Sharjah Media City (SHAMS)
Shams Free zone or Sharjah Media City is one of the newly launched free zones in the Sharjah Emirate in the first quarter of 2017. Shams Free zone is located in the Emirate of Sharjah, and Sharjah is servicing business, tourism, and brilliant individuals with world-class infrastructure. It is a hub for innovation in Media and the digital world and also a very economical option.
Shams free zone allows the youngest age of the company shareholders you can own a business starting from the age of 19. This is a great benefit not available in any other Free Zones. Company employees can be as young as 18 years old, which is also quite unusual in comparison to other Free Zones.
Advantages of SHAMS Free Zone Company
- 100% exemption from tax and duties & foreign ownership, no restriction on repatriation of capital, free transfer of funds
- The physical presence of the company owner is not required for registration of a company in the Shams Free Zone
- The whole procedure is quick and simple, thanks to the utilization of the latest technology
- Exclusive advantages available for the formation of media and related industries
- SHAMS free zone is one of the most cost-effective free zones in the UAE.
- The documentation process can be completed in just two days
- No need for the annual audit and paid-up share capital
- Hiring foreign employees is allowed
- Allows opening of corporate bank account
Licenses Offered by Shams Free Zone
Four licenses are available in the Shams Free Zone, with the option to invest in a trading, service, industrial, or holding license, depending on the requirements of the business.
Service License: It allows for the production, reproduction, transformation, and distribution of services. Service license includes rendering services as a primary objective and utilizing goods to provide them.
Trading License: It allows selling goods within Shams or importing and exporting goods. It includes the movement of goods, wholesale and retail sale of goods, and rendering of services related to the sale of these goods.
Holding License: It allows holding standalone assets and/or stakes in other companies. You would require a holding company for the purpose of controlling other companies (i.e.), property such as real estate, patents, trademarks, stock, and other assets.
Industrial License: It allows for the production, re-production, transformation, and manufacturing of goods.
Types of companies in Shams Free Zone
Basically, there are two types of companies allowed to be established in the Shams Free Zone.
- Shams LLC Company: A limited liability company that gives independent legal status, allows the company to hire and sponsor employees, and open a business bank account.
- Shams Branch Company: The expansion of an existing company, the parent company, is directly attributed to the profit and liabilities of the branch company.
Shams Free Zone Company Setup
Shams Free Zone provides almost all the services that are normally available in all other UAE free zones. They are offering the best license and business activities, which are very interesting to those individuals who are going to start their business in the Free Zone. The following steps are required to set up a company in SHAMS:
- Select Business activity and Company type
- Submission of application along with company formation and KYC documents.
- Issuance of license and registration of the Company
- Opening a bank account
- Visa processing
There are a variety of steps that need to be taken, some complicated, some less intricate. Usually, the first thing you have to do is select your business practice. From here, you will need to agree on your company name, finalize and send your registration documents to the competent authorities, open a bank account, and apply for any visas that may be necessary.
However, the details of this procedure will depend on the type of license you apply for and the type of company you choose to run. That’s why, before beginning any of these procedures, the first port of call should always be a company set-up specialist who can direct you through any aspect of the process, ultimately ensuring the entire application requires little more than a few hours of your time.
Documents Required for Company Setup in SHAMS
For the Sharjah media free zone company setup, the entrepreneur is required to submit a set of documents to the concerned authorities. Any discrepancy in documents will lead to delays and additional expenses.
| Documents | LLC (Individual shareholder) | LLC (Corporate Shareholder) | Branch |
| Certificate of Incorporation | Not Required | Required | Required |
| Memorandum & Articles of Association | Not Required | Required | Required |
| Board resolution to establish a new company | Not Required | Required | Not required |
| Board resolution to establish a new branch | Not Required | Required | Not Required |
| Certificate of good standing, valid trade license | Not Required | Required | Required |
| Board resolution giving signatory authorization or Power of attorney for the third party | Required | Required | Required |
- All documents must be attested and approved by the relevant authorities
- Branch Company has to produce documents from its parent company
- There are various departments for business formation, and approval from all these departments is necessary
- Companies related to the media industry are preferred, but other businesses are also allowed to establish themselves
Company Liquidation in SHAMS Free Zone
Liquidation is the process of officially shutting down a company. This includes stopping business operations, clearing debts, canceling licenses and visas, and officially ending the company’s legal presence. This involves carrying out the steps mentioned above.
