However, when you put your burden in the hands of responsible people, things might turn out better than you could have imagined. So, instead of spending more time and energy on the registration and setup procedure, one may concentrate all their efforts and focus on company strategy.
For new enterprises and businessmen, Sharjah offers several chances. Also, people are becoming more interested in Business setup in Sharjah, UAE, and its states. For this reason, entrepreneurs choose Sharjah as a location for their enterprises. Sharjah has much more to offer than just this. The possibilities are endless. In Sharjah, the cost is lower, the port is busy, and the city has a rich cultural history.
Starting New Business in Sharjah
Trading operations in Sharjah account for more than 45 percent of the country’s Gross Domestic Product. Sharjah is the only Emirate with access to ports on the Arabian Gulf’s eastern and western shores and the Indian Ocean and North Africa. Limited liability corporations, joint-stock companies, branch offices, and subsidiaries are among the options available to foreign businesspeople in Sharjah. Additionally, foreigners may set up single proprietorships.
Requirements To Start Business in Sharjah
Foreign investors must satisfy specific conditions to register a firm in Sharjah. To start a corporation in Sharjah, foreigners must control 51 percent of the company. Free zones, on the other hand, enable foreign ownership in its entirety. Sharjah also allows foreign firms to create branches.
Before operating in Sharjah, international investors must comply with the UAE Companies Law. To form a corporation in Sharjah, follow these steps:
LLC Company in Sharjah
- When the investor (applicant) has completed the procedures of trade names, legal affairs, and inspection to finish his transaction, he contacts the licensing department to complete it.
- As a result, the employee checks the primary licensing data and approves it.
- Payment authorization and auditing
- Licenses and registration certificates are issued when you complete the payment process.
Partnership Company
- To finalize his deal, the investor contacts the Licenses Section after completing the processes for trade names, legal affairs, and inspections.
- As a result, the employee checks the primary licensing data and approves it.
- Permission to make payments and auditing of those payments
- After payment, you will receive the licenses and registration certificates.
Foreign Company
- Apply for the license via the Department of Economic Development’s application form.
- To create a branch, you’ll need minutes of meetings or a signed board resolution, together with legal translations and a declaration from a business representative.
- Do not forget to include translations if needed.
- To continue, a power of attorney you will receive from the representative of the overseas firm.
- Notify the section head of any relevant papers.
- The head of the trade name department must sign off on branch registration after completing all essential documentation.
Local Company Branch
- Apply for the license via the Department of Economic Development’s application form.
- Follow the steps below to register a branch after completing all the needed paperwork.
- To adopt a trading name, follow up with the Trade Name Section.
Public and Private Shareholding Companies
- Within 15 days of the Minister’s decision to declare the company’s formation, please submit an application to the Department of Economic Development and the Ministry of Economy for registration in the Commercial Register by the terms and conditions outlined in the Commercial Registry Act and its implementing regulations.
- The Department of Economic Development must receive an application for the creation of the firm.
- After consulting with the Ministry of Economy, form a committee to recommend (or against) setting up a new company.
Conclusion
Sharjah is a great place to start a business and offers the same benefits as company formation in uae. There is no corporate income tax in Sharjah, and there are no import or export taxes. To create a company in Sharjah, you need to designate a single shareholder and one director. For international investors, Sharjah’s Hamriyah Free Zone is a significant draw.
