Establishing a company in the Hamriyah Free Zone

٢٦ يونيو Establishing a company in the Hamriyah Free Zone

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Establishing a company in the Hamriyah Free Zone in Sharjah is a strategic step for many entrepreneurs and investors who want to benefit from a distinguished business environment. Hamriyah Free Zone is one of the most prominent free zones in the Emirates, as it provides a set of competitive advantages that enhance its attractiveness as an investment destination. It offers comprehensive facilities that include tax incentives, exemption from customs duties, and advanced infrastructure that supports growth and commercial expansion. The Hamriyah Free Zone also provides a flexible legal environment that contributes to accelerating company establishment procedures and facilitating commercial operations. In this article, we will review the most prominent benefits and procedures required to establish a company in the free zone , and how investors can benefit from the opportunities it offers to achieve success and growth in the business world.

Establishing a company in the Hamriyah Free Zone

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Establishing a company in the Hamriyah Free Zone

Establishing a company in the Hamriyah Free Zone requires following a set of basic steps to ensure a smooth and efficient process. Here are the main steps to follow:

Determine the type of company and its activity : Determine the type of company you wish to establish (such as a limited liability company or a branch of an existing company) and its commercial activity. Ensure that the activity is in line with the activities permitted in the Hamriyah Free Zone.
Choosing a Business Name : Choose a business name for your company that complies with local laws and regulations. Make sure the name is not already in use in the free zone or registered to other companies.
Preparing the required documents : Prepare the necessary documents to establish the company, such as passports for the founding members, proof of address, and academic certificates if necessary.
Submit a license application : Submit an application to obtain a commercial license from the responsible authority in the Hamriyah Free Zone. This includes filling out the required forms and paying the prescribed fees.
Choosing an office location : Choose a location for your office within the free zone. You can choose from a range of options available, including modular offices or flexible office space.
Signing contracts : After obtaining the license, sign the lease contract for your office and other relevant agreements.
Open a bank account : Open a bank account in the company’s name in one of the approved banks in the UAE.
Issuance of visas : Obtain work and residence visas for employees and investors, as needed.
Compliance with legal requirements : Ensure that all aspects of the company comply with local regulations and laws, including tax registration if necessary.
Starting Operations : After completing all procedures, you can start company operations and start implementing your business plans.

By following these steps, you will be able to successfully establish your company in the Hamriyah Free Zone and benefit from the distinctive business environment it provides.

Conditions for establishing Hamriyah Free Zone companies

Establishing a company in the Hamriyah Free Zone requires compliance with a set of conditions and requirements. Here are the main conditions to take into consideration:

Foreign Ownership : In the Hamriyah Free Zone, 100% foreign ownership is allowed, which means that foreign investors can own the entire company without the need for a local partner.
Commercial activities : The company’s commercial activity must be compatible with the activities permitted in the free zone. It is best to check the list of approved activities to ensure that the activity complies with the conditions.
Choosing a trade name : A trade name must be chosen that does not conflict with local laws and must be unique and not used by other companies in the free zone. The name may require some modifications to meet the standards.
Preparation of documents : Incorporation requires the submission of basic documents such as:

Passports of investors and shareholders.
Proof of personal address for investors.
CV and work experiences (if necessary).
Copies of academic certificates (if required).

Minimum Capital : Capital requirements can vary depending on the type of company and business activity. The specific requirements of Hamriyah Free Zone must be checked.
Setting up an office : The company must determine a location for its office within the free zone. You can choose from prefabricated office options or customized office space.
Licenses and permits : Obtaining the necessary licenses and permits from the Hamriyah Free Zone Authority. This may require paying a license fee and submitting additional documents.
Opening a bank account : It is required to open a bank account in the name of the company in one of the approved banks in the Emirates.
Employment and Visas : The company may need to obtain work and residency visas for employees and investors, which are issued based on the Authority’s requirements.
Compliance with laws : Compliance with all local laws and regulations, including tax registration if necessary, and compliance with environmental and health standards.

By adhering to these conditions, you can establish a successful company in the Hamriyah Free Zone and benefit from the optimal business environment it provides.

Cost factors for establishing a company in the Hamriyah Free Zone

The cost of establishing a company in the Hamriyah Free Zone is affected by several main factors, which may vary depending on the type of company, the size of the activity, and the requirements of the investor. Here are the most important factors that affect the cost of establishment:

Type of company : The type of legal entity of the company (such as a limited liability company or a branch of an international company) greatly affects the cost. Some types may require higher costs to establish due to additional requirements or different fees.
Required Capital : Capital requirements vary according to the type of company and business activity. Companies with more complex activities or requiring larger investments may need higher capital.
Activity license : The cost of the license depends on the type of commercial activity that the company will undertake. Some activities may require higher licensing fees than others, especially if they involve private business activities or require additional permits.
Office rent : The cost of renting office space within the Hamriyah Free Zone can vary depending on the location and size of the office. Prefabricated offices or larger office spaces may be more expensive than smaller options.
Registration fees : Company registration fees include fees for submitting an application, reviewing documents, and issuing licenses. These fees may vary based on the requirements of the authority in the free zone.
Legal consulting services : If you require legal or accounting consulting services, the cost of these services will be added to the cost of incorporation. These services may include document preparation, legal advice, and registration procedures.
Work and residence visas : Fees for issuing work and residence visas for employees and investors are added to the cost of establishment. There may be additional costs for health insurance and compliance with work requirements.
Equipment and Resources : If your company needs additional equipment or resources, such as office furniture or technology, these costs need to be taken into consideration as well.
Insurance : Some activities may require additional insurance, such as asset or liability insurance. Insurance costs vary depending on the type of activity and the size of the company.
Training and development : If there is a need to train employees or develop certain skills, these costs may be added to the total cost of establishing the company.

By choosing carefully and taking these factors into account, you can accurately estimate the cost of establishing a company and ensure that you meet all the requirements needed to start your business in the Hamriyah Free Zone.

How can you establish a company in the free zone?

Establishing a company in the Hamriyah Free Zone with the help of Itqan Company provides investors with a smooth and efficient experience, as Itqan provides integrated services that support all stages of establishment. Through its extensive experience in the field of company formation, Itqan provides customized consultations to help clients choose the type of company most appropriate for their business activity, and determine the permitted activities in accordance with local regulations.

The process begins with providing advice on choosing a trade name and submitting the necessary applications to obtain the required licenses. Itqan also helps in preparing basic documents such as passports and address proofs, and submitting them to the relevant authorities. The company also provides services to facilitate the selection of the appropriate office within the free zone, which contributes to accelerating the establishment process.

Furthermore, Itqan assists clients in opening a bank account and issuing work and residence visas, ensuring that the company adheres to all legal and procedural requirements. With its experience and extensive network, Itqan ensures all aspects of company establishment are facilitated and provides ongoing support to ensure business success in the competitive business environment of the Hamriyah Free Zone.

In conclusion, establishing a company in the Hamriyah Free Zone represents an important strategic step towards success and growth in the diverse and evolving business market in the UAE. The Hamriyah Free Zone provides an ideal commercial environment thanks to tax incentives, customs exemptions, and advanced infrastructure that contribute to accelerating the establishment process and enhancing operating efficiency. By adhering to the specified requirements and conditions, investors can benefit from the advantages of the free zone to achieve their business goals.

Itqan Company is an ideal partner in this process, as it provides a range of comprehensive services that contribute to simplifying and effectively managing all aspects of establishing a company. From legal and financial advice to providing support in licensing and visa procedures, Itqan ensures that starting your company is a smooth experience built on strong foundations. By choosing to establish in the Hamriyah Free Zone and in cooperation with Itqan Company, you are laying a strong foundation for a bright and promising future for your company, which opens the doors of opportunities for you and enhances your ability to expand and grow in the global business market.