The United Arab Emirates (UAE) has been one of the prime destinations for entrepreneurs around the world. The investor-friendly country with ultra-modern infrastructure and excellent growth prospects extends all the possible support to ex-pat and resident businessmen. One of the most sought-after business destinations in the country is the Emirate of Sharjah. It offers phenomenal support to entrepreneurs for PRO Services in Dubai, UAE, and widespread business operations.
Obtaining a trade license in Sharjah is the first step for establishing your business in the region. You can opt for Mainland, Free Zone, or Offshore business license, according to your plans. However, we advise you to discuss your area of focus and business activities with a professional business setup service in Sharjah, for gaining guidance and expert opinion on the best way ahead. This article will elaborate on the top reasons for setting up a business in Sharjah.
The Reasons for Setting up Business in Sharjah
Since the emirate encourages investment for sustaining financial growth, it has formulated the policies accordingly. Hence, obtaining a trade license in Sharjah and a business set up in the jurisdiction of your choice is uncomplicated. The top advantages offered by the business setup in Sharjah are explained in the succeeding paragraphs.
1. Multi-currency Transactions
This is an issue with many other emirates. The regulations will stipulate the transactions in one, two or three types of currencies only. Such a restriction is observed to impede the freedom of entrepreneurs for transacting and impose limitations. Sharjah doesn’t have any restrictions concerning currencies. Therefore, the businesses can transact in the currency of their choice.
2. Easy Formalities for Hiring Office and Commercial Space
The rules for renting an office and commercial space in the region are unfussy. In turn, the business entity can opt for the perfect location that would be conducive for the business and set up the office or commercial space there. Business setup services in the region can help you in getting the spaces at the best location, which would support your growth optimally.
3. Authority Doesn’t Ask for Mandatory Audit Report
A business entity in the emirate of Sharjah doesn’t have to conduct a mandatory annual audit. It turns out a complicated activity for many firms, to undertake the audit and submit the prepared report to the authority. Since it is not a compulsion in Sharjah, the firms can utilize the time for improving productivity.
4. 100% Repatriation of Capital and Profit
The immigrant company owner or shareholder doesn’t have to pay any taxes or duties on repatriation of capital or profit. 100% repatriation of both is offered to business setup in Sharjah. Further, there is no corporate or personal tax charged in Sharjah.
5. A Large Number of Markets
Business firms or companies in Sharjah can make use of the markets around the mainland. It can use the markets optimally to promote and sell products and services. Growing gradually to become one of the top business entities not only in Sharjah but …