Business setup is always a matter of concern for entrepreneurs from around the world. It basically holds many different processes and steps that involve time and money. Due to this setting up and running the business demands a sharp and active personality. You have to file different documents in different offices and you even have to fill up certain forms as well. All this is quite hectic as it seems. Success does not come while lying on the bed of roses but you have to move certain miles to reach the goals. Registering a business in a free zone in the UAE is a new and unique concept. We will talk later about the process to register business in the SRTIP Free Zone but first of all we need to know what is a free zone or a free trade zone.
What is a Free Zone?
A free zone is a designated area in a country which is governed by a specific competent authority. These areas are usually tax free, offer 100 % business ownership, simplified regulations and custom duty exemptions. Many Middle Eastern countries offer these options and it helps a lot to the business owners. Particularly, the UAE is the premier nation to establish such zones. Any business in the Free Trade Zone in the UAE enjoys enormous benefits of owning the company.
Benefits of Registering business in Free Zone
Registering a business in the free zone opens a world of possibilities and expansion for the business. It provides the option to legally own the company, open a bank account, access the government services with ease, 100 % ownership of the company and much more. Most of the free zones are open for multiple types of businesses but activities are limited as compared to the mainland companies. Major free zones in the UAE are IFZA free zone, Shams Free Zone, SRTIP Free Zone, Dubai Airport Free Zone and Ajman Free Zone. The SRTIP is unique because it exists for research, technology and innovation.
Who Owns SRTIP?
The government of Sharjah owns the SRTIP. The real name of SRTIP is Sharjah Research, Technology and Innovation Park. It is one of the newest free zones of the country and promotes technology and innovation. The location of SRTIP Free Zone makes it the best location to invest in because it is opposite the Sharjah International Airport. This is the reason that many entrepreneurs prefer to invest here. The other option that makes it the ideal for businesses is that it offers seamless registration services. It is also a tax free place in Sharjah thus you can enjoy the risk free investment opportunity.
Steps of Registering Business in SRTIP
The emirate of Sharjah is one of the largest emirates of the UAE. It is the only emirate that borders all the other six emirates of the country. Therefore, people prefer to invest here and make it their home because from here all the other emirates are of equal duration and distance. There are a few steps that you need to follow to register the business in SRTIP free zone. SRTI Park is an affordable option to register the business in an innovative and research friendly technology enabled environment. The steps are as follows:
Choose Your Business Activity
What business activity you want to lead from here. There are around 1500+ sectors that you can choose from. Choose the business from the available slots on the basis of the type and the niche you do have experience of or the interest in.
Trade Name Registration
Choose the name that will represent your business. The name must be unique and the authorities will register the business. You can register any name but it only needs to be unique.
Documents Submission
After the above processes you need to prepare the documents for the registration process. The documents include the passport copy, application form, white background photographs, and other documents required by the authority. After the preparation, submit these documents to the SRTIP free zone authority for approval.
Obtain Your Business License
As the previous steps are done now you can expect the business license. You can get the business license within 4-5 business days. This makes your business registered in the UAE.
Obtain the VISA to Enter UAE
The UAE business license provides the opportunity to apply for the visa to reside in the country. You can get a two year visa and run the business. This visa is extendable.
Open the Bank Account
You need to open up a bank account for all the business transactions. This enables you to send and accept the payments from anywhere.
The Matter of the Fact
The SRTIP company setup helps you a lot and provides the best opportunity to expand vertically. It makes it convenient for all to register in the selected niches mainly digitalization, water management, environmental technology, smart manufacturing, transport and logistics, and renewable energy. It is due the fact that the Sharjah government believes in making the world a safer place through innovation and technology.