Company Formation in UAE, company formation in Sharjah, Trade license in Sharjah
If you’ve chosen for company formation in UAE, it could be a game-changing move in your business journey. The transition of the UAE from an oil-dependent economy to a non-oil economic sector has created a myriad of opportunities for new-age entrepreneurs. According to recent stats, the UAE’s economy grew 4.3% year-on-year in the fourth quarter of 2023 while non-oil GDP rose to 6.7% in the same period. This indicates strong economic growth through non-oil sectors, outperforming the overall GDP.
Owing to strategic government initiatives to promote entrepreneurial spirit across different zones are serving as strong pillars of the UAE economy. In tandem, company formation in Sharjah is gaining significant popularity and entrepreneurs from across the world are moving towards UAE, especially to the SRTIP free zone.
Comprehensive guide: Company formation in UAE
To embark on a legally compliant business setup process, here’s the checklist for company formation in Sharjah.
Business activity
It is crucial to nail down the initial steps of the process before launching your business in the UAE. Since Sharjah is recognised for its cultural heritage, determine your business activity for company formation in Sharjah accordingly. This step is followed by deciding the right trade name and estimating a budget for the setup and launch.
Legal structure
Knowing the legal structure of your company is critical as it will be based on your exact location and determine the business ownership. This will also help you decide the capital investment and share of your business if you are planning to bring in a business partner. Typically, when an entrepreneur invests in a company setup alone, he /she sails through the process by retaining 100% control and profits.
Trade license in Sharjah
The next step is to apply for a trade license in Sharjah which will help you establish and operate legally in the region. It varies from zone to zone. For instance, in SRTIP free zone, you can apply for business licenses related to tech innovation, service-based business, etc. This will help you protect yourself from heavy penalties related to non-compliance.
Company registration process
Once you receive approval on your trade license in Sharjah, the next step is to gear up for your company registration process. You need to begin with preparing for your business documents, and identity verification – proof of address, shareholder details, business plan, etc.
Corporate bank account opening in Sharjah
As part of the process of company formation in UAE, it is necessary to apply for a corporate bank account. The region boasts a list of reputed corporate banks that cater to your business needs and offer services tailored to startups and established companies. You will need to compile your necessary business documents, trade license and company registration details to facilitate the process.
Obtaining visa and permits
Company registration and formation are followed by obtaining visas and necessary permits. The ease of the process attracts skilled talent and entrepreneurs from across the globe. Entrepreneurs need to apply through the Sharjah Free Zone Authority by submitting necessary documents like passport copies, business registration documents, licenses, visa applications, etc. The visa ranges from investor visas to employee visas, depending on the role in the company. Once approved, visa holders can stay and work in the UAE without restrictions on their travel.
Final Thoughts
Company formation in the UAE, particularly in Sharjah can be a strategic move for entrepreneurs looking to innovate and make a mark in the Middle East. However, understanding the process is significant and it is imperative to get in touch with an expert team of professionals who can guide you through each step of the process.
If you’re also looking for a seasoned team, connect with the SRTIP Accelerator and navigate through the process seamlessly.
