 
• The owner gets the facility to open a corporate bank account during the company formation process. 
• The company can hire foreign employees and can sponsor their visas. 
• Provides facilities like a shared desk, dedicated office, dedicated desk, and shared office space intended to serve clients.

Read Also this post: Cheapest Company Registration in the UAE

Procedure to set up a company in SHAMS Freezone 

1. Determine the type of business you want to run
2. Finalize a trading name for your company
3. Apply for the Sharjah Media City trade license
4. Submit the documents to the competent authorities
5. Open a corporate account in the bank
6. Apply for necessary visas, if any 

The procedure of SHAMS company setup depends on the type of business you choose to operate and the type of license you apply for. 

The dedicated team of Shuraa Business Setup can help you with SHAMS company formation with specialized facilities in the field of media and innovation with a low investment.

Documents required for Company formation in SHAMS

For starting a business in the SHAMS freezone, you need to submit certain documents to the concerned authorities. The documentation process depends on the type of business you have chosen to operate in the SHAMS freezone. That means the requested documents may be different for both the company setup – SHAMS LLC and SHAMS branch. 

• Passport copies of the owner and other shareholders 
• UAE visa/UAE entry permit 
• Certificate of incorporation 
• Memorandum Of Association(MOA) and Articles Of Association(AOA)
• Board resolution to establish a new company/branch(whichever applicable) 
• Legal trade license 
• Board resolution giving signatory approval or Power of attorney for the third party 

The company needs to go through all the relevant departments, get the necessary approvals, and duly attest all the requested documents from the concerned officials for its formation. Furthermore, SHAMS branch company must present documents of its parent company for registration.

SHAMS gives more preference to companies that are related to the media industry. However, it also welcomes companies from other fields as well to make their mark in the Sharjah community.

Conclusion

Sharjah Media City visions for an innovative business center for the media, entertainment, and creative fields.  It has been one of the most chosen Free Zones in the UAE to launch an enterprise. It extends full support and assistance for a wide range of business houses that are willing to enter into the ground-breaking entrepreneurial journey in the UAE.

Shuraa business setup provides you generous services to establish a creative workspace in SHAMS freezone to nurture your business requirements. Our expert professionals with wide experience in company formation can help you accomplish all the legal tasks within less time. In addition, we will help you get essential approvals from the competent authorities to launch your dream venture successfully in Sharjah city.

Start your business in Sharjah Media City today!

To learn more about SHAMS freezone company setup and SHAMS business license, call on +971 44081900 or you can send a WhatsApp message at +971 50 777 5554. You can also connect over email by sending us your query at info@shuraa.com.