The UAE attracts investors from all over the world for a variety of reasons. Its strategic location at the crossroads of Europe, Asia, and Africa, as well as its enticing tax policy and well-acknowledged ease of doing business, are all advantages.
Furthermore, there are the nation’s free zones, which provide extra benefits like 100% customs tax exemption and complete capital and profit repatriation. Each free zone has its own set of benefits. In this guide post, we will discuss the company formation in the Sharjah Publishing City Free Zone. its procedure, benefits, types of business structure, types of licenses and more.
Procedure to start a business in the Sharjah Publishing City Free Zone
The list of procedures to start a business in the SPC Free Zone are:
- Select a Business Structure: Choose from a variety of business entity types, such as limited liability corporations (LLCs), sole proprietorships, and overseas company branches.
- Choose an Appropriate License: Choose a license that corresponds to your business activity, such as a publishing license, printing license, or media license.
- Reserve a Distinctive Company Name: Secure a distinctive name for your company while adhering to the SPC Free Zone’s naming conventions.
- Fill out the Application Form: Give complete and accurate information about your company, its shareholders, and the proposed operations.
- Please submit the following documents: Attach copies of all shareholders’ and managers’ essential documents, such as passports, visas, and Emirates IDs.
- Obtain a no-objection certificate (NOC) from Sharjah Printing & Publishing City: Obtain a certificate of no objection (NOC) from Sharjah Printing & Publishing City.
- Lease an Office Space: Find an appropriate office space within the SPC Free Zone that meets the size and location requirements.
- Create a Corporate Bank Account: Create a business bank account to assist your company with financial transactions.
- Complete Company Registration: Once approved, acquire your company license and begin commercial activities.
Benefits of setting up a business in Sharjah Publishing City Free Zone
The following are some of the advantages of establishing a business in the Sharjah Publishing City Free Zone:
- 100% Foreign Ownership: Keep full authority over your business’s decisions and initiatives.
- Zero Tax on Company Income and Profits: Eliminate company income and profit taxes, increasing your financial returns.
- Profits and capital can be freely transferred back to your native country.
- No Currency Restrictions: Conduct commercial transactions without regard to currency.
- Access to Skilled Workforce: Tap into a pool of talented and experienced publishing experts.
- Modern Infrastructure and Facilities: Use cutting-edge facilities and infrastructure to assist your business operations.
Types of Licenses in SPC Free Zone
The different types of licenses in the SPC Free Zone are:
- General Trading License
- Commercial License
- E-Commerce License
- Service License
Documents required to form a business in the SPC Free Zone
The list of documents required to form a business in the SPC Free Zone are:
- Application Form for Company Registration in the SPC Free Zone
- Sample signature on the Memorandum and Articles of Association on behalf of the Proposed Manager
- A photograph of the shareholder in passport format, with a white background.
- Copies of shareholders’, directors’, and managers’ passports
- The Emirates Visa Shareholder, director, and manager identification copies
- Documents verifying the shareholders’ addresses (recent utility bills, bank statements, etc.)
Types of Business Structure available in SPC Free Zone
- Free Zone Establishment (FZE): Suitable for a single shareholder.
- Free Zone Company (FZC): For two or more shareholders up to 7.
- Branch of a Foreign or Local Company: Ideal for existing companies looking to expand in SPCFZ.
The decision to establish a company in the Sharjah Publishing City Free Zone has the potential to significantly advance your organisation. The guidance and expertise of OnDemand International may be what is required to realise this potential. Our organisation is dedicated to offering all-encompassing assistance to entrepreneurs and investors who are interested in leveraging the potential of SPCFZ. From the initial meeting to the final set-up, our staff is dedicated to providing you with a positive and productive experience. Assemble your business vision to become a reality by becoming a part of the thriving business community in SPCFZ with OnDemand International.
The SPC Free Zone does not impose any minimum paid-up share capital requirement for the formation of a corporation.
Yes, 100% foreign ownership of enterprises is permitted in SPCFZs.
Depending on the type of business and documents, the procedure might take several weeks.