FAQ’s for setting up a company in Sharjah Media City Freezone

Here are some key FAQs for setting up a free zone company in the SHAMS Free Zone:

1. Can I own 100% of my company in SHAMS?
   Yes, one of the significant advantages of setting up a company in SHAMS is that you can own 100% of your business, with no local partner or sponsor required.
2. What types of businesses are suitable for SHAMS Freezone?
   SHAMS accommodates a wide range of business activities, making it suitable for various industries, including media, technology, e-commerce, and creative sectors. You can choose the business activity that aligns with your expertise and goals.
3. Are there tax benefits in SHAMS?
   Indeed, SHAMS offers a tax-free environment, which means your business will be exempt from income tax and corporate tax. This favorable tax environment allows you to maximize your profits.
4. What documents do I need to register my company in SHAMS?
   You’ll typically need a copy of your passport, your visa if you’re currently residing in the UAE, and a No Objection Certificate (NOC) from your current sponsor if applicable. Non-residents can skip the NOC requirement.
5. How long does it take to set up a company in SHAMS?
   The registration process in SHAMS is streamlined, and you can usually have your business up and running within a few weeks, making it one of the faster options for company formation in the UAE.
6. Can I apply for visas for my employees or investors in SHAMS?
   Yes, SHAMS offers efficient visa processing services to facilitate your staffing needs. You can apply for employee or investor visas to support the growth of your business.
7. What is the cost of setting up a company in SHAMS?
   The cost of setting up a company in SHAMS can vary based on factors such as the type of business activity, office space, and the number of visas required. It’s advisable to contact SHAMS directly or consult with a business setup expert to get a detailed cost breakdown for your specific business.
8. Can I change my business activities after registering in SHAMS?
   Yes, SHAMS allows businesses to adjust their trade licenses to accommodate changes in business activities or the introduction of new services. You can consult with SHAMS to understand the procedures and requirements for making these changes.
9. What type of support does SHAMS offer to businesses?
   SHAMS provides a supportive ecosystem that includes legal, administrative, and licensing assistance. They are dedicated to helping businesses thrive within the freezone, and you can reach out to their customer support and service teams for guidance and support.
10. Are there specific requirements for annual renewals in SHAMS?
    Yes, it’s essential to keep track of your trade license renewal dates in SHAMS. Trade licenses issued by SHAMS usually have a validity period, which can range from one to three years. Make sure you renew your license on time to avoid any interruptions in your business operations.
11. Is there a minimum capital requirement for starting a business in SHAMS?
    No, SHAMS does not impose a minimum capital requirement for setting up a business. This flexibility allows businesses to start with the capital that aligns with their needs and objectives.
12. Can I open a bank account for my company in SHAMS?
    Yes, you can open a corporate bank account for your company in the UAE. It’s advisable to work with local banks familiar with the regulatory requirements in the region to facilitate smooth financial transactions.
13. Are there any restrictions on the nationality of the company’s owners or shareholders?
    No, SHAMS is open to entrepreneurs and investors of all nationalities. There are no restrictions on the nationality of the owners or shareholders of a company in the freezone.
14. What is the minimum and maximum number of shareholders allowed for a company in SHAMS?
    SHAMS permits a minimum of one shareholder for most business structures. There is no maximum limit on the number of shareholders, making it suitable for both sole entrepreneurs and larger companies.
15. Can I operate my SHAMS-registered company outside the freezone or within the UAE?
    A company registered in SHAMS is primarily intended to operate within the freezone. If you wish to conduct business outside the freezone or within the broader UAE, you may need to establish a mainland company or branch, which can be arranged with the help of SHAMS or legal advisors.
16. Is it possible to transfer my existing company to SHAMS from another UAE location or freezone?
    Yes, it is possible to transfer an existing UAE company to SHAMS. The process involves specific procedures and approvals, and you may need to consult with SHAMS and legal experts for guidance on the transfer.
17. What support services are available for new businesses in SHAMS?
    SHAMS offers various support services, including legal and administrative assistance, licensing guidance, and visa processing services. These services are designed to facilitate the establishment and growth of businesses within the freezone.
18. Can I have multiple business activities under a single trade license in SHAMS?
    Yes, SHAMS allows businesses to include multiple business activities under a single trade license, which can be convenient for companies engaged in various related activities.
19. Is there a requirement for a physical office in SHAMS, or can I operate virtually?
    SHAMS offers different office space options, including flexible desk setups, which are suitable for startups, and dedicated office spaces for larger companies. While having a physical presence is generally preferred, SHAMS can provide guidance on your specific requirements.
20. Can I apply for additional visas for my company’s employees or partners after the initial setup?
    Yes, you can apply for additional visas as your business expands. SHAMS offers efficient visa processing services to accommodate your staffing needs and help your company grow.

If you have any other questions about setting up a free zone company in SHAMS, please do not hesitate to contact the Arnifi team.

Next reading: Empower Your Business: RAKEZ Freezone’s Benefits and Power-Packed Features

Arnifi is digital first Corporate service provider helping companies enter the Middle East region, starting with UAE and Saudi Arabia markets. Founded and backed by professionals from Amazon, Souq and other large companies operating in KSA – the team understands what it takes to succeed as a startup in both UAE and Saudi Arabian markets, apart from going through the setup process multiple times.

Arnifi will provide a truly digital experience to entry and scale up of companies both UAE and Saudi Arabia. The Arnifi promise is simple, yet revolutionary, use technology and a great team to provide transparency, efficiency and great customer experience in the whole process.
Check out at – www.Arnifi.com for more details.