CURRENT OFFERS IN SHAMS-SHARJAH MEDIA CITY
COMPANY SETUP IN SHARJAH MEDIA CITY
OVERVIEW
ADVANTAGES
LICENSING CATEGORIES
COMPANY TYPES
OVERVIEW
Shams free zone,The City, which aims to become a regional media hub, was established in January 2016 by His Highness Dr Shaikh Sultan Bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah by virtue of Emiri decree, no. 10 of 2016. Sharjah Media City is located in the emirate of Sharjah which is seen as the cultural capital of the UAE. Shams launched in 2017 with a vision to be a world-class hub for media and creativity in the region. Shams mission is to make creative entrepreneurship accessible and inspire business growth in the region.
Advantages
The Shams community fosters a vibrant ecosystem for innovation to live, learn and co-create.As a world-class Free Zone hub for innovation, Shams sets the benchmark for service and support to those wishing to set-up and launch their business with specialized facilities for the creative and media industries. Shams is a dynamic initiative that makes a strong connection with the talented individuals it attracts. The new zone will have legal independence over licensing and media regulations, although governed by the laws of the United Arab Emirates and Sharjah. Shams offers smart innovative services, coupled with a holistic community-centered approach. We place great value on localized content and actively encourage entrepreneurial talent from within this thriving community.
Requirements
The minimum share capital requirement of AED 100,000 for all entities based in Shams but is “optional”. Please note that if you prefer to have share capital, Shams will provide with bank letter to open a bank account in the name of the proposed entity. Once the license is issued the capital amount could be utilized for operational purposes. Please note that the incorporation process will be longer if you choose the “capital option”.
Further a manager needs to be appointed who will be required to be on the residence visa of the company under the sponsorship of the Free Zone Authority. However, to validate the visa, the Manager, would be required to enter the country at least once in six months.
ADVANTAGES
- Allocation of up to 6 visas on a shared desk facility
- No deposits required
- Investor visas available with no age restrictions
- Ability to appoint Corporate Directors for your company
- Companies will be limited in liability
- 100% repatriation of capital and profits
- 100% Foreign Ownership permitted
- 0% corporate or personal tax
- Located 25 minutes from Dubai Airport and 5 minutes from Sharjah Airport
SHAMS shall be providing four facility options viz., Dedicated Desk, Shared Desk, Dedicated office and Shared office that are designed to serve clients and cater to their needs and requirements once the community is developed.
Shared workplace facilities offered by Shams provide a co-working environment, which is a great solution for start-ups that want to interact with other like-minded people. The key to shared workspaces is that they foster collaboration.
LICENSING CATEGORIES
Shams License is a permit that allows a company to operate within Sharjah Media City (Shams) under specific business activities.
- Service License : It allows for production, re-production, transformation and distribution of services. Service license includes rendering services as a primary objective and utilizing goods to provide them.
- Trading License : Selling goods within Shams or importing and exporting of goods. It includes movement of goods, wholesale and retail sale of goods and rendering of services related to the sale of these goods.
- Industrial License : It allows for production, re-production, transformation and manufacturing of goods.
COMPANY TYPES
The business operations in a Free Zone can be structured in either one of the following ways:
- SHAMS LLC (with one or up to 50 shareholders)
- Branch of a foreign company
- Branch of locally incorporated company
Features of SHAMS LLC
- SHAMS LLC can be incorporated with single shareholder or up to 50 shareholders
- The shareholder of the SHAMS LLC can be either an individual or a corporate entity
- The capital requirement for forming SHAMS LLC in the free zone is AED 100,000. The capital contributed for the SHAMS LLC can be utilized in the operations. The deposit of capital amount is optional.
- SHAMS LLC is not required to file its audited annual accounts to the free zone authority.
- SHAMS LLC is regulated by the Implementing Rules and Regulations of the Free Zone Authority.
Features of Branch Office
- Branch is an extension of Parent company
- There is no requirement of minimum capital
- Audited financial are not required to be submitted to FZ Authority.
- It has no special implementation rules & regulations in the Free Zone.
- Branch needs to appoint only a manager.
