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How To Apply For SHAMS License Renewal In Sharjah?

Shams business license renewal

Sharjah Media City free zone, also known as SHAMS, is one of the fastest-growing free zones in the UAE. The Free Zone launched in 2017, and now it has become a hub for entrepreneurs in the creative field. To run a business in this Free Zone, you need to stay compliant with licensing regulations, especially renewing your business license on time is important to avoid unnecessary complications. 

This article covers the SHAMS license renewal process, including its importance, requirements, step-by-step application process, associated costs, and benefits. In the end, we explain how Now Consultant can help you renew your SHAMS business license without any risk of fines.

Why Is It Important To Renew Your License in SHAMS?

The following are the points that highlight the importance of renewing your license in the SHAMS Free Zone:

Avoid Penalties

An expired SHAMS business license can lead to fines, penalties, or even suspension of your business operations. Therefore, it is important to renew your trade license on time to ensure smooth operations and legal compliance.

Access to Free Zone Benefits

Renewing your license is important as it gives your business continued access to tax exemptions and SHAMS Free Zone benefits. It also enables your business to grab new opportunities in the Free Zone.

Builds Trust

A valid business license shows compliance of your business with local laws and regulations. Therefore, it has great significance in building trust among clients, investors, and stakeholders.

Requirements For SHAMS License Renewal

Businesses need to fulfill the following requirements to renew their trade license in the SHAMS Free Zone:

  1. A copy of your existing business license.
  2. Completed renewal application as required by SHAMS authorities.
  3. Updated lease or tenancy agreement for your office within SHAMS.
  4. Audited financial statements, if applicable.
  5. Additional documents may be required depending on your business type, such as shareholder agreements or proof of operations.

You need to make sure that all the documents are up-to-date and accurate to avoid delays in the renewal process.

Step-by-Step Process for SHAMS Business License Renewal

The following is the step-by-step process for filing a successful application for renewing your business license in the SHAMS Free Zone:

Step 1: Review Your License Details

In the first step, you need to review your license details by carefully evaluating all the information on your current trade license. In this step, you need to confirm that your business activities, ownership details, and contact information are accurate on your business license.

Step 2: Settle Outstanding Payments

In the second step, you have to clear any pending dues with the SHAMS Free Zone authority. This includes rental payments, administrative fees, and any fines. You need to pay all outstanding payments in advance, preventing unnecessary delays in the renewal process.

Step 3: Prepare Documents

In the third step, you need to prepare all the required documents, which are compulsory for filing the application for renewing your license in the SHAMS Free Zone. The required documents are mentioned above.

Step 4: Submit the Renewal Application

In the fourth step, you have to submit the renewal license application. For that purpose, you need to fill out the renewal form online through the SHAMS Free Zone portal. You need to verify all the provided information to avoid errors that may lead to rejection or delays.

It is recommended to consult with Now Consultant experts for accurately filing the application on your behalf.

Step 5: Review Application

In the fifth step, the SHAMS Free Zone authority will review the application and verify compliance with the authorities’ regulations. This review process is important to ensure your business meets the necessary legal requirements.

Step 6: Pay License Renewal Fees

In the sixth step, you need to pay license renewal fees as specified by SHAMS Free Zone. The fees for the renewal of your license are estimated based on your business structure. To calculate the exact amount for this application, you need to consult with experts at Now Consultant. 

Step 7: Receive Your Renewed License

In the final step, you will receive your renewed business license after successfully approving your license application and payment. This allows your business to continue operating legally for the next year.

By following the above steps, you can easily get your new SHAMS business license in compliance with the SHAMS authority’s regulations.

License Renewal Cost in SHAMS Free Zone

The cost of renewing your SHAMS business license depends on several factors, such as the size of your business, the nature of the activities, the specific category of your business license, and the visa package associated with your business.

The license renewal fee in the SHAMS Free Zone ranges from AED 9,000 to AED 20,000 or more. This includes the license fee, along with additional charges of office space, visas, and other service costs, such as specific approvals costs (if needed). 

It is important to confirm the cost of your renewed business license with SHAMS authorities or consult with our experts to get an exact estimate based on your business requirements.

Benefits of Timely License Renewal:

The following are the benefits of renewing your SHAMS business license:

Continue Business Activities

With a renewed and valid business license, you can continue your business activities in the SHAMS Free Zone. If you fail to renew your business license on time, it may lead to temporary suspension of your business activities.

Improve Business Stability

By renewing your license on time, your business complies with the requirements proposed by the SHAMS Free Zone authorities. In this way, a valid business license can improve business stability.

Access to Banking Services

Most of the banks in the UAE require an active business license to maintain corporate accounts and financial transactions. An expired license may lead to account restrictions or difficulties in obtaining loans. Therefore, renewing your business license on time gives you access to uninterrupted banking and financial operations

Expand Business

With an active business license, you have opportunities to attract investors and potential customers. With this valid license, you can sign contracts, either private or public, and expand your business without any hurdles.

How Can We Help You?

It may be challenging to renew your SHAMS business license, especially when dealing with paperwork, payments, and legal requirements. A small mistake can lead to heavy fines or business suspension. For your convenience, our experts at Now Consultant can help you to apply for renewing your business license in compliance with the SHAMS regulatory requirements.

Our business setup experts handles everything, from preparing documents to submitting your application without errors. We make sure you stay compliant throughout the process, avoiding any risk of fines and suspension of your business license.

FAQs:

What Happens If I Don’t Renew My License on Time in SHAMS?

If you fail to renew your license on time in SHAMS, it can result in penalties, fines, or the suspension of your business activities. The fine after the first month of invalidity of your business license is 1,100 AED, increasing by AED 100 in each following month.

Is It Possible to Renew the SHAMS Business License Online?

Yes, SHAMS Free Zone Portal offers an online platform where business owners and stakeholders can submit their renewal applications, pay fees, and track their renewal status.

Can I also Upgrade My License During Renewal?

Yes, it is possible to upgrade your business license during the shams license renewal process if you want to expand or change your business activities. This can be done by providing additional documentation and paying any associated fees.

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