The method of business setup is mostly similar in all the emirates of the UAE. It is seen as a very viable option for all minds of businesses and that is due to the infrastructural support and also the provisions that favour the capitalistic market. The UAE is a part of the WTO and that enables it with a lot of advantages in rendering it a fully capable free market economy and an economy that sustains its business rather than depleting it. Seeing the trends, the UAE has also gotten into a number of agreements with different countries that create a network of foreign business finding good land in the same. Avoidance of double taxation is one such agreement. A business setup in Sharjah would be a very good option if you are looking to expand your business or even if you are just starting. Starting something from scratch in a foreign land can make you a bit clueless and this is why we have laid down a list for all you need to know about doing it. A company formation in Sharjah is no easy task but it can be made easy with a little help and knowledge.
Everything You Need to Know About Business Setup in Sharjah
- This is the biggest step that you have to take while you are trying to setup your business in Sharjah. There are three kinds of licencing that you would need and these three will determine your kind of work and define the parameters of your operation. These three are – commercial licence, professional licence and an industrial license. You would be required to apply for these licences and there are varying kinds of jurisdiction within it too. A PRO can guide you through it too. Some businesses might require approval from specific ministries and government departments too.
- A locally run UAE Company needs to have a 51% ownership by a UAE national and a fully foreign run business needs to operate in the free zone only. You need to find an appropriate sponsor if you are planning to run locally or get yourself eligible and running for the free zone.
- A foreign company operating in the UAE needs to have a representative officer of a UAE nationality who would act as a parent company and appoint a local service agent who guides one through different administrative procedures and runs the business smoothly.
- If you are operating in a free zone, you would be free of a lot of restrictions and formalities and is made to boost investment and employment in the country. There are about thirty free zones in UAE.
- You would be required to register your domain name and in some cases getting a physical office is compulsory. The registration is a fairly easy process and does not require a lot of paperwork.
- After you have been monitored, licences will be approved and you will be permitted to run your business and just get in regular checks and invigilation.