Twenty minutes from Sharjah, south of the straits of Hormuz lies the Hamriyah Free Zone (HFZ). A land of opportunity.
Labeled as one of the fastest-growing free zones in the Emirate, the Hamriyah Freezone currently has over 6000 companies registered. As for stats, HFZ recently attracted 9 international businesses from India, the US, African countries, and other parts of the world. An investment of AED 271 million – roughly $73.79 million was invested in the Hamriyah freezone.
Its strategic location makes it an ideal place for investment and business. Anyone looking to set up a business in the Hamriyah Freezone must first consider opening a bank account. The Emirates Development Bank (EDB) and First Abu Dhabi Bank (FAB) facilitate opening bank accounts in the Freezone.
If you’re looking to establish a presence in the United Arab Emirates, Hamriyah Free Zone is a great place to start. This guide will provide an overview of what you need to do to set up a company in the HFZF.
We’ll cover everything from licensing and registration requirements to setting up bank accounts and getting your business online. So if you’re ready to take the plunge into the exciting world of UAE business, keep reading!
Setting up a business at the Hamriyah Free Zone comes with a range of benefits. But how does one get started?
Lots of prospective investors have asked this question. The answer is simple – it’s quite convenient to set up a business in the Hamriyah. Let’s look at what you would need to get started:
First and foremost, think about the types of businesses that can be registered in the Hamriyah Free Zone.
In the Hamriyah Freezone (HFZ), foreign entrepreneurs can create free zone establishments (FZE) and free zone companies (FZC). In this free zone, foreign enterprises are permitted to open branch offices. The following are the primary distinctions between the two categories of businesses that can be founded in the Hamriyah Freezone:
At least two managers or directors, as well as a secretary, are required in both types of businesses. A minimum of one director and one secretary must also be UAE residents. The HFZA, on the other hand, allows one of the directors to serve as the company’s secretary in the Hamriyah Free Zone.
The following documents must be filed with the HFZA by foreign investors or corporations beginning businesses in Hamriyah:
Companies incorporated in the Hamriyah can apply for one of the following business licenses:
The costs of setting up a company in the Hamriyah vary. As discussed, each license will provide you with different privileges.
The company registration process starts at 11000 AED. While we illustrate this in the table below, this price can only get you a single visa. As an individual business owner, this may be sufficient, but if you’re a corporate entity, then you would need to invest in other packages.
Regardless, with the registration, you also need a PO Box which goes at about 1000 AED per year.
For warehouses, the prices start at 85000 AED per 300 sq. meters. Installments for warehouses are accepted.
Consult the table below for the cost of different licenses in Hamriyah Free Zone:
|Type of license||Cost in AED|
|7 visas package||35,000|
|1 visa package||11,000|
|Warehouse 307 sq meters||85,000|
|Office 15 sq meters||17,000|
The Hamriyah has three different licenses available for prospective business owners. The following is a list of business licenses and what trading allowances they provide:
Hamriyah Free Zone issues licenses for almost all service, commercial trading, industrial, and manufacturing businesses. Hamriyah allows any industrial activity as long as it is ecologically friendly and follows local norms.
Full ownership of your company. Visa and banking services. No corporate or income taxes. These just touch the surface of the benefits you can gain from a company set up in the Hamriyah Freezone.
The location carries three distinct categories of advantages:
There is no denying that the Hamriyah is built for profits on both the ends of the Emirati govt. and the various businesses operating there.
The strategic location of the zone, with its access to Emirates Road and Sheikh Zayed Road, allows for fast movement and accelerated business activities.
As of this writing, the HFZ covers the following industries:
There are several free economic zones operating in countries all over the world. So what makes Hamriyah any different from them? The deepwater/warm water port, the location, and the financial stability of the country it’s in are three prime reasons for investing at Hamriyah.
The end goal of the Emirati government is to utilize Hamriyah and turn it into the next Dubai.
So, if you’re looking to invest and set up a company in the Hamriyah Free Zone, then it’s a good option.