Steps to establish a company in the Sharjah Free Zone

Steps to establishing a company in the Sharjah Free Zone is a strategic step that requires precise knowledge of legal and administrative procedures and details. Sharjah Free Zone is an ideal environment for starting and expanding a business due to the competitive advantages it offers.

The first step in establishing a company is to determine the appropriate type of company, whether it is an individual company, a joint stock company, or a limited liability company, as this choice affects taxes and legal responsibilities. Next, you must select the company name and ensure it complies with local laws.

Then, an application is submitted to obtain a company license in the free zone , and this application includes providing information such as the type of business activity, company structure, location, and purposes. This is followed by procedures for examining and reviewing the application and issuing the license after approval.

Itqan’s role in this process is to provide support and advice to investors to better understand the steps and ensure compliance with local laws and legislation. Providing consulting services in the Sharjah Free Zone helps simplify operations and achieve success in establishing and operating companies efficiently.

Steps to establish a company in the Sharjah Free Zone

The process of establishing a company in a free zone requires adherence to specific procedures and laws that differ slightly from the normal procedures for establishing companies in other regions. These procedures include choosing the appropriate type of company, defining the business activity, submitting the required documents, and obtaining the necessary approvals from the relevant government agencies.

1. Market study and requirements: A careful study of the market in the Sharjah Free Zone must first be conducted, in order to understand the available opportunities and potential challenges, and determine the appropriate business activity.
2. Choosing the type of company: The company can be an individual, a limited liability company, or a joint stock company. The choice depends on the business requirements and the goal of the company.
3. Choosing a name and ensuring its compliance with laws: You must choose an appropriate name for the company and ensure that it is not similar to the names of other companies, and that it complies with local laws and regulations.
4. Submitting the application and obtaining the necessary approvals: After determining the type and name, an application is submitted to obtain a company license in the Sharjah Free Zone, and the application includes information such as the company’s activity, structure, and location.
5. Submitting the required documents: The necessary documents must be submitted, such as copies of the passport and personal identity of shareholders and directors, and copies of the necessary contracts and agreements.
6. Obtaining a company license: After completing the previous steps and necessary approvals, a company license will be issued that allows you to start work.
7. Registering the company and obtaining additional licenses: After obtaining the company license, the company must be registered with the competent government authorities and obtain additional licenses if necessary.

Establishing a company in the free zone requires submitting the necessary documents and adhering to local laws and regulations. It may take some time and effort, but it provides an ideal environment for business and growth in the Middle East.

Your company in the free zone

Types of companies in the Sharjah Free Zone

This table summarizes the main types of companies that can be established in the Sharjah Free Zone, with an explanation of the basic responsibilities and characteristics of each type.

Documents required to establish a company in the free zone

If you are considering establishing a company in the Sharjah Free Zone, this thriving and supportive economic environment will be a great fit for your business growth and sustainable success. The Sharjah Free Zone includes a variety of economic sectors such as industry, logistics, services, and technology, making it a preferred destination for investments in the region. The free zone is characterized by advanced infrastructure, laws and regulations that encourage growth and economic prosperity.

1. Incorporation application form: includes information about the type of company, its name, organizational structure, address, business activity, and information about shareholders and managers.
2. Copy of the official shareholder document: This includes passports or ID cards of all shareholders in the company.
3. Company address confirmation document: A document proving the company’s address in the Sharjah Free Zone must be submitted, such as a lease contract or property ownership document.
4. Memorandum of Association and Company Bylaws: The Memorandum of Association includes details of the company structure and type of business activity, and the company bylaws specify the internal rules and procedures of the company.
5. Authorization for a legal representative (if necessary): If the shareholders are not residents of the UAE, a legal authorization must be provided for a local agent to represent the company before government agencies.
6. Copy of the personal financial statements of shareholders and directors: Some government agencies may request copies of the personal financial statements of shareholders and directors to verify the ability to manage the company.
7. Certificates of experience or qualifications (if necessary): In some cases, certificates of experience or qualifications are required for managers or key workers in the company.

You must ensure that all required documents are completed and submitted correctly and on time to ensure the acceleration of the company establishment process in the Sharjah Free Zone.

Fees for establishing a company in the free zone

Fees for establishing a company in the Sharjah Free Zone vary based on several factors, such as the type of company, the size of capital, and additional services required. Here is a general estimate of the fees it may cost to establish a company in the Sharjah Free Zone:

1. Initial registration fees: Includes the costs of submitting the incorporation application and registering the company in the free zone. These fees vary based on the type of company and the size of capital.
2. Consulting Services Fees: There may be additional fees for consulting, legal and financial services provided by consulting firms to help you set up the company.
3. Licenses and permits fees: Fees must be paid to obtain the necessary licenses and permits to start a company’s activity, such as municipal licenses and environmental permits.
4. General Authority for Business Regulatory (Shurooq) fees: This includes fees for registering the company with the General Authority for Business Regulatory Business, and these fees can vary depending on the type of company and its requirements.

These are general fees that can be required to establish a company in the Sharjah Free Zone. You must contact Itqan Company to obtain an accurate estimate of the fees and costs that you will have to pay during the company establishment process, as they depend on multiple factors related to the type and size of the company and the required support services.

Financial guarantees for establishing a company in the free zone

Generally, establishing a company in a free zone requires financial guarantees to ensure the stability of the company and its compliance with local laws and regulations. Financial guarantees that may typically be required include:

1. Core Capital: The company must provide specific core capital according to the type of company. This capital is used to cover the company’s initial expenses and ensure its continuity in business.
2. Bank guarantee: Some government agencies in Dubai may request a bank guarantee, which is an amount of money deposited in the bank as a guarantee for establishing the company and adhering to local financial obligations.
3. Civil liability insurance: The company must obtain civil liability insurance, which is a type of insurance that covers the company’s obligations to third parties in the event of an accident or loss.
4. Legal guarantees: Some government bodies in Dubai may require legal guarantees, such as guarantees from directors or shareholders to comply with local laws and regulations.
5. Financial guarantees: In some cases, relevant authorities may require financial guarantees such as personal promises or financial guarantees to confirm the stability of the company.

It is best to speak with Itqan to obtain precise details about the financial guarantees required to establish a company in Dubai, as this varies based on the type of company and current laws and regulations.

Establishing a company in the free zone

Opening a bank account to establish a company in the free zone

Opening a bank account to establish a company in the Sharjah Free Zone is an essential step to officially start business operations. Here are some basic steps and usual requirements for opening a bank account:

1. Select the bank: Choose the bank you would like to deal with. Many local and international banks in the UAE provide customized services to companies in free zones.
2. Preparing the necessary documents: You will need to submit a set of documents to the bank, including: a copy of the company’s license issued by the free zone.
   A copy of the certificate of incorporation. The company’s articles of incorporation and articles of association. Passports and national ID for shareholders and directors. The Board of Directors’ decision to open a bank account, if the company is a limited liability company or a joint stock company. Proof of the company’s address (such as a lease contract or property ownership document).
3. Fill out the account opening form: Fill out the account opening form provided by the bank, which includes information about the company, its business activity, shareholders and directors.
4. Meeting with a bank representative: It may require a meeting with a bank representative to provide the required documents and discuss your banking needs and the services you need.
5. Provide proof of business activities: The bank may request that you submit a business plan or details about the company’s business activities, especially if the company is new and does not have a credit history or financial records.

Opening a bank account is an important step to ensure that the business runs smoothly and to facilitate daily financial transactions. It is always preferable to consult with Itqan Company to obtain accurate and updated information about the requirements and procedures for opening a bank account in the Sharjah Free Zone.

Our role in establishing your company in the free zone

Itqan plays a vital role in establishing companies in the Sharjah Free Zone and providing support and advice to investors during this process. Here are some of her most important roles:

1. Providing knowledge and experience: Itqan Company provides the necessary knowledge and experience to investors about the procedures for establishing companies in the free zone. This includes understanding local laws and regulations, tax requirements, and administrative procedures.
2. Assistance in choosing the appropriate corporate structure: Itqan Company provides advice in choosing the appropriate corporate structure, such as a sole proprietorship, a limited liability company, or a joint stock company, based on the nature of the business and the objectives of investors.
3. Preparing documents and documents: Itqan Company provides assistance in preparing the documents and documents necessary to establish the company, such as incorporation contracts, commercial activity, and information about shareholders and managers.
4. Providing mediation and legal representation services: Itqan Company can provide mediation and legal representation services to non-resident investors in the Emirates, by appointing accredited local agents to represent them before government agencies.
5. Process accompaniment and follow-up: Itqan Company provides assistance and accompaniment during all stages of the company establishment process, from submitting applications and documents, to following up on procedures and obtaining the necessary licenses and approvals.

In short, Itqan’s role is to facilitate the process of establishing companies in the Sharjah Free Zone and ensure compliance with local laws and regulations, which helps investors start their businesses efficiently and successfully.

Your company in the free zone

In conclusion, it can be said that establishing a company in the Sharjah Free Zone represents an important strategic step that requires careful study and deep knowledge of local procedures and laws. Itqan Company plays a vital role in this process, providing support and advice to investors to ensure that operations run smoothly and effectively.

By helping investors choose the appropriate type of company, guiding them in defining business activity, and providing legal and administrative advice, Itqan helps avoid legal problems and achieve full compliance with the laws.

In addition, Itqan helps speed up the process of obtaining the necessary licenses and approvals from the relevant authorities, which contributes to reducing the time and effort required to establish and operate the company.

Thus, it can be said that benefiting from the services of Itqan Company in establishing companies in the Sharjah Free Zone has a major role in achieving success and sustainability in the business world.

Frequently asked questions about the steps to establish a company in the Sharjah Free Zone