Hamriyah Free Zone was set up in the year 1995, and is often considered one of the benchmarks of industrial development in Sharjah. This free trade zone offers geographic advantage unmatched by any other in the UAE and offers convenient access to major international markets, be it by air, land or sea. It is an investment oriented free zone and offers flexibility and dynamism. This zone is suitable for companies that come under the category of small and medium enterprises (SMEs).
Benefits of Setting Up a Company in Hamriyah Free Zone Authority (HFZA)
- Setting up a Hamriyah Free Zone company is the perfect way to legitimately book international profits without having to pay local corporation tax. There is neither a corporate tax nor personal income tax levied in Sharjah. In addition, the company is not required to prepare annual financial statements or file tax returns to authorities, making the firm easy to manage.
- Hamriyah Free Zone laws do not call for a UAE national to hold shares in locally incorporated entities. Thus, such entities can be wholly owned by foreigners. Moreover, there are no restrictions on the repatriation of capital or profits from the nation.
- Hamiryah Free Zone company registration is cost effective when compared to other UAE free zones, often taking just 24 hours given the correct documentation. Moreover, ongoing business costs in HFZA are also competitive.
- International entrepreneurs commencing a business in HFZA can get a 25 year land lease, which is extendable for another 25 years, thereby guaranteeing 50 years of legitimate tax exempt operations, with pre-built factories, warehouses and office units for lease, along with excellent communication infrastructure to support liaison needs.
- In HFZA, great stress is placed on cultivating small and medium sized enterprises (SMEs). What’s more, HFZA consists of 7 strategic clusters to promote the development of SMEs. Programs, such as the e-office package, have been developed to aid SMEs with individual customized assistance to start business and operate effectively.
Hamriyah Free Zone – Legal Entities
Depending on the type of shareholding, 2 types of companies can be set up in Hamriyah Free Zone:
- Free Zone Establishment (FZE): It is a single shareholder limited liability company setup
- Free Zone Company (FZC): It is similar shareholder limited liability company setup incorporation with the exception that it allows multiple shareholders (maximum of 5)
Documents Required for Company Formation in Hamriyah Free Zone Authority
- Personal details of the owner’s passport copy
- Bank’s reference (original)
- Letter of appointment of the manager defining his powers (notarized & attested) together with his passport copy
- If appointed, letter of appointment for the Consultant defining his powers and his specimen signature (notarized & attested copy), and a copy of his passport
- Certificate of Incorporation/registration & Certificate of Good Standing of the Company. (notarized & attested copy)
- Memorandum & Articles of Association of the company (notarized & attested copy)
- Board resolution for incorporation of FZE/FZC in Hamriyah Free Zone (notarized & attested copy)
- Bank’s reference letter regarding credit worthiness of the company (original)
- Letter of appointment of the manager defining his powers (Notarized & attested) together with his passport copy
- If appointed, letter of appointment for the consultant defining his powers and his specimen signature (notarized & attested copy), and a copy of his passport
Types of Licences in Hamriyah Free Zone
Based on the type of business activity a company is planning to set up in Hamriyah Free Zone, HFZA issues the following types of licenses:
- General Trading License: It allows investors to distribute, import, and store goods as per the HFZA rules and regulations
- Industrial License: It allows investors to import raw materials from other countries, assemble, manufacture, process and package indicated products, and export the finished product to any foreign country
- Service License: It allows the registered entity to perform certain services (lawyer firms, accounting firms, and business consultants)
- Trade License: It allows trading (import, export and distribution) of products mentioned in the license as per the HFZA rules and regulations
Business setup in Hamriyah Free Zone is bound by specific rules and regulations, and our team at Business Setup Worldwide is committed help you sail through the entire process smoothly. Our business development team strives to understand your business incorporation requirements and facilitate office setup, accommodation, documentation and registration formalities. Our team assists you with the entire business setup process from start to finish providing strategic inputs, business plan, documentation formalities, etc., keeping in mind a structure that best suits your company needs and goals. We make certain that you are given advanced infrastructure support and all the amenities required for prolific business growth in Hamriyah Free Zone. With us, company formation experience in HFZ is completely hassle-free as we strive to understand your unique requirements and support you with a solution apt for your business.