BUSINESS SETUP IN SHARJAH
Sharjah is the third largest city in the United Arab Emirates after Dubai and abu dhabi. Sharjah contains the main administrative centers of the government of Sharjah alongside commercial, cultural and traditional projects. The city hosts several museums of archaeology, natural history, science, arts, heritage, Islamic art and culture. Distinctive landmarks include two major covered souks, reflecting Islamic design, and a number of recreational areas and public parks such as Al Montazah Fun Park and Al Buhaira Corniche. The city is also notable for its numerous elegant mosques.
Accounting for just over 3% of the country’s territory, and has long played an important cultural and economic role in the region. Home to six free zones, two amphitheaters, around 30 museums and various annual festivals that attract visitors from around the world, the emirate has a wide offering when it comes to manufacturing, commerce and culture. The discovery of oil in Sharjah resulted in an economic boom, but even at its early stages the emirate’s leadership understood the importance of developing a non-oil economy. In the intervening decades Sharjah has implemented a number of initiatives aimed at developing the economy and encouraging investment inflows.
Business setup in Sharjah mainland is preferred by the entrepreneur class as it is very well known for being a home to several organizations with local, national, and multinational operations. Also, the local governing bodies of Sharjah encourage the entrepreneurs for the ongoing mission of Sharjah business setup in the UAE.
The local government of Sharjah avails various offers to startups as well as the existing businesses that plans for expansion. E first, with its expertise and experience with Sharjah laws offers professional assistance to entrepreneurs for a hassle-free journey through the setting up of business in Sharjah mainland. The in-house specialist can help in services that include trade licensing, visa requirements, legal documentations, and finally, getting approval from government authorities.
ECONOMY
While the global economic slowdown in 2020 triggered by the Covid-19 pandemic put downward pressure on GDP growth in Sharjah, there is cautious hope for a rebound in 2021 and beyond, driven by social and economic development spending programmes, as well as a rapid Covid-19 vaccine rollout. Government spending has risen steadily, funding ambitious development goals in the emirate and the wider UAE, while the authorities have simultaneously implemented initiatives to mitigate the health and economic impacts of the pandemic. Roadshows and forums hosted by Invest in Sharjah are a central pillar of the government’s investment promotion strategy, with a historical focus on India, Russia, China, the GCC, the US, and European nations such as Italy and France.
EDUCATION & HEALTH
With regular activities severely disrupted in 2020 due to the Covid-19 pandemic, schools in Sharjah had to shift quickly to online learning and integrate new health protocols when in-person instruction resumed. Rapid adoption helped the emirate maintain its position as a regional center for education. Hospitals and clinics, meanwhile, devoted substantial resources to testing and care to fight the novel coronavirus. Priorities established before the pandemic, as well as lessons learned in 2020, are now shaping the education and health sectors in 2021. One of the primary short-term goals of the Sharjah authorities is to manage the pandemic, and ensure education and health services continue with minimal disruption.
EDUCATION & HEALTH
With regular activities severely disrupted in 2020 due to the Covid-19 pandemic, schools in Sharjah had to shift quickly to online learning and integrate new health protocols when in-person instruction resumed. Rapid adoption helped the emirate maintain its position as a regional center for education. Hospitals and clinics, meanwhile, devoted substantial resources to testing and care to fight the novel coronavirus. Priorities established before the pandemic, as well as lessons learned in 2020, are now shaping the education and health sectors in 2021. One of the primary short-term goals of the Sharjah authorities is to manage the pandemic, and ensure education and health services continue with minimal disruption.
TOURISM & CULTURE
Sharjah’s beaches, shopping centers, museums and unique cultural offering make the emirate a popular tourist destination for nationals and foreigners alike. While international travel slowed significantly in 2020 due to border closures and travel restrictions in response to the Covid-19 pandemic, domestic tourism in Sharjah picked up as UAE residents explored destinations closer to home. Despite the disruption, the emirate inaugurated a number of projects in 2020, many of which promote sustainable tourism and position Sharjah as a family-friendly destination. Tourism authorities intend to build on this momentum and renew international interest throughout 2021 with the help of a new travel campaign, additional development projects, and the resumption of events and activities under strict health and safety protocols. These efforts, in tandem with the UAE’s rapid rollout of Covid-19 vaccines, could see the tourism sector recover sooner than expected: Sharjah aims to attract 10m visitors in 2022.
FINANCIAL SERVICES
Sharjah’s financial services sector has grown steadily over the years, due in part to its quick response to changes, including the rapid adoption of international best banking practices. The banking industry has expanded its digital services, particularly in response to the economic disruption caused by the Covid-19 pandemic, putting it in a good position for future growth as the world transitions to a more digital economy. Meanwhile, the government of Sharjah’s acquisition of a majority stake in a local bank in 2019 could set the stage for additional strategic investments to strengthen the financial services sector further. While Sharjah does not have its own capital market, the emirate-level government and many local institutions have become regular issuers of debt and sukuk (Islamic bonds), with a number of sukuk sold in 2020 to raise financial support for the pandemic response.
FINANCIAL SERVICES
Sharjah’s financial services sector has grown steadily over the years, due in part to its quick response to changes, including the rapid adoption of international best banking practices. The banking industry has expanded its digital services, particularly in response to the economic disruption caused by the Covid-19 pandemic, putting it in a good position for future growth as the world transitions to a more digital economy. Meanwhile, the government of Sharjah’s acquisition of a majority stake in a local bank in 2019 could set the stage for additional strategic investments to strengthen the financial services sector further. While Sharjah does not have its own capital market, the emirate-level government and many local institutions have become regular issuers of debt and sukuk (Islamic bonds), with a number of sukuk sold in 2020 to raise financial support for the pandemic response.
TRANSPORT & LOGISTICS
Sharjah’s strategic location between Europe and southern Asia has enabled the emirate to become a central player in international transport and logistics networks. Its burgeoning manufacturing sector has the potential to increase import and export cargo volumes, leading to the creation of jobs. The importance of this was highlighted in the 2021 launch of the Sharjah exports development centre, aimed at investing in and growing the emirate’s exports operations. Underpinned by several major highways and an expanding international airport, Sharjah has seen rising foreign investment and government spending on infrastructure in recent years, which is central to efforts to strengthen transport networks.
CONSTRUCTION & REAL ESTATE
Sharjah has worked to brand itself as a unique location within the UAE and the wider GCC, which has resulted in an uptick in work for contractors as they try to close the gap in supply and demand for real estate, especially in the residential segment and for other family-friendly infrastructure. Although the Covid-19 pandemic temporarily disrupted the market, mixed-use developments that incorporate residential units, schools and retail outlets – along with leisure activities and green spaces – have been emerging to meet high demand. Unlike in years past, when demand largely came from those seeking more affordable alternatives to neighboring emirates, much of the interest is coming from individuals and families who are drawn to Sharjah’s laid-back and authentic Arab culture.
CONSTRUCTION & REAL ESTATE
Sharjah has worked to brand itself as a unique location within the UAE and the wider GCC, which has resulted in an uptick in work for contractors as they try to close the gap in supply and demand for real estate, especially in the residential segment and for other family-friendly infrastructure. Although the Covid-19 pandemic temporarily disrupted the market, mixed-use developments that incorporate residential units, schools and retail outlets – along with leisure activities and green spaces – have been emerging to meet high demand. Unlike in years past, when demand largely came from those seeking more affordable alternatives to neighboring emirates, much of the interest is coming from individuals and families who are drawn to Sharjah’s laid-back and authentic Arab culture.
SOME OF THE ADVANTAGES OF BUSINESS SETUP IN SHARJAH MAINLAND ARE AS FOLLOWS
- No trade barriers and foreign exchange controls
- Offers attractive incentives
- Offers good infrastructure
STEPS INVOLVED IN COMPANY FORMATION IN SHARJAH
There are various steps or procedures involved in the business setup Sharjah mainland. They are as follows:
- Decide the type of business activity that will be done
- Get the trade name registered
- Get the MOA and the lease agreement of the company signed by a public notary
- Submit necessary documents.
- Pay the license fees to get the trade license
- Get the approval from the Name board
- Apply for the establishment card and Get approval from the Ministry of Labor for hiring an employee
- Get the visa stamped.
- Find the local sponsor
- Submit the company registration form to the Department Of Economic Development (DED)
- File the trade license with DED
If you are looking for a business setup in Sharjah mainland, get in touch with the professionals at Trustwell. You can surely have a simple and quick company formation in Sharjah mainland.