Sharjah is one of the safest global cities depicting a low crime rate and an excess of economic energy supply. The judicial system in Sharjah is fair, and the economy is liberal with competitive fee structures and property lease rates. Additionally, there is the presence of a highly qualified and skilled workforce that is mostly bilingual and multi-culture accepting in nature. Moreover, there is a provision for sponsorship and visas for the entire staff with a 24X7 hotline that ensures an uninterrupted provision of labor and equipment.
Sharjah is catching up as an economical alternative to Dubai for setting up a business due to the proximity of an International Airport and coupled ports on the west and east coasts of the Arabian Gulf having direct entrance to North Africa and the Indian Ocean. Its geographical location (at the junction of Asia, Africa, and Europe) offers unmatched opportunities for investors. The consumer market is accepting and exploratory, which is why many smaller brands have chances of competing with more prominent brands due to the consumers having the purchasing power and the interest to try different products offered by various businesses. For these reasons, the rate of business setup in Sharjah has increased, making it a popular destination for incorporating and growing a business.
Sharjah Economic Development Department
Every individual emirate in the UAE has an independent government authority that issues different licenses for operating various businesses in that emirates’ jurisdiction. In the case of the Emirate of Sharjah, the SEDD is the public authority responsible for providing legal aids to business owners and issuing licenses for carrying put trade/business activities.
Ministry of Labor
The ministry issues approval to the business entities in Sharjah to hire employees for the company both from within the local workforce and from the expat workforce. Businesses that expand operations in Sharjah and transfer existing employees work in the Sharjah jurisdiction must also register employee and employer details with the ministry of labor in order to maintain a standard database for recording the information of the overall workforce in the UAE.
The Immigrations department caters to the foreign entrepreneurs and business owners who want to set up business in Sharjah. The immigration office issues stamp on the visa documents of the business owners and foreign recruits/employees that come into the emirate to operate the business.
Local Sponsor or Nominal Shareholder
A local sponsor refers to a UAE national (or a company wholly owned by UAE nationals) who acts as a service agent for business setup in the UAE and is generally acting as your company's sleeping partner. A detailed agreement, stating the responsibilities of the said sponsor towards the business and his/her annual fee, is to be prepared by the business owner. A no-objection certificate from the local sponsor is required for running your business activities.
Department of Economic Development UAE
The Department of Economic Development (DED) aims to regulate the economy of the alpha emirate by focusing on four crucial areas, namely - retail development, entrepreneurship development, foreign investment, and retail development. The DED is the authority responsible for issuing trade licenses for the various business entities depending on the nature of the business and the location of company incorporation in the UAE.
The various services offered by the DED to existing businesses as well as new enterprises through their administrative office and the official online e-portal are –
- Issuing Trade License
- Reserve Trade Name
- Renew Trade Name
- Renew Trade License
- Issue Initial Approval
- Issue Branch Initial Approval
- Print License
- License Activities’ Terms and Conditions
- Manage License Contact
- Pay Inspection Fines
- Update Mobile Number
- Issue Legal Contract for License
- Issue Legal Contract
- Approve Legal Contract
- Print Legal Contract
Management Consultants like Commitbiz
The Sharjah Economic Development Department (SEDD) tries to simplify the procedure through offline, online, and auto-renewal systems to cope with the changing regulations and policies. But many new business owners find it hectic to manage these administrative activities on their own. Tackling administrative activities is time-consuming and does not allow business owners to focus on core business activities.
That's where Commitbiz smoothens the gap by providing tailor-made services to our clients for the past 15 years in the UAE market. We have assisted many companies to set up business in the UAE. Our services also include legal services, accounting and bookkeeping, nominee director services, and corporate consulting. Contact us to start your entrepreneurial journey in Sharjah.