Financial freedom starts with your decision to break the employee mentality and become your own boss. And with the UAE free zone statistical growth continuing to rise, there’s no better way to start achieving a new level of independence than by launching your own company in a free zone in Sharjah.
Like any other new endeavor, becoming a businessman in Sharjah can be a bit daunting if you don’t know where to begin. To help you out, compiled here are some of the most important things you need to do when establishing a company in a free zone from the ground up.
4 Steps in Starting a Sharjah Free Zone Business
Starting a business entails a universal formula: plan, create, and legalize. The same process is applicable to Sharjah free zone companies, except for a couple of minor details, as indicated below:
1. Decide on a Niche and Business Type
Before you can get a head start on your very own Sharjah free zone company, you must first do some research about what niche you would like to pursue. When selecting a niche, you should consider your passion and strengths as well as the complexities of the trade.
That said, you should try to identify whether there are companies already thriving in your chosen category. Knowing your competition would allow you to gain a good grasp of which areas to focus on and how you can expand from there.
After that, you should choose the type of legal entity your business would become. For Sharjah, you can decide to have a free zone limited liability company (FZ LLC) or a free zone establishment (FZE). Based on official information from the UAE government, the key difference between the two lies in the number of shareholders or partners involved in the company.
2. Come Up with a Plan
Planning is an integral part of any endeavor — and starting a business is no exception. After researching your niche, you should be able to come up with a viable business plan.
For the uninitiated, a business plan is like a roadmap for the endeavor that brings all your thoughts and ideas together. It should also indicate your priorities and goals, both in the near future and in the long run.
3. Create Your Brand: Business Name and Logo
Creating a brand isn’t as complicated as it sounds. In fact, it can be quite easy if you have already made up your mind about what you want to sell, to whom you want to sell it, and the image you want to build your company with.
After that, the next thing you need to do is bring it all together in one unique and catchy name that will serve as your company’s identification. You should also draw up a memorable logo that you would put in your office and everything else related to your business.
However, you must remember to choose a trade name and logo that do not violate public morals in Sharjah and do not mention any religious names, as well as those already used by governing authorities and other external bodies. It should also follow the company’s legal form (FZ LLC or FZE), must be unique from all previously registered trade names, and must be in line with your chosen niche or industry.
4. Register Your Business
Before you can register your company in the UAE free zone, you must first complete the necessary documentary requirements to be submitted to the respective Freezone authority.
After that, you need to apply for a trade name, license, and the necessary permits which will depend on what type of business services or products you are offering. The different types of business licenses include:
5. Commercial or trade
Ready to Achieve Financial Freedom?
Setting up a business in Sharjah can be challenging, but it is far from impossible if you have the right knowledge and help from experts. Be prepared to reach for success by learning about the most important tasks you should accomplish. Choose the perfect business setup partner in establishing your firm to help you get one step closer to financial freedom.
About the Author
Raj Herry is the Founder and Chairman of Flying Colour Business Setup Services. His extensive experience comes from more than 15 years in the field of company incorporation for Dubai Mainland, all Free Zones across the UAE and offshore companies worldwide. He also owns several business centres offering furnished and ready-to-move offices in Dubai.