A relatively new free zone in Dubai, Sharjah Media City, was established in 2017. Since its establishment, it has become a hub for media and creativity in the region and has gained popularity in a short period. Its popularity is due in large part to its facilities, which are a significant attraction for entrepreneurs and start-ups alike. Although this free zone is also open to different industries, it is primarily used by creative and media companies to establish themselves. Companies in the free zone are encouraged to be innovative and creative by Shams. In contrast to other media-free zones, Shams Free Zone has low start-up costs for companies.
What is the process for setting up a company in SHAMS?
Getting your business started at SHAMS is relatively easy and can be accomplished in the following steps:
1) Choosing a name for your company.
Here in the UAE, there are several naming conventions to keep in mind. Be careful not to use offensive language or blasphemous language. In naming your company after yourself, avoid well-known companies and avoid abbreviations.
2) Decide what type of business you will operate.
Choosing a facility for your business is the second step—the option of obtaining a dedicated desk or office or a shared desk or office.
3) Obtain the necessary documents and submit them with an application.
Thirdly, you must submit the required documents and forms. Your submission can either be done by yourself or through a consultant.
4) Pay the fee.
It is the next step to make payment in accordance with Shams FZ’s invoice. Alternatively, your consultant may make the payment on your behalf. Once you have paid the required fees, you will receive a payment confirmation and a timeline for the license processing.
5) Let’s get started.
It is the final step in which you must obtain a business license to begin doing business under your new company name. You do not have to block a large share capital amount with your bank to apply for a media-free zone license. You can start operating in SHAMS Free Zone as soon as you receive your company documents via email.
Documents Required to Set Up a SHAMS Company
Shams business setup in Free Zone requires the following documents:
Incorporation certificate
The Board of Directors approves the establishment of a new branch
Good standing certificate
The Memorandum of Association (MOA)
An Articles of Association (AOA)
License to trade
A copy of each shareholder’s passport
Copies of the passports of the directors and the company secretary
A copy of the general manager’s passport and UAE visa
Types of license options for the SHAMS Free Zone
Following are the types of licenses issued in Sharjah Media City:
1) Service License
Service-providing companies must obtain this license.
2) Trading License
Exporting and selling are both regulated activities that require this license.
3) Industrial License
A license is required for companies that produce and manufacture goods.
4) Holding License
Licenses for this purpose are issued to companies that own enough stock in a different company to be able to influence its decisions.
Why choose SHAMS? Here are some benefits:
1) Convenience
Apart from having one of the simplest company formation processes, SHAMS allows remote registration – you do not need to be present during the process.
2) Flexible ownership.
There is no restriction on foreign ownership under SHAMS. Furthermore, no NOC is required from your current sponsor.
3) Top-notch facilities and services.
SHAMS has invested heavily in developing its document processing system, customer service, and physical facilities such as co-working spaces and warehouses to meet its community’s needs.
4) Easy Account Opening
In Shams Free Zone, opening a bank account is straightforward, unlike opening a bank account in other countries. Investing in the Shams Free Zone will give the investor access to a list of banks that have ties to the zone, from which they can choose to open an account.
5) Open to a broad range of business activities
Despite its name, Shams has an open admissions policy that includes more than 200 business activities, including bookkeeping, HR, plumbing, publishing, hospitality, and wholesale.
Conclusion
The free zone offers a wide range of benefits that attract entrepreneurs looking for a business setup in Dubai. Its facilities are state-of-the-art with modern technology that includes co-working spaces, accommodation, training, office space, workshops, events, and more for companies located there. Shams Free Zone includes several creative industries such as photography studios, design galleries, and companies producing media or other art forms.
