This post is all about business setup in Sharjah. One thing that comes to mind when you think of Sharjah is that of the tense and exciting cricket matches. Especially the matches between two of the greatest cricketing nations of the world.
Sharjah has now also become one of the prime locations for international businessmen and investors. With affordable real estate, modern infrastructure and amenities, it is very quickly has become an ideal place for new business setups.
Another major reason is that Sharjah is considered to be the safest and highly advanced emirate of all. The Sharjah Economic Development Department is known to be the leading government authority on setting up business guidelines on company formations in Sharjah.
How to setup business in Sharjah:
Sharjah has been very quickly enhancing its status as an economical alternative to business setup in Dubai. This is due to its international airport and proximity to the Arabian Gulf and the Indian Ocean.
Sharjah is also considered to be one of the safest cities in the world. Other factors like the fair judicial system, a liberal economy and a highly skilled workforce make it an ideal place for business set up.
There are various types of business entities that can be set up in Sharjah. Some of them are:
→ Limited Liabilities Company setup in Sharjah
→ Partnership Company setup in Sharjah
→ Local Service Agent or Business Partnership
→ Foreign Company Branch Registration in Sharjah
→ Local Company Branch Registration in Sharjah
→ GCC Company Branch Registration
→ Public-Private Shareholding Company Registration.
Sharjah has been recognized as one of the rapidly growing economic regions of the world. The government of Sharjah realizes the significance of economic development. That is why it is fully committed to helping bring in foreign investment and also facilitate the smooth setting up of businesses. The government of Sharjah has categorized various zones solely for economic and business purposes. Some of these zones are given below.
Business Setup In Mainland Sharjah:
Mainland Sharjah is considered to be one of the economically developed regions of Sharjah. This is because the government has regularized statutory policies. An estimated amount of 150,000 AED is required for opening up of a business entity as Limited Liabilities Company in Mainland Sharjah. The various kinds of business licenses issued in Mainland Sharjah are:
⇒ Industrial License: – For Manufacturing, Processing, Packaging etc.
⇒ Commercial License: – For Import, Export and E-Commerce
⇒ Professional License: – For Consultancy Services like Business, HR, IT, Marketing, Management, Tourism, Health and Fitness, Event Management etc.
You can also read: Mainland business setup in UAE.
Business Setup In Sharjah Offshore:
Offshore Companies are also known as International Business Company or a Non-Resident Company. Over the years the last few years due to a thriving economy; setting up a business in offshore Sharjah has proved beneficial for international businessmen and investors. Some of the benefits of setting up business in Offshore Sharjah are:
〉Free remittance on taxes
〉Easy access to Tax Treaties
〉Ease of Reporting
〉Security of Property Rights
〉Low Fees and Operational costs
〉Customs and Duty Exemptions
〉Sanctity of Contracts
〉Higher guarantee of benefits and returns.
You can also read: Offshore business setup in UAE.
Business Setup in Sharjah Free Zone:
Sharjah is known to be the third-largest emirate in UAE. It is strategically located between Asia, Europe and Africa and attracts over 5 million tourists and investors every year. This is because it has one of the lowest crime rates and a fair judicial system. The government of the UAE has also taken major steps to help bring foreign investment in the region by creating various Free Zones in Sharjah. A minimum amount of 150,000 AED is required to set up business in Sharjah Free Zone. Some of the free zones in Sharjah are given below.
Hamriyah Free Zone: Setting up businesses in Sharjah Free Zone is increasingly becoming attractive for international businessmen and investors.
Besides business setup in Dubai and business setup in Abu Dhabi, Sharjah Free Zones has now become one of the prime locations for setting up businesses. Keeping this in mind; Hamriyah Free Zone Authority (HFZA) was set up in 1995. This is also because of the fact Hamriyah Free Zone is one of the cheapest and best options in the UAE.
Now, this is rapidly turning into one of the cornerstones for all overall economic development in UAE. This zone is unique because it has provided competitive incentives and vast opportunities for businessmen and investors.
Some of the business entities that can be set up in Hamriyah Free Zone are for example Free Zone Establishment, Branch of Foreign Company, Free Zone Company, and Branch of Local Company.
There are various types of business licenses issued in the Hamriyah Free Zone. The cost of these Licenses depends on the type of business, e.g. Commercial License -7,500 AED, Service License- 15,000 AED, General Trading License-15,000 AED. Some of the benefits of setting up business in Hamriyah Free Zone are:
⇒ 100% Foreign Ownership
⇒ Tax Exemption
⇒ Prime Location
You can also read: FreeZone business setup in UAE.
Sharjah Airport International Free Zone:
Sharjah Airport International Free Zone also known as SAIF and is said to be one of the most exclusive free zones in UAE.
SAIF is unique in its way as it provides enticing business opportunities to businessmen and investors. Sharjah Airport International Free Zone has also been recognised as the symbol of efficient operations centre for business ventures.
Sharjah Airport International Free Zones offers various types of business licenses depending upon the nature and type of business entity. The costs of these licenses are: Commercial License- 7,500 AED, General Trading License- 15,000 AED, Service License- 15,000 AED, Industrial License- 7,500 AED.
Some of the benefits of setting up a business in Sharjah Airport International Free Zone are:
⇒ Freedom of Foreign Ownership
⇒ Availability of choice of location
⇒ Exemption from taxes
⇒ 100% exemption from all import and export taxes.
⇒ A business License issued within 24 hours
⇒ Abundance of Resources
⇒ Global Connectivity
U.S.A. Regional Trade Center (USARTC) Free Zone:
The government of Sharjah has been making continuous efforts to make a business-friendly environment for international businessmen and investors. Due to easier and convenient norms and procedures, setting up a business in Sharjah Free Zone has now become easy and hassle-free.
USA Regional Trade Free Zone is one of the most popular trade free zones in Sharjah. It was established in 2011. The USARTC has been providing an opportunity for Small and Middle Sized Companies to grow commercially and also expand their trade-in Asian and African continents. Some of the benefits of setting up business in USARTC are:
⇒ Zero Corporate Tax
⇒ Zero Import and Export Tax
⇒ Support for US businesses and economic expansion
⇒ Zero personal tax
⇒ 100% foreign ownership
Sharjah Publishing City (SPC) Free Zone:
Sharjah is also known as the cultural capital of UAE, and thus houses the Sharjah Publishing City Free Zone. It is one of the most exclusive free zones for printing and publishing. Due to its unique nature, it is one of the most attractive destinations for all book publishers and book lovers.
Another major advantage of SPC is that it has a huge landscape and it provides excellent warehousing facilities. Sharjah Publishing City is managed by the Sharjah Book Authority. The cost of space for warehouses depends upon the size of office space and storage space required. For minimum office space (22 SQ.M.)- 60,000 AED. There are also two types of licenses issued in Sharjah Publishing City.
These are: Commercial License- 7,500 AED, Professional License- 7,500 AED. Some of the benefits of setting up a business in Sharjah Publishing City are:
⇒ Low cost for entrepreneurs who are willing to set up their business in Sharjah Publishing City (1,350 AED)
⇒ Leasing Contract given for 25 years and can be renewed.
⇒ Provision for Trading License within 24 hours
⇒ Low cost of living
⇒ 100% ownership
Sharjah Media City (SHAMS) Free Zone:
Setting up a business in Sharjah has become convenient because of the emirate’s friendly laws and modern infrastructure. Sharjah Media City or (SHAMS) was established in 2017.
It was set up with a vision for it becoming a world-class hub for media and creativity in the region. The various kinds of licenses issued in Sharjah Media City are Service License, Trading License, Industrial License, Holding License. Some of the key benefits of setting up a business in Sharjah Media City Free Zone are:
♠ 100% Foreign ownership ♠
♠ 100% repatriation of capital and profits ♠
♠ 100% free transfer of funds ♠
♠ Zero tax on Import and Export ♠
♠ No Corporate Tax ♠
♠ Cost-effective licensing ♠
♠ Physical presence is not necessary for the UAE to set up a business. ♠
What are the advantages of Setting up a Business in Sharjah?
The government of Sharjah has been persistently making efforts to make it more environment-friendly for businessmen and investors. This they have been doing introducing flexible government schemes; which play a crucial role in earning the trust of the investors and businessmen. Some of the advantages of setting up business in Sharjah are:
♥ Sharjah is a corporate tax haven ♥
♥ It has a modern legal framework ♥
♥ There are no foreign exchange controls, trade barriers or quotas ♥
♥ There is security of investment ♥
♥ Government of Sharjah allows 100% of ownership ♥
♥ 100% tax exemption on import, export and all commercial goods. ♥
♥ 100% repatriation of profits and capital ♥
♥ Provisions for warehouse facilities free for up to 2 months ♥
What is the Procedure for Company Formation in Sharjah?
It is very important to strictly follow the guidelines, procedures and legal formalities while setting up a business in Sharjah. Some of the important steps are listed below:
〉The Company’s Lease agreement and Memorandum of Association should be duly signed by a public notary.
〉Submit all the required documents and a payment voucher will be issued.
〉Fulfil all the licensing requirements and payment of licensing fee to be done to get a Trade License issued.
〉Obtain approval from the Name Board.
〉Apply for an Establishment Card.
〉Get approval for hiring employees from the Ministry of Labour
〉Stamp on the visa from the Immigration Department.
〉Where applicable, obtain official approvals from the required government authorities and departments.
〉Determine the type of business activity
〉Find a Local Sponsor
〉Submission of Company Registration Application with a proposed name to the Department of Economic Development
〉Filing of the Company’s documents with the Department of Economic Development to obtain a Trade License from the Chamber of Commerce and Industry
〉Get the trade name of the company registered
〉Obtain initial approval
〉Obtain approval from the Municipality for the choice of location and verification of the locality.
What are the Documents required to start a business in Sharjah:
Some of the documents that are required for a business set up in Sharjah are:
♦ Certified copy of the tenancy contract ♦
♦ Certificate of No Objection Letter, visa, passport and residence proof photocopies ♦
♦ Land Map of ownership certificate copy ♦
♦ Approval from Legal Affairs ♦
♦ Approval from the Ministry of Economy ♦
♦ Partnership Contract certified by a public notary ♦
♦ National ID and family book photocopies ♦
♦ Signboard ♦
♦ Technical Evaluation Report ♦
♦ Trade Name Certificate ♦
Other details required to start a business in Sharjah:
Contact Number of Sharjah Media City (SHAMS)
Telephone Number- +971 800 74267
Address: Sharjah, UNITED ARAB EMIRATES