What You Need To Know To Start A Business In Sharjah Sharjah Business Women Council shares a checklist for aspiring entrepreneurs and business owners to follow for a strong and smooth flight into the vast, lucrative horizons of business
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There has never been a better time for starting your own company in Sharjah or anywhere else in the UAE. That has been the case all along, but now more so with the organizations like Sharjah Business Women Council (SBWC), an affiliate of the NAMA Women Advancement Establishment (NAMA), working tirelessly to promote economic empowerment of women and fostering a culture of women's entrepreneurship in the Emirate and beyond.
Elaborating on the incentives offered by the entity, Mariam Bin Al Shaikh, SBWC's Membership and Services Manager, said: "SBWC offers comprehensive support to women in Sharjah and the UAE, especially young and aspiring female entrepreneurs, in setting up their business. It works to foster a business-friendly environment for aspiring and professional businesswomen through development opportunities and comprehensive solutions. SBWC also offers an exclusive one-stop-shop service, which streamlines applications made by female entrepreneurs, and fast-tracks permits and licenses from SEDD."
Mariam Bin Al Shaikh, Membership and Services Manager, SBWC. Source: SBWC
Now, with the International Monetary Fund (IMF) projecting a 3.3% growth for UAE in 2021, starting your own business in Sharjah appears to be a bright career prospect. Those thinking of starting their business or startup, the good news is that company formation in the UAE is a relatively simple and speedy process with strong incentives. There are a few things one must figure out before getting started. SBWC has created the following checklist for aspiring entrepreneurs and business owners to follow for a strong and smooth flight into the vast, lucrative horizons of business:
1. Choose your business/name/budget Before formally launching your business, you need to nail down the first critical steps. These include the type of business you want to start, the kind of ownership that is right for you, budget, and the trade name for business registration.
Your business can be a commercial, professional, or industrial enterprise, depending on its activities. The nature of your business will decide which business license you must apply for. Then, the type of ownership –owned by a local, foreign national, or a partnership between the two– will determine which licensing entity one should approach.
Most importantly, the trade name under which you register your company must be unique and comply with the Sharjah Economic Development Department (SEDD) stipulations. Be realistic while deciding your budget, which is equally important.
2. Legal structure and share capital The next step in getting started is figuring out the legal structure of your business -commercial, civil, or free zone entity– based on where you will locate it, and the business and ownership type. Thereafter, the share capital of your business, that is, the money invested in it, should be clearly stated in the memorandum of association of your company. Typically, in a startup, the founding entrepreneur is likely to provide all the share capital, retaining 100% control of the company.
SBWC members group photo during "Women Leading the Future of Business' networking event. Source: SBWC
3. Location, staff, and sponsorship Now that you are ready to move into the final phase of registering your company, there are three things you need to tick off before taking the plunge. First, research all viable options before deciding on your business premises. An estimate of the expenditure you are likely to incur –rent and utility bills, among others– will give you a realistic picture of the kind of capital you would require.
Check out the pros and cons of the license you plan to apply for. Check if it allows you to hire employees, whether hiring a manager is mandatory, and if a sponsor is required for your business. Sometimes a local agent may be able to make the birth process of your company easier with their experience in aiding registration processes, and their networking skills.
Now, all that is left do is to launch your business. So, what are you waiting for?