By Embarking on a business journey in Sharjah has never been more encouraged, especially considering the emirate’s proven economic stability in the international market. The conducive business environment, coupled with enticing features such as 100 percent foreign ownership, low tax rates, streamlined processes, enhanced infrastructure, e-government systems, and abundant business opportunities, positions Sharjah as a prime destination for investors. Shuraa, equipped with knowledgeable consultants, stands ready to assist with Business Setup in Sharjah and other Emirates.
Reasons to Establish a Business in Sharjah, UAE
Sharjah, along with the broader United Arab Emirates, provides an exceptionally friendly and supportive business atmosphere. In 2017 alone, Sharjah witnessed the launch of over 20,000 new businesses, with a significant portion being registered by international entrepreneurs. This influx is attributed to several compelling factors:
Low Tax:
The UAE takes pride in its tax-free status, encompassing both personal and corporate income. The introduction of VAT in January 2018, set at a flat 5%, is the primary tax consideration in the Emirates.
Dynamic Economy:
Boasting the second-largest economy in the Arab world, the UAE’s GDP stands at approximately AED 692 billion. The diversified industries, spanning healthcare, hospitality, technology, and trade, offer a myriad of opportunities for business launch.
High Quality of Life:
Ranked 23rd on the list of Best Countries, the UAE ensures a high quality of life for its residents and entrepreneurs alike.
Support for Start-ups:
The UAE hosts numerous funding programs and incubators, fostering a supportive environment for new business start-ups in Sharjah.
With the UAE projected to lead economic growth in the Arabian Gulf, surpassing Saudi Arabia, the outlook for businesses in Sharjah appears promising.
How to Establish a Company in Sharjah: A Step-by-Step Guide
Select Your Industry:
Despite the eagerness to commence the setup process, it is advisable to first determine the type of business to operate. Specific locations in Sharjah and the UAE permit selective business activities, necessitating careful consideration to avoid future limitations.
Choose the Jurisdiction:
Decide whether to launch on the mainland or in a free zone. Opting for a free zone provides benefits such as no personal or corporate tax, 100% ownership, complete capital and profit control, and exemption from import/export taxes.
Decide Your Company Name:
Ensure legal acceptability of your chosen company name, adhering to the UAE’s stringent naming conventions. Prohibited elements include offensive language or references to religious, sectarian, or political organizations.
Fill Out Incorporation Paperwork:
Deal with the necessary paperwork, including an application for your chosen company name and activity, submission to government authorities, and Memorandum of Association for mainland businesses.
Submit a License Application:
Upon processing your application, the government will grant a company license. Commonly required documents include a filled-out application form and copies of shareholder passports.
Open a Corporate Bank Account:
Utilize the gathered paperwork to open your business bank account, which typically takes two to four weeks. Provide information on your core business, projected currency amount, total deposits, revenue levels, and principal clients and vendors.
Apply for a Visa:
The final step involves applying for a visa. Many free zones allow applications for staff and dependents. Seek professional advice for visa sponsorship, considering individual entry requirements and free zone regulations.
Ready to Commence Your Business in Sharjah?
While the process of starting a business in Sharjah is not overly complex, it does require prior knowledge and attention to detail. A complete and error-free application ensures a smooth process. Considering the assistance of a company formation specialist can guarantee a trouble-free and straightforward experience. Shuraa’s consultants, well-versed in the company formation procedure, offer valuable support for a hassle-free business incorporation experience. Contact us to explore the possibilities of starting a business in the UAE’s mainland or free zones.
