Companies must comply with the Sharjah Building Code when constructing their facilities. Environmental requirements for construction companies building in the freezone must also be taken into account. Construction companies building within the Free Zone must also comply with the health and environmental standards laid down by the environmental regulations of the Sharjah Department of Town Planning and Surveys (DTP).
Land leases can be renewed for a similar period of 25 years. The Emiri Decree established the Hamriyah Free Zone and guarantees investors investment security and the full return of profits and capital. Types of licenses: The types of licenses granted to applicants and companies define the activities they may and may carry out in the Free Zone. Activities permitted in the zone: All activities are permitted in the free zone as long as they are environmentally friendly and in accordance with local rules.
These include specific trade, general trade [3] [5] and e-commerce activities. Commercial License: This license allows the holder to export, import, distribute, sell and store items specified in the license. The owner may also use local distributors and agents for products sold on the UAE market. Industrial License: The industrial license allows holders to import raw materials for processing, packaging, assembly, manufacturing and related purposes. Service License: A Service License allows the holder to operate services listed in a Service License within the Hamriyah Free Zone.
The free zone offers ready-made storage areas for short-term and long-term leases. At the same time, companies are free to rent additional offices, industrial premises and warehouses in the area of the Free Zone. Free Zones offer different office packages according to the needs of customers, regardless of the type of numbers, license numbers, required visas or the actual presence and placement within the zone itself. Free Zone offers ready-made storage space for short-term and long-term leases. Registration of companies: The management of the Free Zone signs office leases with the address of this office, which is considered to be the official company address.
Disadvantages of registering Hamriyah companies: In order to establish a Free Zone Company (FZC) in Sharjah, a minimum capital of AED150,000 (approx. Minimum capital is required to establish a branch of a foreign or local company, and at least two directors and a secretary are required to establish a Free Zone Company.
An FZE or FZC is a limited liability company. It is a branch of a local or foreign company in the Free Zone, which holds a license to establish and register. No natural person, legal entity or company can admit FZEs and FZCs into the Hamriyah Free Zone.
Among other things, the date of incorporation must be stated in the charter. An establishment of the Free Zone shall be deemed to have been established and shall enter into force on or after that date. An establishment of the free zone can change its name by shareholder resolution, subject to the approval of the HFZ authorities. If the establishment is not registered as a free zone, the registered name does not have to have been approved by any HFZ authority. The Company is able to perform the functions of the Free Zone and has no such liability of its shareholders for the contribution to its assets if it is cancelled in accordance with the implementing regulations and limits the full amount of shareholder contributions to the Company
Local and international companies must have a license or certificate for commercial registration with the Ministry of Economy. The reference letter from the Bank on the creditworthiness of the company must be original. The Board's decision to open a branch in the Hamriyah Free Zone appoints the head of Free Zone Operations to certify a copy of his passport and power of attorney.
Each FZE and FZC must submit its audited financial statements to the Hamriyah Freezone Authority each year within 3 months of the end of the financial year. All FCs and FCs must adhere to and implement all rules and regulations. FZEs must implement the rules / regulations equivalent to their statutes, and FCZs must also implement the rules / regulations corresponding to their statutes.
In the Hamriyah Freezone there are no specific provisions on the location of bank accounts under the registration requirements for companies. Accounts can be set up at the UAE local bank. The HFZA reserves the right to request the balance of an account in accordance with the procedures established by the HFZA.
In the Hamiryah Free Zone, company registration is inexpensive compared to other UAE Free Zones and takes only 24 hours if properly documented. Hamriyah Free Zone laws do not require UAE nationals to hold shares in public companies. Such facilities must be owned by foreigners. There are no restrictions on the repatriation of capital or profits from the free zone.
This zone is an ideal facility for SMEs as it complements quick and simple e-office packages. The microeconomic zones of HFCs are tailored to the needs of micro-business owners. Micro-enterprises are enterprises with fewer than 5 employees, whether family-owned or self-owned. These zones meet the needs of micro-entrepreneurs with convenient, efficient, problem-free and practical solutions.
Hamriyah Free Zone is the next generation free zone that guarantees that its management is more adaptable and dynamic than other investor-oriented free zones. Hamriyah has developed into the industrial centre of the Emirate of Sharjah. Establishment of companies in the Free Zone: The Free Zone was founded by Emiri, as explained in an issue of 12 November 1995. Investors formed a beeline to locate companies in the zone once it was declared a designated VAT zone.
The low annual licensing fees make it attractive for manufacturing companies and service providers. Hamriyah is located on the west coast of Sharjah. With a deep-water port and an import / export-oriented infrastructure, international entrepreneurs have established themselves in the Free Zone by founding FZE Free Zone Companies (FZC) for international trade activities.
