Free trade zones are playing a major role in diversifying the economy of the UAE. One of the most popular free zones of Sharjah is Hamriyah Free Zone (HFZ). So, you can start a business in the Hamriyah Free Zone to enter the corporate world.
Sitting on a prime location in Sharjah, the Hamriyah Free Zone is 24 square kilometers in size. It has a 14 meters deep sea port, and has an inner harbor that is 7 meters deep. Also, with immense potential for expansion, HFZ has roughly 22 million square meters of industrial and commercial land.
Hamriyah Free Zone is among the top choices of entrepreneurs for setting up business in the UAE. Moreover, this notable free trade zone offers unique investment opportunities and competitive corporate incentives to serious business owners. Budding entrepreneurs can establish businesses in a tax haven, with 100% company ownership, and full repatriation of capital and profits.
Hamriyah Free Zone aims to become the most organized, cost-effective and profitable free zone in Sharjah. Since its establishment in 1995, HFZ has made its mark among the fastest growing special economic zones of the UAE. It is leading Sharjah into excellence by developing a wide array of projects that promote investment prospects. In the true spirit of Sharjah, the Hamriyah Free Zone is a hub of highly skillful human labor.
Process to establish a business in Hamriyah Free Zone
The whole procedure of business setup in Hamriyah is pretty straight forward. One of the reasons which make the UAE the most sought after location for business setup is exactly this. The simplified registration process to start a business in Hamriyah free zone is as follows.
- Select appropriate corporate entity
- Choose business activity and license for business
- Register trade name for company
- Get initial approval
- Submit the essential documents
Select appropriate corporate entity
Picking the right corporate legal structure in the UAE is important. Hamriyah free zone allots two types of corporate entities for its investors. Emirati and foreign entrepreneurs can consider these business entity options in HMZ.
- Free Zone Establishment (FZE): Having limited liability, this corporate structure is a sole proprietorship kind of situation, where a single shareholder is enough.
- Free Zone Company (FZC): This type of company has multiple shareholders.
Choose business activity and license for business
The next step is to select the business activity that can make money for you. Furthermore, you have to seek a suitable license for your business. Here is the list of some applicable licenses in Hamriyah Free Zone, Sharjah.
- Commercial License: With a commercial license, you are able to import, export, sell, distribute and store goods according to the specified terms.
- Industrial License: With an industrial license, you can import raw materials for manufacturing, processing, and assembling of specified products. Later on, you can export the finished commodities outside the UAE.
- Service License: This License is exclusive to the Hamriyah Free Zone only. It allows its holder to carry out their business activities within the bounds of said free zone.
Side Note: If you want to sell your merchandise in the UAE market, then you will have to go through a local distributor.
Register trade name for company
After selecting an appropriate business activity, the next step is to register a trade name for your business. To do that you will have to get the name approved by Sharjah’s Department of Economic Development. Make sure that the name is not similar to any other established companies operating in the UAE. To avoid any confusion you can check the names of the registered companies online on the official website of the DED.
Get initial approval
Getting an initial approval is necessary in order to move ahead with the registration process from Sharjah’s Department of Economic Development. Fill out an application form and submit the essential documents to attain this approval.
Submit the essential documents
The list of the required documents is as under:
- Copies of Passport of the shareholders
- Passport size photo
- Copies of visit visa, visa and UAE entry page
- Approval of business name and activity.
- Application signed by directors and shareholders
- Signed(in front of the free zone authority) legal papers
After submitting the documents with the registration application wait for a little while. Your application will be approved within 1-2 weeks. Once it is approved, you will get a Certificate of Incorporation and business license.
Also Read: Benefits of tax-free zones for your business
Sub areas of the Hamriyah Free Zone
Hamriyah free zone is further subdivided into seven different zones. The new sub-zones are called Industrial Zone and Logistics Village. They have one forty-four plots of industrial land and will have two hundred twenty-four warehousing units. By employing this tactic, the administration expects a flurry of investors coming in to conduct a business setup in Hamriyah Free Zone.
- Oil and Gas Zone
- Perfume Land
- Maritime City
- Steel City
- Construction World
- Timber Land and
- Petrochemical Zone
SMEs, branch offices, startups all can find a home in Hamriyah free zone as there are precise areas for every type of industry. This kind of strategy has helped in the uplifting of the company formation in this free zone of Sharjah.
Reasons to open a business in the Hamriyah Free Zone
Here, we are enumerating a few reasons on why you should start a business in Hamriyah Free zone, posthaste.
- You can lease land for 25 years and get it renewed for a similar period
- Easy access to a deepwater port and harbour.
- The zone has numerous pre-built warehouses and office units available for lease.
- Fully furnished executive office suites
- International Business Center fully-equipped with internet, conferencing, and telecommunication facilities
- On-site accommodation for staff including wellness clinics, spas and health clubs.
- Modern infrastructure, highly-advanced telecommunications links and access to three seaports provide ease of doing business to all
- Plentiful and reasonably priced energy
- Liberty for hiring personnel from the extremely large and abundant talent pool.
- Affordable cost of living
Conclusion
KWS Middle East is a platform that provides business setup services to budding entrepreneurs and seasoned business-owners. Our team will assist you through the entire set up process and will make sure that it is hassle-free.
Contact us today to book our commitment-free consultation meeting.
For further information about establishing your company in Dubai, consult with KWS Middle East. So, please call us on +97180059763, or WhatsApp us on +971509664705. Or send us an email to info@kwsme.com right now.
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