Five Options and Legal documents required for Registration of a Company in the Hamriyah Free Zone

Transcription

1 Five Options and Legal documents required for Registration of a Company in the Hamriyah Free Zone Option 1: Branch Company Basically, whether the branch is of a local company or of an international company, no capital is required to be deposited with the bank. The following documents should be provided. If Local Company 1. License or Certificate of Commercial Registration from the Economic Department. (Notarized copy) 2. Memorandum and Articles of Association of the company. (Notarized copy) 3. Board Resolution for opening a branch in Hamriyah Free Zone and to appoint the manager for the Free Zone operations (Notarized copy) with his passport copy and Power of Attorney. 4. Bank s reference letter regarding creditworthiness of the company (Original) If International Company 1. Certificate of Incorporation/Good standing (Notarized copy) 2. Memorandum and Articles of Association of the company (Notarized copy) 3. Board Resolution for opening a branch in Hamriyah Free Zone and to appoint the manager for the Free Zone operations (Notarized copy) with his passport copy and Power of Attorney 4. Bank s reference letter regarding No shared Capital required Registration Fee Nil

2 Option 2: Free Zone Establishment (Individual) 1. Free Zone Establishments (FZE) should abide by the FZE Implementing Rules and Regulations. FZE Implementing Rules and Regulations are equivalent to its Memorandum and Articles of Association where as FZC Implementing Rules and Regulations are equivalent to its Articles of Association. 2. FZE should submit its audited financial statements to Hamriyah Free Zone Authority every year within 3 months from the end of the financial year. 3. There should be at least 2 Directors and a Secretary for FZE 4. If a foreign national is to be appointed as a Director or Secretary, HFZA may require that such persons hold valid residence and work permit from the relevant authorities. 5. At least one of the Directors and the Secretary must be residents. 6. The offices of Director and Secretary may be held jointly by a single person. For individual Personal details of the Owner Bank s reference (Original) Letter of Appointment for the Manager with specimen signature (Notarized) along with his passport copy and Power of Attorney. 7. Upon signing the agreement for Facility Lease and Personal Secondments the Free Zone prepares the 8. On payment, the Free Zone issues the license and all other related documents. Minimum Share capital required AED 150,000/ Registration Fee AED 9,000/ (One time)

3 Option 3: Free Zone Establishment (Companies) 1. Free Zone Establishments (FZE) should abide by the FZE Implementing Rules and Regulations. FZE Implementing Rules and Regulations are equivalent to its Memorandum and Articles of Association where as FZC Implementing Rules and Regulations are equivalent to its Articles of Association. 2. FZE should submit its audited financial statements to Hamriyah Free Zone Authority every year within 3 months from the end of the financial year. 3. There should be at least 2 Directors and a Secretary for FZE 4. If a foreign national is to be appointed as a Director or Secretary, HFZA may require that such persons hold valid residence and work permit from the relevant authorities. 5. At least one of the Directors and the Secretary must be residents. 6. The offices of Director and Secretary may be held jointly by a single person. For Companies Certificate of Incorporation/Registration of the Company. (Notarized) Bank s reference letter regarding creditworthiness of the company. (Original) Letter of Appointment for the Manager with his specimen signature (Notarized) along with his passport copy and Power of Attorney. 7. Upon signing the agreement for Facility Lease and Personal Secondments the Free Zone prepares the 8. On payment, the Free Zone issues the license and all other related documents. Minimum Share capital required AED 150,000/ Registration Fee AED 9,000/ (One time)

4 Option 4: Free Zone Company (Individual) 1. Free Zone Company (FZCO) should abide by the FZCO Implementing Rules and Regulations. FZE Implementing Rules and Regulations are equivalent to its Memorandum and Articles of Association where as FZCO Implementing Rules and Regulations are equivalent to its Articles of Association. 2. FZCO should submit its audited financial statements to Hamriyah Free Zone Authority every year within 3 months from the end of the financial year. 3. There should be at least 2 Directors and a Secretary for FZCO's. 4. If a foreign national is to be appointed as a Director or Secretary, HFZA may require that such persons hold valid residence and work permit from the relevant authorities. 5. At least one of the Directors and the Secretary must be residents. 6. The offices of Director and Secretary may be held jointly by a single person. For individual Personal details of the Owner Bank s reference (Original) Letter of Appointment for the Manager with specimen signature (Notarized) along with his passport copy and Power of Attorney. 7. Upon signing the agreement for Facility Lease and Personal Secondments the Free Zone prepares the 8. On payment, the Free Zone issues the license and all other related documents. Minimum Share capital required AED 150,000/ with multiple shareholding (maximum 5 shareholders) Registration Fee AED 9,000/ (One time)

5 Option 5: Free Zone Company (Companies) 1. Free Zone Company (FZCO) should abide by the FZCO Implementing Rules and Regulations. FZE Implementing Rules and Regulations are equivalent to its Memorandum and Articles of Association where as FZCO Implementing Rules and Regulations are equivalent to its Articles of Association. 2. FZCO should submit its audited financial statements to Hamriyah Free Zone Authority every year within 3 months from the end of the financial year. 3. There should be at least 2 Directors and a Secretary for FZCO's. 4. If a foreign national is to be appointed as a Director or Secretary, HFZA may require that such persons hold valid residence and work permit from the relevant authorities. 5. At least one of the Directors and the Secretary must be residents. 6. The offices of Director and Secretary may be held jointly by a single person. For Companies Certificate of Incorporation/Registration of the Company. (Notarized) Bank s reference letter regarding creditworthiness of the company. (Original) Letter of Appointment for the Manager with his specimen signature (Notarized) along with his passport copy and Power of Attorney. 7. Upon signing the agreement for Facility Lease and Personal Secondments the Free Zone prepares the 8. On payment, the Free Zone issues the license and all other related documents. Minimum Share capital required AED 150,000/ with multiple shareholding (maximum 5 shareholders) Registration Fee AED 9,000/ (One time)

6 Additional Advantages Land lease for 25 years renewed for similar period. Availability of a 14 meter deep water port & a 7 meter deep inner harbor adjacent to it. Pre built warehouses and office units for lease Exquisitively designed and furnished Executive office suites. International Business Center with conferencing, internet and telecommunication facilities. On site accommodation for investor's personnel including recreation center and health club. Highly developed infrastructure, telecommunications links and an access to three sea ports on both coasts in addition to Sharjah International Airport. Abundant and inexpensive energy (Electricity: $ 0.05 per KWA, Water: $ 8.17 per 1000 gallons) Liberty for personnel recruitment and economical workforce. Affordable cost of living.

7 Frequently Asked Questions Services & Facilities 1. What benefits are offered to companies setting up in Hamriyah Free Zone? Hamriyah Free Zone is challenged to provide competitive incentives and unique opportunities to establish a business in a tax free environment, full company ownership, exemptions from all commercial levies and repatriation of capital and profits. 2. What are the facilities provided to companies wanting to set up in the free zone? The facilities are: * Access to 14 meter deep water port and 6 meter deep inner harbor * Land for lease for investor development * Pre built warehouses, factories and office units for lease * Executive office suites in the International Business Center for lease * On site accommodation for investors personnel 3. Are the facilities provided on buy or lease basis? The facilities are available on lease basis. 4. Is financial support provided by the free zone for the proposed projects? There is no financial support provided by the free zone. License 5. What are the types of license provided by the free zone? Hamriyah Free Zone provides 3 types of license: Industrial license, Commercial license and Service 6. Can I be a partner in more than one company? There are no restrictions on the number of businesses the investor can be involved in. 7. Is it possible to establish a branch office of my company in the city of Sharjah or other U.A.E. cities? With exception to FZE and FZC, there are no restrictions to establish a branch outside Hamriyah Free Zone. 8. Can I utilize my Hamriyah Free Zone License to operate from Sharjah or any other emirate? The License issued from Hamriyah Free Zone is valid for operation only inside the free zone territory. It cannot be used to set up a business in any of the other Emirates. Setting up 9. Which companies can be part of Hamriyah Free Zone? As a provider of an ideal business environment, service provider; traders and manufacturers will certainly find a place in the free zone. 10. What is the minimum capital required to establish a company in the free zone? If you are establishing a FZE or an FZC, the minimum capital requirement is AED 150,000/ or US $ 41,000, but there is no minimum capital required when setting up a branch of a foreign / local company. 11. Is a local partner required to invest in Hamriyah Free Zone? No, establishing a business in Hamriyah Free Zone gives you an exclusive proprietorship. 12. Is there any corporate or income tax applied to companies or to individuals? No, there is no corporate or income tax applied to companies or to individuals. 13. Will Hamriyah Free Zone assist in constructing my factory/ warehouse building? Hamriyah Free Zone will provide you on request with a list of registered consultants and contractors.

8 Customs General 14. What are the customs procedures of Sharjah? Kindly visit Sharjah Customs Department website: Are there restrictions on employment of the company s personnel? No, provided you adhere to the immigration procedures. 16. What is the maximum number of employees allowed? The number of employees depends on the nature and size of your proposed project. 17. How long is my residence visa valid? 3 years from the date of issue. 18. What are the restrictions on bringing my family? There are no restrictions provided that you follow the immigration procedure. 19. Can I convert my driving license? Yes, provided that your driving license is issued from one of the countries that the UAE recognizes their driving licenses. A local UAE Driving license can be issued against this upon completing certain formalities. 20. Can I reside in any of the U.A.E. Emirates while conducting business in Hamriyah Free Zone? You can reside in any of the emirates of the UAE, provided you have a valid residence visa. 21. Are there any restrictions on traveling outside the country? There are no restrictions provided that you do carry a valid visa. 22. Are there any restrictions to importing and exporting of goods? There are no restrictions on importing and exporting goods that are approved on your No duties are imposed on goods imported and/ or exported from within the Free Zone. 23. Can we sell our product in the local market (U.A.E.)? Yes. A local distributor and the payment of relevant customs duties are required. 24. Can I transfer my money outside the country freely? Yes since authorities do not impose restrictions on the movement of capital or profits.