Sharjah popularly known as the land of business in the UAE, City with the main location in the Middle East, excellent business infrastructure and facilities, business-friendly laws, is the most favourable destination for business mindsets.
Setting up business in Sharjah is something you must explore as there are countless features that make this beautiful city attractive to investments, some of them are: incentives, facilities and privileges given to investors which complement the availability of reasonably cheap labour and the abundance of infrastructure services.
Besides these features, there is continuous growth in demand in every sector of Sharjah due to continued urbanization and modernization of the place. What grabs the attention of any business thinker is the fact that customs duties are as low as 4 per cent on a number of imported goods, which is very low compared to other countries. Customs duties are only 1 per cent for food imports and all imports designated for industrial production sectors, and pure gold bars are exempt in our duties.
So, after going through unique qualities about Sharjah which are mentioned above, if you are planning to start your business in Sharjah or preparing to take over a running business for sale in Sharjah ,here we have compiled Do’s and Don’ts for you, which can help you in achieving your goal without any hurdle :
- Do get a local Sponsor
If you have planned to establish a business in Sharjah than it is better for you to do some research first as rules are different in terms of business registration and licensing. For exploring best business opportunities in Sharjah you must find a local sponsor. Your sponsor should have the nationality of UAE and as per norms, he will own 51% shares of your company. So, find a local partner for your business which will enable to register your business as a Limited Liability Company (LLC). Once you have a local sponsor, you also have the freedom to start your business anywhere in the city.
- Don’t leave things to verbal commitments
In Sharjah, you may find a local sponsor easily who is giving you a verbal commitment. But it is advised that do not go for only such a commitment as until it is not written, it is illegal. After you find a sponsor of your kind, do sign a legal agreement. Make sure everything is legally documented to avoid any future hassles.
- Do get full details about business for sale in Sharjah
If you are planning to buy existing business in Sharjah before saying yes to owner try to get answers to these questions: Is buying a business the best decision for you right now? What do the customers have to say? Why is the seller really getting out? Will the seller keep some skin in the game? After you will get an answer to these questions in your accordance you can show a green flag to the owner.
- Do Choose Your Business license carefully
Business activities usually fall into three categories – Professional, Commercial and Industrial and there may be different authorities who deal in different kind of licenses with a Separate set of supporting documentation. Therefore, choose the business license of your type wisely.
- Don’t jump abruptly into running a business for sale in Sharjah
Don’t feast your eyes on polished and finished walls of the office which is meant for sale, revive the entire history of the business and take your time before making any decision. Do a lot of research and long-term planning, before jumping into running business for sale in Sharjah, as will give you an edge over the competition and will help you stay profitable.
- Do a lot of networking
Sharjah is all about in-person networking and meet & greets. We all know this is the digital era and mailing and socializing is common but these interactions will not take you as far as in-person interaction will. Word-of-mouth publicity is quite effective here. Try to build your own word of mouth. For your business to grow to try to attend conventions, networking events and stay in touch with work acquaintances. Besides this networking events can help you in building skills and also a remarkable client list. So, good luck and take the first step towards your business dream.
- Don’t forget to get the right work visa
If you are a foreign investor you need to get the right work visa first, which truly depends on the time duration and kind of business activity. It is advisable to pay attention to all documentation required and complete your paperwork to ensure your business runs smoothly, once you are in the Sharjah. Don’t worry, getting a business visa is not a tough process in Sharjah as there is a friendly government policy for foreign investors, but it is important to pay attention towards legal documentation and complete paperwork.
- Do explore the culture and local tradition of Sharjah
Don’t just work in Sharjah, Live in Sharjah. Try to immerse yourself in the local culture, learn a few Arabic words and learn about the culture and traditions of the place. Experience local festivals and cuisines. Enjoy the cool night breeze and desert safaris. Enjoy the landscaped, oasis hunting in the desert. Build upon your Sharjah experience and keep on stirring it.
So, if you are an entrepreneur and you are looking to set up business in Sharjah or you are planning to take over running business for sale in sharjah do keep in mind the above do and don’ts. These tips will surely help you go a long way.