Fri, Mar 31, 2017 | updated 04:12 AM IST

Indian companies will get substantial benefits at Hamriyah Free Zone Authority

Updated: Oct 24, 2016 11:16 IST

Mumbai (Maharashtra) [India], Oct. 24 (ANI-Businesswire India): Hamriyah Free Zone Authority (HFZA), located in Sharjah, United Arab Emirates, providing the International Business Investor with an unique investment opportunity in a free market environment is now looking at increasing investments from Indian businesses in the region.

Saud Salim Al Mazrouei, Director, Hamriyah Free Zone Authority led a delegation and today met with more than 150 Indian businessmen to share the details of benefits being offered, inviting them for investments while understanding the requirements of Indian businessmen during an investment seminar on the subject.

"Indian economy is growing at a fast and steady pace led by its entrepreneurs and business, we believe that the time is ripe for Indian businesses to benefit from the advantages provided by Hamriyah Free Zone (HFZ) as they plan to expand globally into newer markets. HFZA is strategically located to Sharjah and Dubai which makes is accessible to Europe, Africa, US and the Americas. We offer businesses 100 percent ownership of their respective companies, backed by world-class infrastructure. Our goal is to create a robust business environment by meeting the needs and demands of our investors," said Saud Salim Al Mazrouei, Director, Hamriyah Free Zone Authority.

"India is one of UAE's primary trade partner, accounting for almost 9.8 per cent of UAE's total non-oil trade. Not only that, GCC countries are India's important trade partners and account for more than 11 per cent of India's global exports. The HFZ provides an opportunity to increase business with each other and strengthen the partnership," Al Mazrouei added.

The HFZ offers a unique geographic and time zone advantage backed by a secure and fully convertible currency and a multi-access to neighboring and global countries through land, sea and air. Hamriyah Free Zone is fast becoming one of the cornerstones of the United Arab Emirates industrial development. As the Next Generation Free Zone, Hamriyah Free Zone is ensuring that its management is flexible and dynamic besides being an investor oriented free zone.

Saud Salim Al Mazrouei, Director, Hamriyah Free Zone Authority and Rohit Sanga, Managing Partner, India Events, hosted a conclave and dinner in Mumbai for Indian businesses looking at new markets aboard. The primary objective of the conclave was to showcase the benefits of the Hamriyah Free Zone Authority for Indian companies seeking to expand globally.

Earlier in June this year, India's Radiant Group announced the construction of $10mn oil distillation plant in HFZA. Hamriyah Free Zone currently houses over 6,500 companies from across 157 countries with over 300 manufacturing facilities. Hamriyah Free Zone is a strategic hub for companies due to its access to global markets with over 2 billion customers.

Some of the benefits will now include: 100 percent import and export tax exemption, 100 percent exemption from all commercial levies, 100 percent repatriation of capital and profits allowed, No corporate profit tax and No personal income tax.

"As per the rules of Gulf nations, one had to make a local national a business partner in order to setup any office or business in the respective country, which was hurting their profitability. To counter this issue, many Gulf nations have now setup Free Trade Zones to promote overseas investments and businesses. We are proud to support the HFZ in their endeavor of inviting businesses from India for investments. I am sure with simplified regulations more Indian businesses will benefit from HFZ and can achieve global scale," stated Rohit Sanga, Managing Partner, India Events

Hamriyah Free Zone Authority was established by an Emiri decree issued on November 12, 1995. It is located in Sharjah, United Arab Emirates, which gives the free zone a unique geographic and time zone advantage backed by a secure and fully convertible currency and a multi-access to neighboring and global countries through land, sea and air.

Hamriyah Free Zone is challenged to provide competitive incentives and unique opportunities to establish a business in a tax-free environment, full company ownership, exemptions from all commercial levies and repatriation of capital and profits. The free zone manages an area of approximately twenty-two million square meters of prime industrial and commercial land and a 14-meter deep water port which includes room for expansion.

Benefits of the free zone: access to 14-meter deep water port and 7-meter deep inner harbor; land lease for 25 years renewed for similar period; pre-built warehouses, factories and office units for lease; executive office suites in the International Business Center for lease; on-site accommodation for investors' personnel including recreation center and health club; transportation via road, 3 sea ports and Sharjah International airport; highly developed infrastructure and telecommunications links; abundant and inexpensive energy (Electricity: $0.05 per KWA, Water: $8.17 per 1000 Gallons); liberty for personnel recruitment and economical workforce; affordable cost of living. (ANI- Businesswire India)

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