Undoubtedly, Sharjah stands out as an increasingly attractive business destination for entrepreneurs. Owing to its strategic location, and pro-business policies, it has become a premier choice for entrepreneurs to excel in their business, while tapping into the region’s economic growth potential.
In recent years, the emirate has made significant strides in the UAE’s business environment. With its people-centricity, it has become an affordable alternative to Dubai, promoting safety, diversity and inclusion altogether. Businesses looking to establish their presence in the Middle East market can take advantage of a progressive and profitable ecosystem. Let’s understand its free zone company setup process in detail.
Benefits of company setup in Sharjah free zone
Being the third largest emirate in the UAE, Sharjah boasts robust free zone company setup opportunities for businesses to excel in diverse industries including technology, healthcare, education, Ecommerce, consultancy services and many among others.
Simplified process
The free zone company setup process in Sharjah is simple and straightforward. The procedures for obtaining a business license in Sharjah, registration and other formalities require minimal hassle, making it easy and quick for entrepreneurs to get started with their business. Additionally, the minimal bureaucratic role increases efficiency of the process, reducing the number of hurdles and stress, so that the investor or business owner can focus on foreign investment in the region.
100% business ownership
Being a free zone area, Sharjah eliminates the need of a local sponsor and hence, allows full ownership of the business. Entrepreneurs can retain complete control over their company’s stake, operations, income and profits. Considering the autonomy, the business structure is highly preferable among the entrepreneurs who seek long-term security of their business while also being the sole decision maker of the company.
Perks of operating in free zone
Planning for a company formation in Sharjah can offer a plethora of benefits including tax exemptions, full profit repatriation and access to world class business amenities. The free zone boasts simplified procedures when it comes to company registration, making it more lucrative for foreign business owners. In addition, its stringent regulatory framework can also benefit free zone companies in fostering a culture of innovation and global business connectivity.
Cost-effective company setup
Unlike other UAE emirates, Sharjah is committed to offering a more affordable ecosystem for free zone company setup. The procedure involves low registration fee, operational costs and minimal taxation headaches. Subsequently, it has become one of the most sought after alternatives for SME and startup entrepreneurs to capitalize on higher profitability margins and resource allocation.
Good Quality of Life
Though UAE is globally renowned for its luxurious lifestyle, Sharjah is no longer an exception when it comes to offering affordable living. Along with this, it provides a strong sense of community to entrepreneurs and their employees while offering access to cultural and recreational amenities. Furthermore, the emirate offers great safety and security with a fully-developed healthcare and education ecosystem.
As part of business setup process, it is significant to first understand the types of entities that the free zone authorities offer:
● Sole Proprietorship: The sole proprietorship firms are owned by a single individual who is also responsible for all assets and liabilities in the company.
● Public and Private Companies: It is ideal for carrying out large scale businesses and projects.
● Limited Liability Company (LLC): This is one of the most common form entities in the UAE free zone. The liability of shareholders is limited to their shares in the capital of the company.
● Partnership: This type requires the active involvement of two or more partners who can share the ownership.
Documents required for Sharjah free zone company setup
Though the company setup in Sharjah free zone is not complex, it requires due diligence in completing documentation and other formalities. Most commonly, the following documents are required to complete the process of business setup:
● A copy of your visa and passport
● Passport copies of all stakeholders
● Certified office leasing contract
● Company account’s bank statement
● Trade and and business license
Conclusion
Sharjah attracts a huge influx of foreign investors and entrepreneurs for its unique benefits and business friendly infrastructure. Setting up a business in this emirate can result in long-term business growth and sustainability. However, before diving into the ecosystem, one must understand the legal implications and compliances to carry out business operations without any hassle.
We, at SRTIP Accelerator, help potential entrepreneurs understand the challenges and opportunities related to their business activity. Our seasoned team of professionals help them navigate through the process seamlessly. To know more, connect with us today:
For expert support, contact us today at +971 50 795 6303 or email enquiry@srtipacc.ae to get started.
