Is It Easy to Open a Bank Account in UAE With a SHAMS License From Sharjah?
How to Open a Bank Account in UAE with a Shams License from Sharjah
Sharjah Media City or SHAMS, is the best freezone to register a business in Sharjah. Setting up a business in SHAMS will allow the business combine different types of business activities on 1 license.
Shams Free Zone offers 3 types of business licenses: service license, industrial license, and trading license.
* Service license is for service based businesses such as consulting, training, and marketing.
* Industrial license allows businesses to produce goods, such as food, furniture, and clothing.
* Trading license is suitable for companies who are looking to sell goods, either within the free zone or to export them.
It is possible to mix business activities with a SHAMS license, that means there is no need to obtain to a separate licenses for a company wishing to offer both services and products for trade, as you would in other freezone in UAE.
An investor should note that by combining different types of activities on one license, banks will ask for increased requirements to open a bank account compare to if the business specialized in one type of activity.
The company formation process in SHAMS can be completed remotely and there is no need to visit the country.
Registering a company in Sharjah Media City allows an investor to apply for a 2 year UAE Residency Visa (renewable every 2 years) and subsequently open a bank account. It is mandatory to have a UAE Residency Visa and Emirates ID in order to open a bank account, even if you do not plan on the living in the country.
Benefits of registering a company in SHAMS:
- It is possible to apply for up to 6 visas before having to rent an office (most freezones allow up to 3)
- Able to combine trade and service activities on the same license
- No deposit is required to activate the license
- Liabilities of the business is restricted to the company and it’s assets