HomeCatalogRetail Sale of Food and Beverages in Specialized Stores

Article: 3688

Company setupRetail Sale of Food and Beverages in Specialized Stores

Sharjah Publishing City Free Zone logo
JurisdictionSharjah Publishing City Free Zone
Service
Short description

This company specializes in the retail sale of food and beverages in specialized stores, including food market products, such as fresh and preserved fruits and vegetables, dairy products, eggs, various meats and poultry, seafood, bakery goods, sugar confectionery, and other specialized food items, beverages, focusing primarily on non-alcoholic beverages and not intended for immediate consumption on the premises. The activity can also include retail of tobacco products, encompassing traditional tobacco products as well as electronic cigarettes and related accessories.

About the company's activities

Types of activities

The following group of business activity has been selected for the SPCFZ company setup: 

Retail sale of food and beverages in specialized stores (Group 472):

  • 4720.00 - Retail sale of food and beverages in specialized stores;
  • 4721.00 - Retail Sale of Food in Specialized Stores;
  • 4721.01 - Retail sale of any the following types of goods:
    • Fresh or preserved fruit and vegetables;
    • Dairy products and eggs;
    • Meat and meat products (including poultry);
    • Fish, other seafood and products thereof;
    • Bakery products;
    • Sugar confectionery;
    • Other food products.
  • 4721.02 - Honey & Apiary Accessories Trading;
  • 4722 - Retail Sale of Beverages in Specialized Stores;
  • 4722.01 - Retail sale of beverages (not for consumption on the premises):
    • Non-alcoholic beverages.
  • 4723 - Retail sale of tobacco products in specialized stores;
  • 4723.01 - Retail sale of tobacco;
  • 4723.02 - Retail sale of tobacco products;
  • 4723.99 - Electronic Cigarettes & Accessories Trading.

The company can engage in up to five business activities under one license without additional fees.

Additional External Regulator Approvals

No additional approvals are required to register a company conducting this business activity.

Share Capital Requirements

The minimum share capital required for SPC company is AED 50,000. Its contribution is optional.  If the share capital exceeds 5,000,000.00 AED, its contribution becomes mandatory.

Company name requirments
  • 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 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 Publishing City Free Zone
  • Description:

    SPCFZ (Sharjah Publishing City Free Zone) is a free economic zone (free zone) established in 2017 in the Emirate of Sharjah, UAE. It is the world’s first free zone fully dedicated to the publishing industry.

    SPCFZ offers a unique ecosystem for publishers, writers, and creative professionals, providing ideal conditions for the implementation of cultural and creative projects. With advanced technologies and infrastructure, the free zone attracts talent and companies looking to develop projects in the fields of culture, media, and the arts. Companies registered in SPCFZ are permitted to conduct business within the free zone and beyond the UAE.

    SPCFZ issues the following types of business licenses:

    • Standard (wholesale and retail trade, services, manufacturing)
    • E-commerce
    • Publishing
    • E-Publishing.

    With a simplified registration process, flexible business conditions, and reduced operating costs, SPCFZ enables entrepreneurs to successfully enter both local and international markets, while effectively expanding their operations.

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.

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