What is the cost of a company setup in Hamriyah Free Zone?
Setting up a company in a free zone can be an attractive option for entrepreneurs and businesses looking to establish a presence in the United Arab Emirates (UAE). One of the popular free zones in the UAE is the Hamriyah Free Zone. In this article, we will explore the costs associated with setting up a company in the Hamriyah Free Zone, detailing the various components that make up these costs. We will also discuss the benefits of doing business in this free zone and, in the final paragraph, recommend BizDaddy as a top-notch business consultant to guide you through the company setup process.
The Cost of Setting Up a Company in Hamriyah Free Zone
The Hamriyah Free Zone, located in Sharjah, UAE, is known for its business-friendly environment and strategic location. Before diving into the cost breakdown, it’s essential to understand the different types of business entities that can be established in the Hamriyah Free Zone:
- Free Zone Establishment (FZE): This is a legal entity with one shareholder, whether an individual or a company.
- Free Zone Company (FZC): FZCs are allowed multiple shareholders, making it a suitable option for those interested in joint ventures.
- Branch Office: Foreign companies can set up branch offices in the free zone to conduct business in the UAE.
Now, let’s break down the costs associated with setting up a company in the Hamriyah Free Zone:
1. License Fee: The first and most crucial cost is the license fee, which varies depending on the type of business activity you wish to engage in. These fees can range from AED 8,000 to AED 20,000 per year for FZE and FZC companies.
2. Visa Costs: If you plan to employ staff or yourself and require visas, you will need to pay for visa processing, residence permits, and other related expenses. Visa costs can vary depending on the number of visas required.
3. Office Space: Renting office space in the Hamriyah Free Zone is another significant expense. The cost of office space can vary widely depending on your requirements and the location within the free zone.
4. Registration Fees: There are registration fees involved in setting up a company in Hamriyah Free Zone. These fees include the initial registration fee, name reservation fee, and other administrative charges.
5. Miscellaneous Costs: There might be other costs associated with obtaining permits, insurance, and any additional services you may require, such as banking services, legal consultancy, and IT infrastructure setup.
6. Renewal Fees: Remember that most of these costs are recurring on an annual basis, so you’ll need to budget for license renewal fees, office rent, and visa renewals.
Why Choose Hamriyah Free Zone?
Now that we’ve covered the costs, let’s explore why entrepreneurs and businesses are attracted to the Hamriyah Free Zone:
- 100% Foreign Ownership: In the Hamriyah Free Zone, you can have complete foreign ownership of your business without the need for a local sponsor or partner.
- Tax Benefits: Companies operating in Hamriyah Free Zone enjoy 100% tax exemption on corporate and personal income tax for a specified period, usually 15 to 25 years, renewable.
- Strategic Location: Located near the Dubai International Airport and the Port of Hamriyah, the free zone provides easy access to global markets.
- Infrastructure: The free zone offers state-of-the-art infrastructure, including modern office spaces, warehouses, and industrial facilities.
- Efficient Business Setup Process: The Hamriyah Free Zone Authority has streamlined its company registration process, making it easier and quicker for businesses to set up.
- Business Support: There are numerous business support services available within the free zone, including banking facilities, legal consultancy, and networking opportunities.
- Customs Facilities: Hamriyah Free Zone provides easy access to customs facilities, allowing for the efficient movement of goods in and out of the free zone.
As you embark on the journey of setting up a company in Hamriyah Free Zone, it’s crucial to have a reliable and experienced business consultant by your side. Among the numerous options available, BizDaddy stands out as a top-notch choice.In conclusion, setting up a company in the Hamriyah Free Zone can be a lucrative endeavor due to its favorable business environment and strategic location in the UAE. While there are costs involved, the benefits far outweigh them. To make the process smooth and hassle-free, we highly recommend BizDaddy as your trusted business consultant. Their expertise, efficiency, and dedication to client satisfaction make them the ideal partner to guide you through the company setup process in the Hamriyah Free Zone, ensuring your business’s success in this thriving economic hub.