One of the most popular free zones of Sharjah is Hamriyah Free Zone (HFZ). The UAE government formally launched it in 1995. Since its establishment, it has made its mark as the fastest growing and the top choice for entrepreneurs for business setup in the UAE.
The Hamriyah Free Zone is 24 square kilometres in size and has a 14 metres deep port and has an inner harbour that is 7 metres deep.
The trade zone offers competitive incentives and unique business and investment opportunities to serious business owners and budding entrepreneurs to establish their businesses in a tax-free haven, with a hundred percent company ownership and repatriation of existing capital and profits.
HFZ, as stated earlier, possesses a 14-meter deep harbour which has immense potential for expansion and it has roughly 22 million square meters of industrial and commercial land.
Hamriyah Free Zone Authority aims to become the most organized, cost-effective and profitable free zone in Sharjah. It has pledged to lead the city into excellence by developing a wide array of projects that will promote investment opportunities. And it is a hub of highly-skilled human labour.
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.
The Seven Zones are named down below:
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.
How to Start a Business in Hamriyah Free Zone (HFZ)?
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 due in part for this very reason—simplified registration.
The procedure to set up a business in free zone is as follows
1. Select an Appropriate Business Entity
Hamriyah free zone (HFZ) allots two types of corporate structures or entities for its investors.
They are as follows:
Free Zone Establishment: This is a sole proprietorship kind of situation, where a single shareholder is enough. Free zone establishments are limited liability companies.
Free Zone Company: This type of company has multiple shareholders.
2. Select a Business Activity and a License that fits your Business
The next step is to select the business activity to acquire a suitable license. The list of the licenses is listed below:
Commercial License
If you obtain a commercial license then you will be able to import- export, sell, distribute and store goods according to the terms specified in the license.
Industrial License:
With an industrial license you are allowed to import raw materials for manufacturing, processing and assembling of specified products. The finished commodities can be exported outside the UAE.
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.
Also Read: Benefits of Tax Free Zones For Your Business.
3. Register a Trade Name for your Business Setup
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.
4. 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 required documents to attain this approval.
5. The Required Documents
The list of the required documents is as under:
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.
Here, we are enumerating a few reasons on why you should start a business in Hamriyah Free zone, posthaste.
Need Help?
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 call!
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