For all those who want a really good alternative to setting up a business in Dubai, there is always Sharjah to consider. Like Dubai, Sharjah is also graced with an International Airport connected to all the major locations in the world. Similarly, there are ports that connect to locations in North Africa and allow one to traverse the Indian Ocean. Like Dubai, Sharjah is located in between Asia, Africa and Europe, and this geographic advantage means that investors flock to the region, along with consumers and leisure goers as well. All these factors make Sharjah an ideal location for company setup and getting your business started.
Sharjah ranks as among the safest cities with hardly any crime and with a good deal of energy that can be acquired inexpensively. There are several other reasons as well for choosing Sharjah for your company setup. The economy is another conspicuous reason where it is relatively liberal and good competitive fees and property lease. Moreover, there exists in Sharjah a good workforce which is highly qualified in their pedigree and highly skilled and whose services can be acquired relatively cheaply. VISA can be provisioned for everyone in your staffing.
The Government of Sharjah is friendly towards those who want to setup a company. It has formed several policies that will encourage businesses to come there and setup their businesses, especially foreign investment and would like to emulate the success of Dubai. This has made the government of Sharjah unafraid to change policy so that is fair to the business and help its rapid growth in the region. This has caused the business climate in Sharjah to be positive and there is an emphasis on creating international economic ties and to facilitate trade across the rest of the world.
Here are some of the specific advantages that you’ll be receiving once you choose to setup your company in Sharjah:
- It is a tax haven
- Contemporary Legal Framework
- Lack of Foreign Exchange Controls, Quotas or Trade Barriers
- Investment Security
- Government Incentives
- 100% Ownership
- Import, Export Tax Exemption
- Repatriation of Profits and Capital
- Warehouse for 2 Months of Free Storage
- Banks and Advanced Communication Networks
Those who are expatriates can choose these two versions of company setup if they want to setup a business in Sharjah:
- Free Zone
- Mainland Companies
The authority in charge of issuing licenses in Sharjah is the Sharjah Economic Department which issues licenses to every company except those in the free zones. You can have any one of the following licenses:
- Industrial License
- Commercial Licenses
- Professional License
Companies can be setup in either of these two Free Zones if you possess a capital of 150,000 AED, which amounts up to 40,000 Dollars.
Sharjah International Airport Free Zone
It is among the most sought out place to start a business in UAE. It houses numerous businesses of myriad types – industries, commercial companies and professional firms.
The Hamriyah Free Zone
This free zone lets foreign nationals have 100 % ownership of with tax exemptions and repatriations of all capital and profits. The type of shareholding will be the factor that determines which type of company you will be:
Free Zone Establishment – Single Shareholder LLC
Free Zone Company – Maximum Shareholder limit of 5 LLC
A Mainland Company
The Government of UAE has setup specific locations in Sharjah for those who want to establish companies there. These are extremely well-developed areas which are having good legal policies guiding it. Like a free zone, for those who want to setup a company, there will be a threshold of 150,000 AED that must be reached. However, if you were to find a local partner, then you can create one without having to put that much capital.