Sharjah Media City · Sharjah
Audit services for SHAMS companies, ready before your licence renewal.
Sharjah Media City, known as SHAMS, was set up for media and creative businesses and has become a popular low-cost choice for freelancers, agencies and online businesses. Quick Ashford audits SHAMS companies, files their corporate tax and VAT returns and keeps their books, for a fee agreed before we start.
- Emirate
- Sharjah
- Established
- 2017
- Audit needed to claim the 0% rate
- Tax-driven
About SHAMS
What SHAMS is known for.
Sharjah Media City, known as SHAMS, was set up for media and creative businesses and has become a popular low-cost choice for freelancers, agencies and online businesses.
Typical SHAMS businesses
- Media and production
- Marketing and design
- Freelancers
- E-commerce
Audit requirements
Does a SHAMS company need an audit?
Four situations make audited financial statements necessary. Most companies meet at least one.
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Licence renewal
SHAMS does not routinely collect audited statements from every company, but the corporate tax rules require them for any company claiming the free zone 0% rate, and banks usually ask for them.
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0% corporate tax
A Qualifying Free Zone Person must have audited financial statements, whatever its revenue. Without them the 0% rate is lost.
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Banks and investors
Banks ask for audited accounts for facilities, account reviews and large transfers. Buyers and investors ask for two or three years.
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Closing the company
Free zone authorities ask for a liquidator’s or auditor’s report and final accounts before they cancel a licence.
Authorities update their filing rules from time to time. We confirm the current requirement for your licence before we quote.
Approved auditors
SHAMS approved auditors: how it works.
Sharjah Media City (SHAMS) regulations require a company’s accounts to be examined and reported on by an auditor approved by the authority. The financial year at SHAMS runs from 1 January to 31 December.
Closing a company
How to liquidate a SHAMS company.
Closing a SHAMS company means settling its obligations, cancelling visas and permits, getting the authority’s clearances, cancelling the licence and deregistering the company with the Federal Tax Authority. We handle the liquidation from the shareholders’ resolution to the final tax deregistration.
- Shareholders’ resolution to dissolve the company and appoint a liquidator
- Notice to creditors, where the authority requires it
- Employee visas, establishment card and permits cancelled
- Lease, utilities and bank account closed, with clearance letters
- Liquidator’s report and final financial statements
- Licence cancelled and the company removed from the register
- VAT deregistration within 30 business days, and corporate tax deregistration within 3 months
What we do
Services for SHAMS companies.
One team for the audit, the tax filings and the books behind them.
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SHAMS audit report
Annual audit of your financial statements to International Standards on Auditing, in the format SHAMS and your bank expect.
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Corporate tax return
Registration, Qualifying Free Zone Person assessment, tax computation and the annual return.
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VAT registration and returns
Registration when you pass the threshold, quarterly returns, refunds and voluntary disclosures.
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Bookkeeping
Monthly books and IFRS financial statements, so the audit and tax return start from clean numbers.
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New company setup
Licence application, visas and bank account for a new SHAMS company or branch.
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Liquidation
Liquidator’s report, clearances, visa cancellation and tax deregistration when a SHAMS company closes.
How we work
From first call to signed report in four steps.
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Free consultation
A 20 minute call or WhatsApp chat about your company, your licence and what is due.
Day 1 -
Fixed-fee proposal
A written scope, timeline and price. No hourly billing and no surprises later.
Within 24 hours -
Fieldwork
Share records by secure upload. We test, reconcile and keep you posted on every open point.
Agreed timeline -
Signed report
Your signed audit report or filed return, delivered in the format your authority requires.
Before your deadline
SHAMS FAQ
Questions from SHAMS companies.
Have a question about your own company? An advisor replies the same working day.
Ask on WhatsApp
Do SHAMS companies need an audit?
SHAMS does not routinely collect audited statements from every company, but the corporate tax rules require them for any company claiming the free zone 0% rate, and banks usually ask for them. Separately, every Qualifying Free Zone Person must have audited financial statements under the corporate tax rules, whatever its size.
Do SHAMS companies pay corporate tax?
Yes, they are within the UAE corporate tax regime and must register and file a return. A SHAMS company that meets the Qualifying Free Zone Person conditions pays 0% on qualifying income and 9% on other income.
How long does an audit of a SHAMS company take?
For most small and medium companies, one to three weeks once the accounting records are complete. If your licence renewal is close, tell us on the first call and we plan the work around it.
Can you keep the books and file tax returns for a SHAMS company too?
Yes. Many clients use us for monthly bookkeeping, VAT returns and the corporate tax return as well as the annual audit, so the numbers are consistent across all of them.
Can you help set up a new company in SHAMS?
Yes. We handle the application, licence, visas and bank account for new SHAMS companies, and then look after the accounting, tax and audit each year.
Who can audit a SHAMS company?
Sharjah Media City (SHAMS) regulations require a company’s accounts to be examined and reported on by an auditor approved by the authority. The financial year at SHAMS runs from 1 January to 31 December.
Services
The work behind a clean audit.
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ServiceAudit & assurance
Statutory, internal and free zone audits carried out to International Standards on Auditing, with a signed report your bank, free zone and the FTA will accept.
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ServiceCorporate tax & VAT
Registration, returns and advisory for UAE corporate tax, VAT and Pillar Two, so every filing reaches the Federal Tax Authority correct and on time.
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ServiceAccounting & bookkeeping
Monthly bookkeeping and IFRS financial statements kept audit-ready all year, so year end is a review and not a rescue.
Other free zones
We also work with companies in these zones.
- Dubai DMCC Dubai Multi Commodities Centre
- Dubai JAFZA Jebel Ali Free Zone
- Dubai DAFZ Dubai Airport Free Zone
- Dubai DSO Dubai Silicon Oasis
- Dubai DWC Dubai World Central (Dubai South)
- Dubai IFZA International Free Zone Authority
- Dubai Meydan Meydan Free Zone
- Ras Al Khaimah RAKEZ Ras Al Khaimah Economic Zone
- Ajman AFZ Ajman Free Zone
- Sharjah HFZA Hamriyah Free Zone Authority
- Sharjah SAIF Zone Sharjah Airport International Free Zone
- Sharjah SPC Sharjah Publishing City Free Zone
- Sharjah SRTIP Sharjah Research, Technology and Innovation Park
- Sharjah USARTC U.S.A. Regional Trade Center Free Zone
Free consultation
Tell us when your SHAMS renewal is due. We will plan around it.
Send a few details and an advisor will call you back within one working day with next steps and a fixed quote. No obligation.
- Call+971 52 202 3984
- WhatsAppChat with an advisor
- Emailadvisor@ashfordmc.com
- OfficeAl Shafar Investment Building 121, Al Quoz Industrial Area 1, Dubai
- HoursSaturday to Thursday, 9:00 AM to 6:00 PM