- July 18, 2020
- Posted by: Dhivya Krishna
- Category: audit
The Hamriyah Free Zone Authority (HFZA), located in Sharjah, was established on 12th November 1995. Sharjah is the third largest emirate of the UAE and is the cultural capital of the same. One of the advantages of the Hamriyah free zone is its strategic geographic location. The Hfza is at the intersection of three major continents, allowing you to reach the growing market of more than 1.5 billion people.
The Hfza is home to more than 6700 businesses and industries and spread across 26 million sq.km.
The Hamriyah free zone is one of the several free zones in the UAE. What makes it unique is its strategic location and its vast area. The Hamriyah free zone provides direct access to the major roadways, airways, and seaways transport, making it easy for manufacturers to import and export goods. The Hamriyah Free Zone Authority offers a 100% tax exemption and 0% currency restriction. The Hfza is ideal for setting up any type of manufacturing industry because of its geographic location.
Industries of Hfza:
The Hamriyah free zone is the most preferred free zone for several industries because of its strategic location. Some of the business activities carried out in the Hfza are listed below:
The Hfza provides direct access to major highways and ports. The free zone also covers a vast area and has many pre-built and furnished warehouses to support the manufacture, storage, and distribution of construction materials.
The Hfza is also home to many food processing and industries. The free zone offers tax exemption and many other privileges for food processing industries making HFZA an ideal choice for setting up one.
The UAE is the seventh-largest consumer of cosmetics, perfumes, and similar products. Therefore, setting up such an industry in Hzfa would naturally be extremely profitable.
The Hamriyah free zone is the ideal location for setting up a textile industry as it provides direct access to the three major continents. The textile industries in Hfza are exempt from paying import and export taxes and other taxes.
The Hfza also supports SMEs in the spirit of encouraging entrepreneurship. As an SME in the Hfza, you can get many privileges, including exemption from taxes.
The Hfza free zone allows access to the Hamriyah port and seaway transportation. Therefore, marine industries indulging in activities like shipbuilding, repair, construction, and off-shore fabrication have an opportunity to flourish.
Oil, gas, and petrochemical industries.
UAE is one of the largest producers of oil, gas, and petrochemicals. So, by setting up an industry in Hfza, which is the second-largest petrochemical hub in UAE, you can get several benefits, including direct access to several Asian countries.
The Hfza is a green free zone. Therefore it always encourages industries that manufacture sustainable products and indulge in recycling activities.
You can also set up consultancy service providers like IT consultancy, health and fitness consultancy, etc…. You can also set up approved audit firms in Hfza.
Setting up a business in HFZA:
You can set up a business or an industry in Hamriyah Free Zone Authority in these simple steps using the portal of HFZA online.
Step:1 Choosing the type of establishment you wish to set up.
- You can either register your company as a Free zone Establishment or as a Free zone company.
- Both these companies require a minimum investment of AED 150,000.
- A Free zone establishment is a single shareholder LLC, whereas a free zone company can have up to five shareholders.
- You can also open a branch of any international company in Hfza.
Step:2 Choosing the license type.
You can get any one of these three business licenses:
- Service license
- Commercial or trading license
- Industrial license
Step:3 Submitting your application.
You can apply to register under Hfza online. All you need to do is verify your documents with the help of Approved Auditors HFZA and upload them to the portal for verification.
Step:4 Getting your HFZA visa
It is mandatory to possess a Hfza visa to run a business in the Hamriyah free zone. You can apply for one using the HFZA visa portal.
The documents you will have to submit along with your application form for HFZA registration are listed below:
- Passport copies of shareholders
- Hfza visa copies
- Copies of certificate of incorporation
- Copies of bank statements
- Copy of your business plan
- Copy of NOC
- Education qualification certificates
- Passport size photographs of shareholders
Advantages of the Hamriyah free zone:
Hamriyah is the most preferred free zone by global investors due to the following reasons:
- Its strategic location. The HFZA, located at Sharjah, provides direct links to three continents, namely – Asia, Europe, and Africa.
- The HFZA provides a 100% exemption from all import, export, and commercial taxes.
- Getting an HFZA visa using the Hfza visa portal and a business license for Hfza online is extremely easy.
- The Hamriyah Free Zone Authority provides 25-year leases for warehouses and office spaces. You can also extend the period by renewing after 25 years.
- The HFZA provides a 100% exemption from paying personal income tax and corporate profit tax.
- You can easily register yourself under the HFZA online.
- The HFZA offers world-class warehouses and furnished office spaces.
- The HFZA also permits flexible ownership rights.
KGRN is a renowned online legal service provider in the UAE. Our range of services includes registering your business in HFZA, procuring an HFZA visa, and providing legal assistance through our Approved Auditors HFZA.
Here are a few reasons why KGRN makes a perfect choice:
- Firstly, our services are always affordable. You can choose a suitable plan from the range of options available.
- Secondly, our team of employees is committed to bringing customer satisfaction.
- Thirdly, we value your time. We complete your job on time.
- Furthermore, all your private data is encrypted during transactions. Therefore, there is no chance of privacy breaches.
- Our team of experienced chartered accountants and lawyers also stay updated to prevent legal issues.
- Lastly, we will always respond to your emails and phone calls.
Frequently asked questions:
- How do I apply for a HFZA visa?
You can apply for a Hfza visa using the HFZA visa portal. All you need to do is download and fill the registration form and upload your HFZA license and registration form.
- How many days will it take to get my HFZA license?
It usually takes around 3-4 days to complete your registration process and get your license, provided you submitted all your documents accurately.
- How much does a HFZA license cost?
It depends on the type of license you need. The cost of the license is as follows:
- What are some of the facilities available in HFZA?
- World-class warehouses
- Pre-built and well-furnished offices
- Direct road, air, and sea links to three continents
- More than 26 million sq.km. vast area
For more info, please contact,
Gopu Rama Naidu, CPA FCA
Phone: +971 504 520648 | +971 455 70204