Investor's guide to the Sharjah International Financial Cent

Investor's guide to the Sharjah International Financial Cent

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Investment in the SIFC will bring benefits to the Sharjah community. To the end-users of this new technology,

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Investment in the SIFC will bring benefits to the Sharjah community. To the end-users of this new technology, the SIFC will be a source of investment, employment and education opportunities and to the real estate and commercial sector.

What Is The Role Of The Sifc?

The SIFC was created as an entity to attract private and foreign investments in Sharjah and to improve its international position as a service and business hub in the United Arab Emirates.

 

     The Sifc Plans To Become One Of The Leading Financial And Business Centres

In The Region And To Generate Investment And Employment Opportunities.

SIFC is also expected to enhance the position of the UAE in the field of real estate and tourism development.

It is expected that the SIFC will function as an efficient and attractive centre for foreign investment, which would bring benefits to the private sector and the country as a whole. The economic and business opportunities that the SIFC will provide, will in turn stimulate Sharjah’s real estate and tourism sector.

Sharjah International Financial Centre

Is a free zone and a business district which has been specially designed to provide an environment where investors can base their businesses.

The SIFC is governed by special laws, to which foreign investors are entitled, which have special tax concessions and are subject to

     No Restrictions Regarding Liquefied Petroleum Gas (Lpg)

     Land And Building Purchases

     Trade And Industry

     Import And Export

     Personal Services

In fact, the SIFC does not have a land and building tax and instead levies no import/export taxes on imports and exports from other countries.

The Sharjah International Financial Centre is also a member of the Dubai International Financial Centre, the Emirates Network for Financial Services, the United Arab Emirates’ Investment Fund and the.United Nations’ Network of Depository Receipt Funds.

The Sifc Is Situated In The Heart Of Sharjah, The Third Largest City In The Uae.

Sharjah International Financial Centre is the commercial and business centre of Sharjah. The City is ranked third in the UAE for real estate transaction volume, after Dubai and Abu Dhabi.The city's real estate is well developed and its business activities are being transformed with Sharjah International Financial Centre.

The centre has been designed to provide a unique setting in the UAE,especially for the real estate industry.

The centre includes five distinct areas that have a modern mix of office space, leisure and

shopping facilities, residential and business plots.

What Are The Objectives Of The Sifc?

The SIFC will serve as a major business and service centre for the region, and will contribute to the promotion of international trade and business.

     The Sifc Will Become One Of The Leaders In The Middle East Region, In Terms Of Financial Services,Real Estate, Trade And Industry, And Will Be Able To Attract International Financial Investors.

To achieve these objectives, the SIFC will promote real estate investment, trade and business. The SIFC plans to develop its own services to enhance the level of professionalism and the international presence of the region. The SIFC will also be able to attract trade and investment in the UAE.

The Sharjah International Financial Centre’s Objective

To provide financial services to the private sector, to develop the industries that provide support services to the SIFC, to develop residential, business and retail facilities in the SIFC, and to promote investment and trade in Sharjah and the UAE.

The plan for the SIFC is to become a leading financial and business centre for the region and the Middle East.

The SIFC aims to attract international investors and is planning to become one of the leading financial centres in the region and the Middle East.

How Has The Sifc Been Established

SIFC was set up as an independent economic zone, as well as an entity through which to develop the Sharjah community.

     It Was Established On 31 December 1995 And Officially Declared Open On 1 January 1997.

The SIFC is the largest free zone in the Gulf, with an area of 16 km2 (6 sq mi). The SIFC’s location is in Sharjah, which has a population of more than 1.5 million people and is the business centre of Sharjah.

In 1997, the city of Sharjah signed an agreement with the federal government to set up an economic zone in the city, with a designated area of 3,400 hectares (8,700 acres). The economic zone comprises the SIFC, and the Khalifa Industrial Zone (KIZ), which is situated some two kilometres away.

     The Sharjah Government Allocated A Total Area Of 11,500 Hectares (29,100 Acres) For The New Sifc.

The initial plan is for Sharjah to be the home of up to 25,000 people who work in the centre. These people will work in the SIFC or in neighbouring economic zones, including KIZ.

The Sharjah Government Is Developing The Economic Zone

Through a special law which entitles it to grant special rights to investors. These rights are based on an agreement between Sharjah and the Federal Government. A special law was prepared under the supervision of a special legal committee, and was approved by Sharjah's cabinet.

     The Laws, Based On Sharjah's Special Economic Zone Law, Which Was In Operation Before The Sifc Was Created, Were Reviewed And Amended.

To promote the development of the SIFC, the Sharjah government has given the centre many incentives and privileges.

The Centre Provides Special And Preferential Tax Benefits For Investors.

These benefits are based on a memorandum of understanding that was signed in January 1995 between Sharjah and the Ministry of Economy and Planning of the United Arab Emirates.

This agreement was approved by the Cabinet of Sharjah, in compliance with the Sharjah Economic Development and Free Zone law.

A Special Law Is Being Considered, Based On Sharjah’s Special Economic Zone

Law, which will give tax exemptions to investors in Sharjah’s new free zone. The proposed law was drafted under the supervision of a legal committee and was approved by Sharjah's cabinet.Investors who come into the SIFC will be exempted from paying the land and building tax.

     Which In The Rest Of The Country Is Charged At 25%.Investors In The Sharjah Free Zone Are Exempt From Paying Taxes For A Period Of 10 Years.

Land and building taxes can be avoided if the value of investments are more than Dh1 billion.

Investors Can Rent Their Land For A Period Of Five Years.

Investors who buy land and buildings within the free zone will have their construction costs exempted from taxation.

     These Special Tax Benefits Are Granted To Investors For A Period Of 10 Years.

Land and building taxes can be avoided if the value of investments is more than Dh1 billion.

Investors who come into the SIFC will also have their construction costs exempted from taxation.

When an investor sets up a business in the SIFC he is granted a number of permits and licences which he needs to obtain before he commences construction. The SIFC also issues a permit to import or export goods.

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