Business Setup In Sharjah Media City Free Zone (Shams)
Business Setup In Sharjah Media City Free Zone (Shams)
Welcome to Sharjah Media City Free Zone (Shams), an innovative hub for creative minds and entrepreneurial spirits in the United Arab Emirates. At Prodigy Corporate Services, we are proud to offer comprehensive business setup solutions tailored specifically for Shams, empowering entrepreneurs and companies to thrive in this dynamic media and creative industry landscape.
Shams is strategically located in the heart of Sharjah, a vibrant cultural and economic centre of the UAE. It provides an ideal platform for businesses operating in sectors such as media, broadcasting, advertising, publishing, and technology. As a recognized free zone, Shams offers a host of advantages and benefits to companies looking to establish their presence in the region.
At Prodigy Corporate Services, we understand the unique requirements of setting up a business in Shams. Our team of experts possesses in-depth knowledge and experience in navigating the legal, regulatory, and administrative aspects of company formation in the UAE. From initial consultations to licensing procedures, visa assistance, and ongoing support, we provide end-to-end solutions that streamline the setup process, allowing you to focus on your core business activities.
By choosing Prodigy Corporate Services, you gain a valuable partner dedicated to your success. Our professional services encompass company registration, corporate structuring, PRO services, bank account opening, and more. We guide you through every step, ensuring compliance with local laws and regulations while optimising your business’s growth potential.
As a registered company within Shams ourselves, we have firsthand experience and a deep understanding of the advantages it offers. Shams provides 100% foreign ownership, tax exemptions, and a hassle-free setup process. It also grants access to state-of-the-art infrastructure, world-class facilities, and a vibrant community of like-minded professionals, fostering collaboration, innovation, and growth.
At Prodigy Corporate Services, we believe that your business deserves the best opportunities to flourish. By leveraging our expertise and knowledge of Shams, we help you unlock the immense potential of this thriving media and creative industry hub. Whether you are a freelancer, a startup, or an established enterprise, we customise our services to meet your specific needs, ensuring a seamless and efficient setup process.
Join hands with Prodigy Corporate Services today, and let us pave the way for your business success in Shams. Contact us now to learn more about our comprehensive business setup solutions and embark on a journey towards growth and prosperity.
Benefits of sharjah Media City Free Zone (Shams)
Sharjah Media City Free Zone (Shams) offers a wide range of benefits to businesses and entrepreneurs looking to establish their presence in the United Arab Emirates. Here are some of the key advantages of choosing Shams:
- 100% foreign ownership: One of the major benefits of Shams is that it allows 100% foreign ownership of companies. This means that entrepreneurs and investors can retain full control of their businesses without the need for a local sponsor.
- Tax advantages: Shams provides businesses with a tax-friendly environment. Companies registered in Shams are exempt from personal and corporate income taxes, making it an attractive option for entrepreneurs seeking to optimise their financial operations.
- Fast and efficient setup process: Shams offers a streamlined and efficient company formation process. The registration and licensing procedures are designed to be quick and straightforward, allowing businesses to start their operations promptly.
- Wide range of business activities: Shams caters to various industries and business activities. It is particularly renowned as a hub for media, broadcasting, advertising, publishing, and creative industries. The diverse range of permitted activities enables entrepreneurs to pursue their specific business interests within Shams.
- Flexibility in company structure: Shams provides flexibility in terms of company structure. It offers options such as Free Zone Establishment (FZE) for single shareholders and Free Zone Company (FZCO) for multiple shareholders. This allows businesses to choose the most suitable structure that aligns with their objectives and growth plans.
- State-of-the-art infrastructure: Shams offers a modern and world-class infrastructure to support businesses. It provides state-of-the-art facilities, including office spaces, co-working spaces, production studios, and advanced technology infrastructure, fostering an environment conducive to creativity and innovation.
- Strategic location: Situated in the heart of Sharjah, Shams enjoys a strategic location within the UAE. It provides easy access to key markets, including Dubai and Abu Dhabi, and is well-connected to international transportation networks through airports and seaports.
- Networking and collaboration opportunities: Shams nurtures a vibrant community of like-minded professionals, creatives, and entrepreneurs. It offers networking events, seminars, workshops, and industry-specific gatherings, fostering collaboration and synergies among businesses.
- Intellectual property protection: Shams provides a robust framework for intellectual property protection. It recognizes and safeguards copyrights, trademarks, and patents, ensuring that businesses can operate with confidence and protect their creative assets.
- Visa and sponsorship services: Shams offers efficient visa and sponsorship services to facilitate the relocation and employment of foreign employees. This includes assistance with visa applications, residence permits, and other related immigration services.
What is the Process of sharjah Media City Free Zone (Shams)
The process of setting up a business in Sharjah Media City Free Zone (Shams) involves several steps. Here is an overview of the process:
- Determine your business activity: First, identify the specific business activity or activities you intend to undertake in Shams. This will determine the type of licence you need to obtain.
- Choose your company type: Select the appropriate company type based on your business requirements. Shams offers various options, including Free Zone Establishment (FZE) for single shareholders, Free Zone Company (FZCO) for multiple shareholders, and Branch of a Foreign Company.
- Select your company name: Choose a unique and relevant name for your company, ensuring it complies with the naming guidelines provided by Shams.
- Submit the application: Prepare the necessary documentation, such as passport copies, business plan, and shareholder details. Submit the completed application form along with the required documents to Shams.
- Review and approval: Shams will review your application and documents. Upon successful review, you will receive an initial approval, after which you can proceed with the next steps.
- Lease agreement: Sign a lease agreement for office space or flexi-desk options within Shams. This is a mandatory requirement to obtain your licence.
- Licence issuance: Pay the required fees and provide the necessary documentation to obtain your business licence. The licence will specify the permitted activities for your company.
- Visa and immigration processes: If you require visas for yourself or your employees, Shams can assist you with the visa application process. You will need to submit the required documents and meet the immigration requirements.
- Corporate bank account: Open a corporate bank account in the UAE with a local or international bank. Shams can provide guidance and support in this process.
- Commence operations: Once you have obtained your licence, set up your office space, and completed the visa and bank account processes, you can start operating your business in Shams.
It’s important to note that the process may vary depending on the specific requirements of your business and any updates or changes to the regulations. Working with a reputable business setup service provider like Prodigy Corporate Services can ensure a smooth and efficient process, as they can guide you through each step and handle the necessary paperwork on your behalf.
What are the Documents required to get the sharjah Media City Free Zone (Shams)
To get your business set up in Fujairah, UAE, you will typically need the following documents (please note that specific requirements may vary based on the business structure and activity):
- Passport Copies: Passport copies of all shareholders, partners, and directors involved in the company. The passport copies should be valid and have a minimum validity period.
- Visa Copies: Copies of valid UAE residency visas (if applicable) for all shareholders, partners, and directors involved in the company.
- No Objection Certificate (NOC): If any of the shareholders or partners are residents or citizens of the UAE, a No Objection Certificate (NOC) from their current sponsor may be required.
- Proposed Company Name: Provide the proposed name for your company, along with alternatives in case the initial choice is not available. The name should comply with the guidelines set by the relevant authorities.
- Memorandum of Association (MOA): Prepare the MOA, which outlines the company’s activities, shareholders’ details, ownership structure, and other relevant information. The MOA must be drafted as per the guidelines provided by the authorities.
- Lease Agreement: Provide a copy of the lease agreement for the business premises where your company will operate. The agreement should be in compliance with local regulations.
- Proof of Address: Submit documents to verify the physical address of the company’s registered office, such as utility bills or tenancy contracts.
- Bank Reference Letter: Obtain a bank reference letter from the shareholder(s)’s bank to demonstrate financial stability and creditworthiness.
- Business Plan: Prepare a comprehensive business plan that outlines your company’s goals, strategies, market analysis, and financial projections.
- Power of Attorney (if applicable): If you appoint a representative or attorney to handle the company setup process on your behalf, a power of attorney document may be required.
It’s important to note that the specific document requirements may vary based on the business structure, activity, and the regulations set by the relevant authorities in Fujairah. Working with a business setup consultant or legal advisor can help ensure that you have the correct and updated list of required documents.
It’s always recommended to check with the relevant authorities or consult a professional to obtain accurate and up-to-date information regarding the specific documents needed for your business setup in Fujairah, UAE.
What is the Cost of Sharjah Media City Free Zone (Shams) in AED
The cost of setting up a business in Sharjah Media City Free Zone (Shams) varies depending on several factors, such as the type of licence, office space, and additional services required. Here is a general overview of the costs involved in establishing a business in Shams, stated in AED (United Arab Emirates Dirham):
- Licence fees: The licence fees in Shams depend on the type of licence you choose. As of my knowledge cutoff in September 2021, the licence fees for a Free Zone Establishment (FZE) start at around 11,500 AED, while the fees for a Free Zone Company (FZCO) start at around 15,000 AED. It’s essential to note that these fees are subject to change, and it’s advisable to check with Shams directly for the most up-to-date information.
- Office space: The cost of office space in Shams can vary based on factors such as location, size, and facilities. Shams offers various options, including flexi-desks, shared offices, and private offices. Flexi-desks can start at around 6,000 AED per year, while shared offices and private offices can range from 12,000 AED to 30,000 AED per year or more, depending on the size and specifications.
- Visa and immigration fees: If you require visas for yourself or your employees, additional costs will be incurred for visa processing and related services. The visa fees in the UAE can vary depending on factors such as visa type, duration, and number of visas required. It’s recommended to consult with Shams or a professional service provider for accurate and up-to-date information on visa costs.
- Additional services: There may be additional costs for services such as company registration, document attestation, legal support, PRO (Public Relations Officer) services, and bank account opening. These costs can vary based on service providers and specific requirements.
FAQ'S
Frequently Asked Questions
What is the minimum share capital requirement to set up a company in Shams?
Shams does not have a specific minimum share capital requirement. However, it’s important to note that the share capital should be sufficient to cover the intended business activities and operational needs of the company.
Can I have multiple business activities under one license in Shams?
Yes, Shams allows multiple business activities to be conducted under a single license. This provides flexibility for entrepreneurs and businesses to engage in diverse activities within the permitted sectors.
Can I apply for a visa through Shams for myself and my employees?
Yes, Shams facilitates the visa application process for investors, shareholders, and their employees. They offer visa services and can guide you through the requirements and procedures involved.
Can I rent office space on a short-term basis in Shams?
Yes, Shams offers flexi-desk options and short-term office space rentals to accommodate the needs of businesses. This provides flexibility for startups, freelancers, or businesses that require temporary office arrangements.
Are there any restrictions on hiring employees from outside the UAE in Shams?
Shams allows businesses to hire employees from outside the UAE. However, certain visa and immigration regulations apply, and it’s advisable to consult with Shams or a professional service provider for specific requirements and procedures.
Can I operate my business outside the Shams premises?
Shams requires businesses to have a physical presence within the free zone. However, certain activities, such as consultancy or e-commerce, may have specific arrangements for remote operations. It’s best to check with Shams for the specific requirements related to your business activity.
Can I transfer my existing company to Shams from another free zone or jurisdiction?
Yes, it is possible to transfer an existing company to Shams from another free zone or jurisdiction. The specific requirements and procedures for company transfers may vary, and it’s recommended to consult with Shams or a professional service provider for assistance with the transfer process.
Can I apply for a Shams licence if I am not physically present in the UAE?
Yes, you can apply for a Shams licence even if you are not physically present in the UAE. Shams provides remote company setup services, allowing entrepreneurs to initiate the process from overseas. However, certain documentation and procedures may require your physical presence or the assistance of a representative.
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