The history of Freezones goes way back, even before the formation of UAE itself. After the oil boom, the govt. of UAE decided to diversify the economy into more reliable sectors through foreign investment, establishing the first duty-free jurisdiction, ‘Jebel Ali Free zone’ in 1985. This was the first example of a tax-free jurisdiction where no duties were levied on imports and re-exports along with the exclusive benefit of full ownership of the company.
Within a matter of years, UAE’s Free zones developed into exemplary business havens of prosperity and vision, inviting investment from various global economies and turning its deserts into the oasis of international focus.
One of its recent initiatives in Sharjah has made significant leaps in creative business sector and transformed the Freezone into a global hub for innovation.
Sharjah Media City (SHAMS)
With specialized facilities, exclusive incentives and unlimited opportunities for creative businesses, Sharjah Media City has set a benchmark of innovation and world-class business environment all out the world. Located in the Emirate of Sharjah, Shams is a dynamic free zone designed to connect talent with forward-thinking community of creative businesses in a holistic and quintessential atmosphere for entrepreneurs and SMEs from all around the world.
Below is a list of 5 reasons why entrepreneurs and SME’s should consider company formation in Sharjah Media City
- Cost Advantage
Business ventures in SHAMS are open to several tiers starting from AED. 11,500. Compared to many other Freezones in UAE, SHAMS gives tons of value for price to a wide range of business activities in a 100% tax-free jurisdiction.
- 100% repatriation of capital and profits
- 100% Foreign Ownership permitted
- 0% corporate or personal tax
- No customs duty
- Location Advantage
Located just 15 minutes from Dubai Airport and 5 minutes from Sharjah Airport, the city itself is a rich commercial zone with residential boulevards, creative units, plazas and hotels connected through a well-planned network of roads and metro. Offices are available for lease/purchase in different areas of the zone.
- Setup Timeline Advantage
Company formation in Sharjah Media City takes less than a week, with all documentation and paperwork completed within 2 days. IBG Consulting ensures that he rest of the process including the Immigration card and Visa stamping will be completed in around 1 month. Added to that, the workforce can be recruited without any need of contract attestation from the Ministry of Labor.
- Visa Advantages
Another exclusive advantage of setting up business in Shams Media City is fast visa access. Investor visas can be acquired without any age restriction or payment deposit with up-to 6 visas through shared desk facility.
- Business Incorporation advantages
Businesses do not require any physical presence to legitimize their existence in Shams free zone, allowing the owner/owners to run their operations from any part of the world. Companies will have the benefit of LLC with the power to appoint Corporate Directors and Corporate Managers in the company.
How can IBG help?
In Arabic the literal meaning of Sharjah is “rising sun”. As a forefront of cultural, economic and social development, Sharjah Media City free zone has become home to diverse sectors of economy, complimenting and adding to each of its vast community of businesses. As authorized company formation specialists, IBG consulting’s goal is to help entrepreneurs with the best possible guidance in affordable packages.