Sharjah Airport International Free Zone (SAIF Zone)
Sharjah Airport International Free Zone (SAIF Zone)
Types of Licenses for Business Setup in SAIF Zone
Types of Licenses for Business Setup Services in Dubai
1. Trade License
There are two categories of trade licenses in the SAIF Zone:
a) Standard Commercial License For company formation in the SAIF Zone, investors can receive a Standard Commercial License, which includes practices such as manufacturing, sales, shipment, consolidation, inventory, and warehouse management of products with a maximum cap of three related product lines.
b) General Trading License A General Trading License is a trade license that encompasses a broad range of goods and operations such as manufacturing, export, re-export, shipment, storage, or storage of goods.
2. Service License
By acquiring a service license in the SAIF Zone, investors may start a business in the services specified in the license. But for services prohibited by federal or state authority, the licensing allows all kinds of services. The following are some of the key practices covered by the license:
• Business Consultancy
• Shipping & Freight Forwarding
3. Industrial License
The SAIF Zone Industrial License allows for the transportation of raw resources as well as the manufacturing, refining, assembly, packing, and shipping of manufactured goods. Among the operations are:
• Jewellery Manufacturing
Types of Company Structures Allowed in SAIF Zone
1. Free Zone Establishment
In the SAIF Zone, shareholders will form a Free Zone Establishment (FZE), which would be a corporate framework with only one shareholder.
2. Free Zone Company
A SAIF Zone Free Zone Company (FZC) is a regulatory framework that can be established with more than one member. The FZC shareholders can be an individual or corporate institution.
3. Branch of a Company
International firms working outside the UAE are permitted to establish subsidiaries in the SAIF Zone. Correspondingly, companies that operate in the UAE (but not in the SAIF Region) can establish a branch in the free zone.
Type of Facilities Available for Company formation in SAIF Zone
Picking the best free zone is a conundrum that any investor who wishes to create a company in the UAE encounters. Choosing the correct location is one of the most important considerations in determining if a specific free zone is appropriate for the enterprise. SAIF Zone features innovatively modern infrastructure such as open meeting rooms and flexible warehouses. Investors are encouraged to obtain the advice of reputable Sharjah company setup experts to decide which facilities are ideally suited to their business operations.
1. Office Spaces
SAIF Zone primarily has 3 styles of office spaces for investment firms: the SAIF Suite, the SAIF Executive Office, and the SAIF Office. The SAIF Package offers companies an executive suite office with cutting-edge IT and telecommunications technology. The SAIF Suite tends to come with the proposal of an 8-visa quota.
But on the other hand, the SAIF Executive Office is an unfurnished but configurable office space. It includes all utility costs as well as an integrated IT/telecommunications network, as well as a visa limit of five.
SAIF Office is a professionally furnished and devoted corporate desk room with modern IT/telecom facilities.
2. Storage facilities
SAIF Zone has multi-purpose, state-of-the-art warehouses which are ideal for processing, shipping, distribution, and logistics operations. The warehouses have enough power capacity to handle heavy-duty machinery. The warehouses have built-in offices with a pantry and restrooms, as well as industrial ventilation to monitor the temperature within. Investors will benefit from the proximity to shopping districts and big logistics centres, as well as convenient access to loading and freight personnel.
3. Plot of Land
On SAIF Zone's diverse land parcels, investors have the choice of constructing their own facilities for custom-built storage facilities. Investors profit from accessibility to essential logistic centres, on-site labour housing, and 24-hour security and services by taking advantage of this plant. The land plots are perfect for establishing production, trading, and service sector ventures. One of the primary reasons why international investors consider company formation in SAIF Zone to be an appealing investment opportunity is the accessibility of land plots.
4. Workforce Accommodation
The availability of labour lodging is an additional benefit of incorporating a business in the SAIF Zone. SAIF Zone provides owners with well-maintained and fully-furnished areas for their workers. The labour lodging room is completely air-conditioned and includes a variety of leisure services as well as other services to meet the staff's various needs.
Documents Required for Company formation in Sharjah Airport International Free Zone
Finishing the business installation process in SAIF Zone is not a time-consuming method since UAE free zones are renowned for their simple and fast integration procedures. Investors must understand the paperwork processes as mistakes in correctly filing the proposal or incomplete valid records can cause the process of business formation in the SAIF Zone to be delayed. Getting technical support from well-known Sharjah company setup experts is strongly advised to complete the reporting process without undue delays. The documentation needed for business registration in SAIF Zone are listed below.
1. Application form duly filled and enclosed
2. Project Synopsis
3. Passport copies of owners/managers
4. Certificate of incorporation/registration (for branches)
5. Memorandum and Article of Association (for the foreign branch)
6. Board resolution to open a branch in the SAIF Zone
7. Power of Attorney appointing the person(s) in charge
The Certificate of incorporation, MOA, Board Resolution, and the POA must be notarized and substantiated by the Ministry of Foreign Affairs and by the UAE Embassy in the countries of origin. Both attested records must also be attested again by the UAE Ministry of Foreign Affairs. SIAF Zone reserves the right to submit relevant documentation if necessary, and by partnering with the top business setup consultancy in Sharjah, investors are relieved of the paperwork burden.
Audit Requirement in Sharjah Airport International Free Zone
Businesses in the SAIF Region must have their accounting records audited and sent to the free zone authority within 90 days of the conclusion of the fiscal year. The audit report, along with the audited financial reports, must be reported to the SAIF Zone Authority. Noncompliance with the required audit provision could result in disciplinary action, involving the non-renewal of a trade license.
VAT Obligation in Designated Free Zones
According to the UAE Federal Tax Authority, SAIF Zone is a declared free zone for the intent of Value Added Tax (VAT). A designated zone is a fenced-in geographic location with security protocols and customs controls to track individual entries and exits as well as the flow of merchandise into and out of the zone. Commodities transported between assigned zones are exempt from VAT. Products sold by an agency in the specified territory to organizations in the designated zone, on the other hand, are liable to 5% VAT. Services rendered by an agency to other organizations within or outside the assigned region are subject to a 5% VAT.
FAQs : SAIF Zone
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