Established in 1995, the Sharjah Airport International Free Zone (SAIF Zone) is known to be one of the most dynamic free zones in the UAE. The SAIF Zone has played a key role in attracting more investors to Sharjah for company formation. Company formation SAIF Zone is highly beneficial for the investors due to its strategic location, cost-effective, efficient management, and diversity of industries, a wide range of licenses, and a robust company structure. The business set up in SAIF Zone provides the foreign investors with the benefits of 100% ownership, total repatriation of capital, zero corporate tax (except for businesses in Oil& Banking sectors), etc.
Foreign investors can easily connect with their potential customer base as the SAIF Zone is located adjacent to Sharjah International Airport and the investors can benefit from the proximity to the seaports and airports of Dubai and Abu Dhabi. By initiating the process of business setup in the SAIF Zone, the entrepreneurs can put their business at the gateway of global trade with unmatched connectivity through land, sea, and air. For a smooth and hassle-free company registration process in SAIF Zone, the investors need to consult the best business setup consultants in Sharjah, UAE.
Types of Licenses for Business Setup in SAIF Zone
The No 1 prerequisite for company formation in Sharjah or any other emirate in the UAE is a valid trade license. The SAIF Zone offers a wide variety of licenses pertaining to a diverse range of business activities.
1. Trade License
The Trade License in SAIF Zone comprises two types of licenses:
a) Standard Commercial License
The investors can obtain a Standard Commercial License for business setup in SAIF Zone, which covers the activities such as import, export, distribution, consolidation, storage or warehousing of items with a maximum limit of 3 similar product lines.
b) General Trading License
The entrepreneurs can obtain a General Trading License under a commercial license that covers a large number of products and activities including import, export, re-export, distribution, storage, or warehousing.
2. Service License
By obtaining a service license in SAIF Zone the investors can set up a business in the particular service mentioned in the license. The license permits all types of services except those which are restricted by the Federal or local authorities. Some of the main activities under the license include:
(a) Business Consultancy
(b) Shipping & Freight Forwarding
3. Industrial License
The SAIF Zone Industrial License covers the import of raw materials, manufacturing, processing, assembling, packaging, and exporting the finished product. The activities include,
(e) Jewellery Manufacturing
Types of Company Structures Allowed in SAIF Zone
1. Free Zone Establishment
Investors can incorporate Free Zone Establishment (FZE) in SIAF Zone, which is a legal structure with only one shareholder.
2. Free Zone Company
A Free Zone Company (FZC) business setup in SAIF Zone is a legal structure that can be incorporated with more than one shareholder. The FZC shareholders can be an individual or corporate entity.
3. Branch of a Company
Foreign companies operating outside the UAE are allowed to set up their branches in SAIF Zone. Similarly, the companies operating in the UAE (outside the SAIF Zone) can also open their branch in the free zone.
Type of Facilities Available for Company Formation in SAIF Zone
How to choose the right free zone is a question that torments almost every investor who wishes to set up a business in the UAE. Getting the right facility is one of the most crucial factors to decide whether a particular free zone is right for the business. SAIF Zone boasts of ultra-modern facilities including flexible office spaces and customizable warehouses. The investors are advised to seek the assistance of reputed business setup consultants in Sharjah to determine what facilities best suit their business activities.
1. Office Spaces
SAIF Zone offers mainly two types of office spaces for the investors: the SAIF Suite, SAIF Executive Office, and SAIF Office. The SAIF Suite provides the businesses with an executive suite office with advanced IT and telecommunication infrastructure. The SAIF Suite comes with the offer of an 8 visa quota.
On the other hand, the SAIF Executive Office is an unfurnished but fully customizable office space. It covers all utility charges and an advanced IT/ telecommunications infrastructure with the benefit of 5 visa quota.
SAIF Office is a fully furnished and dedicated executive desk space with advanced IT/ telecommunications infrastructure. The office space is provided on a non-sharing basis with the benefit of 3 visa quota.
SAIF Zone offers multi-purpose state-of-the-art warehouses especially suited for manufacturing, trading, and assembly & logistics activities. The warehouses are equipped with ample power capacity to run heavy-duty equipment. Facilities of the warehouses include built-in offices with a pantry and lavatories and industrial exhaust to control the temperature inside. Investors can benefit from the proximity to retail districts and major logistical hubs and easy access to manpower for loading and cargo.
3. Plot of Land
Investors get the option to construct their own facilities for custom-build warehouses/factories on SAIF Zone’s diverse land plots. By availing this facility, the investors benefit from proximity to important logistic hubs, provision for onsite labour accommodation, and 24-hour security and utility supplies. The plots of land are ideal to set up manufacturing, trading, and service industry projects. The availability of land plots is one of the major reasons why foreign investors find the company incorporation in SAIF Zone as an attractive business prospect.
4. Labour Accommodation
The facility of labour accommodation is an added advantage that comes with the company incorporation in SAIF Zone. At SAIF Zone, the investors get well-maintained and fully-furnished spaces for accommodating their employees. The labour accommodation space is fully air-conditioned and comes with a choice of recreational facilities as well as other amenities to cater to the different needs of the staff.
Documents Required for Company Formation in SAIF Zone
Completing the process of business setup in SIAF Zone is not a lengthy process as UAE free zones are known for an easy and quick incorporation procedure. However, the investors need to have a clear grasp over the documentation process as errors in properly filing the application or missing valid documents will delay the process of company incorporation in SAIF Zone. Seeking professional assistance from well-known business setup consultants in Sharjah is highly recommended to complete the documentation process without any unnecessary delays. The following is a list of documents required for company incorporation in SAIF Zone.
- Application form duly filled and enclosed
- Project Summary
- Passport copies of owners/managers
- Certificate of incorporation/registration (for branches)
- Memorandum and Article of Association (for the foreign branch)
- Board resolution to open a branch in the SAIF Zone (for local and foreign branches)
- Power of Attorney appointing the person(s) in charge (for local and foreign branches)
The Certificate of incorporation, MOA, Board Resolution, and the PoA should be notarized and attested by the Ministry of Foreign Affairs and by the UAE Embassy in the country of origin. All those attested documents must be further attested by the Ministry of Foreign Affairs in the UAE. SIAZ Zone has the right to request additional documents if required and by associating with the best business setup consultants in Sharjah the investors need not worry about the documentation process.
Audit Requirement in SAIF Zone
The companies operating in the SAIF Zone are required to get the books of accounts audited and submitted to the free zone authority within 90 days from the end of the financial year. The audit report needs to be submitted to the SAIF Zone Authority along with the audited financial statements. The failure to comply with the mandatory audit requirement will lead the companies to legal actions including the non-renewal of trade license.
VAT Obligation in Designated Free Zones
SAIF Zone is a designated free zone as per the UAE Federal Tax Authority for the purpose of Value Added Tax (VAT). A Designated zone is a specified fenced geographical area having security measures and customs controls in place to monitor the entry and exit of individuals and the movement of goods to and from the area. Goods transferred between designated zones shall not be subject to VAT. However, goods supplied by an entity in the designated zone to entities outside the designated zone are subject to 5% VAT. Services provided by an entity to other entities inside the designated zone or outside the designated zone are subject to 5% VAT.
Why Choose Jitendra Business Consultants for Company Incorporation in SAIF Zone?
Company formation in SAIF Zone provides the investors with the benefits of 100% ownership and total repatriation of profits along with the added advantages of strategic location, highly developed infrastructure, easy setup procedure, and modern office solutions. Though the procedure of business setup in SAIF Zone is not much complex, the investors need to handle all the documentation processes carefully or else they have to face unnecessary delays. To prevent such delays, the entrepreneurs should seek the assistance of reputed business setup consultants in Sharjah such as Jitendra Business Consultants (JBC).
JBC has years of experience in assisting the investors in setting up their businesses in the UAE free zones including in SAIF Zone. JBC has a team of highly qualified business setup consultants who possess sound knowledge in all the laws and regulations especially the labour laws and immigration laws. JBC’s business setup consultants assist the investors in requirements including company registration, drafting of MoA, visa processing, obtaining trade license, etc.