HomeCatalogInsurance

Article: 2724

Company setupInsurance

Sharjah Media City logo
JurisdictionSharjah Media City
Service
Short description

This company can engage in underwriting various types of insurance policies. It includes underwriting annuities, life insurance policies, disability income insurance policies, and accidental death and dismemberment insurance policies, with or without a substantial savings element. The activity can also include providing insurance services other than life insurance, such as accident and fire insurance, health insurance, travel insurance, property insurance, motor, marine, aviation and transport insurance, and pecuniary loss and liability insurance.

About the company's activities

Types of activities

For setup of this company in Shams, the following business activities group has been chosen:

  • Insurance (group 651):
    • 6511.01 - Underwriting annuities and life insurance policies, disability income insurance policies, and accidental death and dismemberment insurance policies (with or without a substantial savings element);
    • 6512.01 - Provision of insurance services other than life insurance: 
      • Accident and fire insurance;
      • Health insurance;
      • Travel insurance;
      • Property insurance;
      • Motor, marine, aviation and transport insurance;
      • Pecuniary loss and liability insurance.

In addition to this group, the company can choose from two to four activity classes depending on the chosen package within one license without additional fees.

Additional External Regulator Approvals

No additional approval is required in order to complete the registration process of the company conducting this group of business activities.

Share Capital Requirements

The minimum share capital requirement for Shams companies is AED 100,000, its contribution is optional.

Company name requirments
  • May contain the name of a shareholder
  • Must not violate the country laws or contain words that are obscene, indecent or generally offensive
  • Must not contain the names of Allah, Buddha or God, or any other religious terminology
  • Must not infringe any third party's intellectual property rights
  • Must not be identical or similar to local/global brands or registered trademarks
  • Must not contain geographical names, such as the names of emirates, cities, countries and other landmarks
  • Must not contain the names of local/international religious, political or governmental organizations
  • Must not be identical to an existing social media name (applicable to media companies)
  • Must not contain words, such as "Park", "Venue", "Organization", "Bank", "Foundation" and others
  • May contain the words "University", "Academy", "School", "Institute", "College", subject to appropriate permission from regulatory authorities
  • Must correspond to the company’s business activities
Bank Account

Entrepreneurs can open corporate accounts in traditional banks with physical branches, as well as in digital banks and payment systems.

When choosing a bank to open a corporate account, consider the following: service level, fees, available currencies, online banking performance, bank reputation, as well as other conditions that may be important for your business.

Successfully opening a corporate bank account requires a well-prepared documentation package, which may vary depending on the specific requirements of each bank. Documents submitted incorrectly or incompletely may negatively affect the bank's final decision in processing the application.

About Jurisdiction

Name and Description
  • Title: Sharjah Media City
  • Description:

    Shams (Sharjah Media City) is a free economic zone (free zone) established in 2017 in the Emirate of Sharjah, UAE. Despite its name, Shams is not limited to the media industry but offers a wide range of opportunities for companies in sectors such as trade, professional services, IT, education, and e-commerce. The free zone ensures equal opportunities for entrepreneurs at all levels—ranging from individual freelancers and startups to large corporations—by providing tailored solutions for efficient business operations.

    The free zone boasts modern infrastructure, including coworking spaces and professionally equipped podcast studios, offering entrepreneurs and creative professionals a comfortable environment for work and project execution. Businesses registered in Shams are permitted to operate both within the free zone and beyond the UAE.

    Shams issues the following types of business licenses:

    • Commercial (wholesale and retail trade)
    • Professional (provision of services)
    • Media

    With its strategic location and multifunctional infrastructure, Shams has established itself as a versatile business hub that attracts entrepreneurs and investors across various industries, supporting their growth and success in local and international markets.

Tax regime and income management

  • The UAE has several taxes and fees that regulate the financial activities of both legal entities and individuals. Below are the main ones.

    1. Value Added Tax (VAT)

      • Since January 1, 2018, the UAE has implemented a VAT rate of 5%, which applies to most goods and services and is charged to companies operating within the country, except for those registered in designated zones.

      • A Designated Zone is a territory within a free zone that is treated as outside the UAE for tax purposes, allowing goods to be exempt from taxation, provided certain criteria are met. The main taxation rules in Designated Zones are as follows:

        • The Designated Zones are listed in the Cabinet Decision to Federal Decree-Law No. (8) of 2017 on Value Added Tax (VAT).

        • Goods moved between or within Designated Zones are not subject to tax.

        • The export and import of goods between a Designated Zone and a foreign company are also not subject to tax.

      • For local companies and those registered in Non-Designated Zones (free zones not included in the Designated Zones list), the standard tax rules set forth in the Federal Decree-Law on VAT apply.

        • Companies with an annual turnover exceeding AED 375,000 are required to register with the Federal Tax Authority (FTA) as VAT taxpayers.

        • Companies with a turnover between AED 187,500 and AED 375,000 may register on a voluntary basis.

        • Companies can offset VAT paid on purchases of goods and services (input VAT) against the VAT they collect on sales (output VAT), shifting the tax burden to the final consumer.

        • Some goods and services may be exempt from VAT or taxed at a 0% rate, such as international transportation, educational, and medical services.

    2. Corporate Tax

      • As of June 1, 2023, the UAE has introduced a corporate tax at a rate of 9%, levied on the taxable net profit of companies with income exceeding AED 375,000.

      • A 0% rate is applied to taxable income not exceeding AED 375,000.

      • Charitable, non-profit organizations and medical institutions are fully exempt from corporate tax.

    3. Excise Tax

      • Since October 1, 2017, the UAE has introduced an excise tax aimed at reducing the consumption of harmful products and funding healthcare initiatives. The tax applies to alcohol, tobacco products, and beverages containing added sugar, including energy drinks and carbonated beverages.Excise tax rates vary depending on the product category:

        • 50% on carbonated drinks (excluding mineral water)

        • 100% on tobacco products

        • 100% on energy drinks

        • 100% on electronic smoking devices and liquids used for them

        • 50% on products containing added sugar or sweeteners.

      • Companies dealing with excise goods must register with the Federal Tax Authority (FTA), submit monthly declarations, and maintain records. Excise tax is paid upon the import, production, or release of goods for consumption in the UAE.

    4. Customs Duties

      • Custom duties in the UAE are applied to most imported goods at a standard rate of 5% of the cost, insurance, and freight (CIF). Exceptions include certain categories of goods, such as medicines and food products, which may be exempt from duties or subject to a reduced rate.

      • Goods imported into UAE free zones are generally not subject to customs duties as long as they remain within these zones. However, when such goods are transferred to the UAE mainland, standard duties apply.

    5. Personal Income Tax

      • In the UAE, personal income is not subject to taxation.

      • UAE citizens and residents are exempt from paying taxes on their personal income, including salaries, interest, dividends, inheritances, gifts, luxury goods, and capital gains.

    6. Local Taxes and Fees

      • Individual emirates may impose specific local taxes and fees in line with their economic and social needs. These taxes and fees are aimed at supporting public services and implementing infrastructure projects.

    Information verified with the provider on

    Download the company formation guide

    • Step-by-step action plan
    • Document checklist
    • Direct submission of documents to Shams
    • You pay only the government fee separately
    ......

    Tariffs

    Guide

    Self-service company registration with no extra fees
    • Step-by-step guide
    • Direct document submission
    • Submitting documents directly
    • Government fees are paid separately
    Show more

    Сhat Support

    Recommended
    Assistance with document review and submission
    • Dedicated manager in chat
    • Step-by-step guide
    • Full document review
    • Support until license issuance
    • Government fees are paid separately
    Show less

    Expert

    An UPPERSETUP expert manages the entire process
    • Dedicated expert
    • Choosing the jurisdiction for you
    • Document submission and full process control
    • Government fees included
    Show more

    Payment after consultation

    Feedback from our clients

    UPPERSETUP Logo

    Online platform for business registration in the UAE

    Phone:

    +971 52 184 1181

    E-mail:

    support@uppersetup.com
    Become a partnerNewsBlogAbout usContacts
    © 2026 UPPERSETUP Technology Ltd. All content on this site is protected by copyright
    Terms of serviceTerms of usePrivacy Policy
    Send WhatsApp message