A lot of foreign investors have got attracted towards Sharjah and the reason behind it is none other than its flourishing economy. A lot of success is becoming the fate of Sharjah because its government is well aware of the fact that trade and other services related to it are very important for the success of the company. This is why they have made a lot of policies that work for the welfare of the economy as well as the foreign investors.
People find the government policies in Sharjah in their favor which makes them invest here more and more.
Why is Setting up a Company in Sharjah beneficial for you?
There are a lot of reasons which can make you come to a decision that set up a company in Sharjah can prove to be such a fruitful act for you. here are some of those;
No Income Taxes – The companies who work here in Sharjah do not have to pay any sort of income as well as corporate tax.
100% Tax Exemption – Tax exemption makes it more attractive for the investors. In the case of import-export and other commercial services, there is 100% tax exemption
Profit Repatriation – The companies set up here in Sharjah will get 100% profit repatriation
Company Ownership – The people who set up their business Sharjah will be allowed to have 100% ownership.
No Trade Barriers – There are no trade barriers or any sort of foreign exchange controls. This allows you to do business without any external pressure.
Incentives – A lot of incentives are associated with the business set up here as well. governmental will provide these incentives to the investors who invest here in Sharjah.
Other Facilities – Warehousing facilities are also provided to the people for the sake of hoarding their goods. They can hoard their goods for a period of up to 2 months
Procedure of Company Formation in Sharjah
Here is what you need to do in order to set up a business in Sharjah:
- First of all, you need to sign a lease agreement. This is done along with (Memorandum of Association) in a public notary.
- For the sake of getting a payment voucher, you ought to process all of your legal documents.
- You need to pay the licensing fees and complete all of its requirements so that you may be issued a license for your services and trade.
- After that, you must get a name approval. You can get yourself this approval from the name board.
- To get an establishment card, apply for it.
- For the employees, you will have to get an approval from the Ministry of Labour.
- Get your visa stamped by the immigration department.
- Decide what type of business activity you will carry out.
- Type of business should also be determined.
- Find a local sponsor for your business.
- Submit your application to the Department of Economic Development (DED), and notarize the MOA (Memorandum of Association).
- You will file the documents with DED so that you may get a trade license from the Chamber of Commerce and Industry to carry out your services.
- Register your trade name.
- Obtain an initial approval for your business.
- Procure an approval regarding your location and inspection from the Municipality.
To Find out more details and advice click here MAF Consulting Middle East in United Arab.
