Benefits of Company Formation in SPC Freezone
Do you know that Sharjah is the third-largest city after Abu Dhabi and Dubai in the United Arab Emirates? The Sharjah Airport International Free Zone was established in 1995 to encourage free trade and industry, and it is now the focal point of the Sharjah government’s dedication to free trade.
The world’s very first publishing and printing free zone – Sharjah publishing city (SPC) free zone. It offers the investors in the industry an opportunity to expand in the MENA region, improve accessibility worldwide and operate the company.
It doesn’t matter what business activity you are performing, Company Formation in SPC Freezone in UAE can fit all the requirements. However, if you want to know how beneficial it can be, then read this blog post. It includes the benefits of company formation in the SPC free zone. Continue reading!
Benefits of Company Formation in SPC Freezone
Generally, there are several advantages of company formation in SPC free zone. However, a few common benefits will let you know how it will stand out to gain in the long run if set up in a free zone.
1. 100% Surety of Foreign Ownership
The first and foremost benefit of starting a business in a free zone is the foreign ownership exemption. For example, there are various businesses in the United Arab Emirates that require a partnership between the entrepreneur and a local from the country. However, in the case of a free zone setup, this split is not applicable.
Usually, businesses here are allowed to have complete foreign ownership. It is great and best for entrepreneurs who want to retain most of the decision-making control when it comes to running operations smoothly. Moreover, it will not require any need for a local stakeholder or partner. So, one of the biggest benefits of Sharjah Publishing City Free Zone is their 100% of foreign ownership.
2. Tax Benefits – Import and Export Duty Exemptions
To increase the company’s financial strength and promote international trade within the country, importing and exporting related duties are spared for businesses set up in a free zone.
In addition, there are a huge number of tax benefits allocated to businesses in free zones. It will include 100% tax exclusion based on corporate and income-related taxes. So that can ease the financial burden of the company considerably. So, you can easily build a Business setup in SPC Free Zone without any kind of taxation.
3. Immigration and Availability of Staff
Another benefit is that free zone companies can easily conduct hiring-related tasks through free zone aid. In addition, its cost-effectiveness and easy-to-set-up process through which recruitment is done can aid companies in cutting down on unnecessary expenses.
Furthermore, it allows entrepreneurs to hire foreign nationals with facilities. In terms of immigration, free zones are connected directly to immigration facilities, and the process is expedited, saving time and resources.
4. Genuine Licensing
The most important aspect of starting a business in SPC Free Zone is having a license. It would be impossible to conduct operations legally or work within the country effectively without a license. To make licensing applications go as smoothly as possible, free zones provide a variety of services and incentives.
Basically, SPC free zone gives a ten years license option along with a big catalogue of over 1400 business activities to choose from. Also, they will provide the ability to combine activities from multiple sectors through the ability to have both mainland and free zone licenses.
5. Other Services and Opportunities
Last but not least, there are also several services and opportunities like:
- The absence of international currency regulation.
- Readily available work spaces or places.
- Lowest cost Free zone are the most convenient locations.
- Aid in a corporate bank account set up.
- Fastest and easiest legal facilities.
- Availability of a huge number of visas.
- No income or corporate taxation.
- Zero paid up for those who are just going to start their business in a free zone.
All Summed Up!
Therefore, the Sharjah Publishing City (SPC) Free Zone gives you several golden opportunities for those businesses who want to set up their business here. Our advisors at Blue Kryon Consulting can assist you in taking advantage of these opportunities. So, feel free to contact us! We are here to build your dream business without any difficulty.
