Sharjah is the third most populous emirate of the UAE and has a deep cultural presence. Though this emirate is considered as the cultural capital of UAE, it is also a modern emirate. The emirate provides world-class infrastructure, accessibility to various markets and a politically stable government which are the necessary prerequisites for any investor to consider an investment.
Most of the people think of Dubai or Abu Dhabi when they think of the UAE. This takes off most of the focus off Sharjah, making it a less expensive place. This emirate is suitable for both individuals and families. With the access to ports on both the eastern and the western seaports of the Arabian Gulf, connections to Africa and the Indian ocean, Sharjah provides an excellent opportunity for foreign investors.
Advantages of Setting up a Business in Sharjah
The economy of Sharjah is gradually getting better as the emirate is attracting foreign investment from all over the world. Viewing the increase in the businesses entering the state, the government of the emirate has taken specific steps and provide several advantages to any investor or entrepreneur coming to Sharjah.
Some of the advantages which the business owners can avail by setting up a business in Sharjah are:
No Restriction of any Currency
There is no type of restriction of currency in the emirate of Sharjah. Many other emirates have the provision of a currency restriction which can hamper the business of an investor.
No Mandatory Audit
An organisation set up in Sharjah Mainland does not require to have audited every year. As there is no mandatory requirement of an audit, the time and resources of a company can be put to good use.
However, a company can conduct an audit voluntarily if the management thinks it will be beneficial for the goodwill of the company.
Easy Renting of Office
A business set up in Sharjah can rent an office anywhere in the mainland of Dubai. A business should establish its offices at locations which it feels will be beneficial for the company in accessing raw materials, resources and various markets. An office is a place where the customer can interact with the business and know more about it so that they can avail the proper services.
No Limit on Activities
In many parts of UAE, the business activates of a company are limited, and sometimes it is categorised into various sections. This is not the case in Sharjah. The Business owners in this emirate have the freedom to select the business activity.
There is virtually no capital requirement of any kind. This is a very cost-effective way and will attract investors and from all over the world.
As the company grows, the size and requirements of the company increase. The benefit of having many visas will allow a company to have unhindered access to human resources from all over the world.
Access to Local Markets
The market is located on the mainland of Sharjah. Access to many markets will allow the companies to cater to the various market segments, thus increasing their profitability.
A company in Sharjah need not pay the taxes such as income tax or corporate tax. The only tax needed to be paid Value Added Tax or VAT.
Free Warehousing Facilities
There are places in Sharjah which provide its facilities to the investors, and any investor can store goods in the warehouse for up to two months for free.
A foreigner can owns the 100% of the company which has been set up in the emirate. The foreign investor can also send back all the profits and incomes received back to his home country.
As Sharjah does come into the focus of the people, untapped and skilled labour is abundant in the emirate. In addition to the cheap availability of labour, there are no hidden charges levied upon the company when it is trying to establish itself in the emirate.
There may be other benefits of setting up a business in the emirate of Sharjah, but the advantages mentioned above are some of the core benefits which a company can avail during the business incorporation process.
Future of Sharjah
The future of Sharjah is very bright. Sharjah is expected and estimated to be one of the most lucrative options for foreigners. The ease of setting up a business, various incentives and innovations will play a significant role in bringing in foreign direct investments from all over the world.
The diversification of the economy also plays a significant role in making Sharjah one of an ideal destination for any investments. Now Sharjah is getting more attention from the overseas countries.
It is the perfect time to set up a business in Sharjah, and if you are looking for some help in the company setup process, you can avail the help of "Commitbiz". It is a management consultancy firm which knows company incorporation and the various other related problems such as Tax filing issues, management of assets and intellectual property, etc. For more details, contact us – we will be glad to help.