Sharjah Business
Although not as well-known as Dubai, Sharjah is still part of the United Arab Emirates. It is the third-largset Emirate, and since 1995 almost 9,000 foreign companies have set up bases there. The country is very open to foreign business and investment, but starting a business there is rather complex. To do it properly, a company needs a good lawyer, and knowledge of the proper methods of business establishment. Here are the steps to follow to start a Sharjah business.
1. Reserve your business' name withe the EDD, or Economic Development Department. This is done by filling out the Trade Name application, which can be found on the EDD website. Once the application has been approved, your business will get a letter of approval.
2. Set up a business account at a local bank. Sharjah business requires a minimum capital of AED 150,000 for an LLC, and this structure is well-received because business owners are only liable for the amount they contribute and not the entire liability. When the money has been deposited, a Certificate of Deposit is issued; it will be needed during the registration process.
3. Get a notarized Memorandum of Association; a lawyer should create the MOA and ensure its compliance with Sharjah business law. Each of the memorandum's clauses serves to clarify the duties of the company's directors and officers, and notarization signifies that the document meets legal requirements. The MOA process takes less than a day, and costs on average about $2,700.
4. Seek a preliminary license, which will depend on the field chosen. For example, if the business sells video media, it will need a Ministry of Information license. The EDD has a list of licensing ministries on its website, and the appropriate forms are also available there. If all paperwork is in order, a preliminary license will be issued; your attorney will know the cost of this step of the process.
After your business has completed those four steps, it must register with the Ministry of Economy. This is done by taking the notarized memorandum of association, the Certificate of Deposit, trade name approval and preliminary license to the MOE office. That office will forward the business name to the licensing and registration sector, which will then issue the permanent license.
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