Sharjah is the third big and emirate populous in the United Arab Emirates. sharjah is fastest growing emirates in the United Arab Emirates (UAE). Sharjah has 2 big free zones have growing business in trading, manufacturing, factory, services.
Benefits of setting up a business in Sharjah
Setting up a company in Sharjah is fruitful from the following standpoints:
- Sharjah is a tax haven, i.e., companies are levied no corporate or income tax
- It has a 100% tax exemption for import, export and all commercial levies
- It allows 100% repatriation of profits and capital for foreign companies setting up business
- 100% foreign company ownership is allowed in Sharjah
- There are no foreign exchange controls, quotas or trade barriers in Sharjah
- It presents lucrative governmental incentives for investors
- There are many local and foreign banks in Sharjah, along with a robust communication infrastructure
- Sharjah provides warehousing facility where investors can hoard goods freely for upto 2 months
Requirements for opening a company in Sharjah
Foreign investors must meet certain requirements to register a business in Sharjah. Foreign entrepreneurs may open a business in Sharjah if a UAE national owns 51 percent of the business. In the free zones, however, complete foreign ownership is allowed. In Sharjah, foreign companies can also open branches. The following types of licenses are needed when registering a company in Sharjah, depending on the type of company:
– Commercial licenses,
– Professional licenses,
– Industrial licenses.
Documents need to be submitted to Sharjah Economic Development Department
- A valid copy of passport and national ID in case of UAE national
- In case of foreign national, a no objection certificate, copy of passport, copy of visa or residence is required
- Duly filled license form
- Branding certificate
- In case of technical assessment is required than a report must be submitted
- Official approvals, if any
- Contract of partnership duly attested by a notary
- Lease copy
- Legal affairs approval
- Property certificate if available
- Approval by the ministry of economy
- Billboard or other branding designs
- Minutes of the meeting of the board of directors to open a branch (applicable in the case of foreign company branch registration)
- Authenticated copy of the memorandum of association of the company
- Lastly, a copy of the feasibility study on the business venture is required.
Steps to open a company in Sharjah
Before starting operating in Sharjah, foreign investors are required to satisfy the legal requirements of the UAE Companies Law. The steps to register a company in Sharjah are:
– File a company registration application with the Department of Economic Development,
– Draft the company’s memorandum of association,
– Obtain the trade license,
– File for an establishment card with the Ministry of Labor,
– Register employees with the Ministry of Labor.
