Setting up a business in Sharjah or anywhere in the UAE is an exciting opportunity for aspiring entrepreneurs. UAE, known for its vibrant economy, offers a welcoming environment for businesses of all sizes. Whether you are looking to establish a small startup or expand your existing business, you are at the right place. Here we will discuss the process of business setup in Sharjah that is smooth and efficient. So spare a few minutes to get a step closer to fulfilling your dream.
Benefits of Setting Up Business in Sharjah:
- Sharjah has a business-friendly environment. The government encourages foreign entrepreneurs to set up a business in their territory.
- There is no restriction on the type of business activities that you want to conduct. You can start your business and get engaged in any business activities of your choice.
- Due to its prime geographic location between Emirates and Dubai, it gives easy access to Indian and African markets.
- The registration process for business setup is quick and simple.
- No minimum capital is required to set up a business in Sharjah. You can start your business with minimum financial resources. It is beneficial for both small and medium size business owners.
- There is no compulsion from the government authorities on your company to conduct the audit every year.
- Entrepreneurs will be provided with free warehouse facilities to store their goods for 2 months.
- If you start a business in Sharjah as a foreign entrepreneur you will be able to be in 100% ownership. You will be provided to claim 100% repatriation on profits.
- There are no restrictions on the currency.
Location for a Business Set Up:
There are two options for an entrepreneur to start a business in Sharjah, mainland and free-zone.
If you start a business in the mainland, you can expand your business in other UAE markets without any restrictions. You will be provided 100% foreign ownership in more than 1000 commercial activities. Apart from a few central sectors.
If you start your business in the free zone, you will be provided with various benefits. These are special economic zones established by the UAE government to encourage foreign direct investment in the country. There are a total of 6 free zones in Sharjah.
The Process to Set Up a Business in Sharjah:
- Select the type of business activity for your business setup. There are no restrictions on selecting any business activity.
- Select the legal structure of your business. There are many different types of business structures, such as sole proprietorship, partnership, private shareholding company, LLC, joint stock company or branch office. You are free to choose the structure of your business according to your requirements.
- Choose the legal structure to select a location for your business setup. You can start your business setup either in the mainland or in free zones according to your requirements. The location of your business setup will determine the business goals and strategies. If it is in the free zones, you will be able to enjoy 100% ownership, 100% repatriation of profits, and 100% exemptions on payment of corporate income tax, customs duty, and VAT. If you set up your business in the mainland, you can expand your business operations in other UAE markets without any restrictions. You will be allowed to own 100% of your business in the mainland in more than 1000 commercial activities apart from some central sectors, such as military, oil, gas, insurance and banking.
- You need to register the name of your business with the Department of Economic Development. You have to submit 3 options for the name. They will approve the name based on guidelines and laws. The name should not have any religious name and should not be similar to an already registered business.
- If you want to establish a branch office for your existing parent company, then you have to provide the Memorandum of Association, depending on the legal structure of the business.
- Apply for a business license with the Sharjah Economic Development Department. If you start a business in free zones, then you need to apply for a business license with the respective free zone authorities. If it is engaging in industrial or manufacturing activities, you have to apply for an industrial license. If it is providing professional services, then a professional license. If it is engaging in buying or selling goods, then commercial license. You have to pay a specified fee and submit the necessary documents to apply for the license.
- To conduct stable financial transactions for the business, you have to open a corporate bank account.
- Look for an office space, either for rent or buy in the selected location.
- Apply for a visa for your business employees. The application for the visas should be made in adherence to the local labour laws and regulations.
Follow these steps properly and get professional help for business setup in UAE. It will help you to start your business in Sharjah and commence your journey to a successful global business.
