Setting up a limited liability company
Do you want to set up a limited liability company online in Sharjah? If yes, then you have landed at the right place.
Prospr is here to help you to form an LLC that unlocks benefits of limited liability to owners while offering flexibility in management and ownerships. Sharjah is the third-largest emirate in the United Arab Emirates.
Foreign investors take good interest in Sharjah company formation as 100% ownership is an attractive incentive. So, if you want to know everything about setup and also about cost of limited liability company setup in Sharjah then continue reading as we are going to shed light on every aspect.
What is an LLC Company?
LLC or a limited liability company is a business entity that unlocks limited liability benefits of its owner.
What does it mean?
In case if a company goes bankrupt or has some outstanding debts then personal assets of owners won’t be used and remain protected. If you are interested in limited liability company formation in Sharjah, you must minimum two and maximum 50 shareholders.
Benefits of setting up a limited liability company
Here are advantages of setting up an LLC in UAE:
- Liability protection: Limited liability is the biggest plus of this legal structure of a company. Liability of every owner is limited to their capital contribution whereas their personal assets will remain intact. In case of bankruptcy or financial issues, personal assets of every shareholder will remain protected.
- Management flexibility: Another benefit of setting up an LLC in Dubai is you are fre to select any management approach that works best for your specific business needs. You are free to run your company with your specific management style.
- Tax benefits: If you set up an LLC in Dubai and your annual profit remains below 375,000 AED then you can enjoy tax benefits. There is 5 percent VAT applicable to every company but if you have turnover less than 3 million, then you don’t need to pay 9% corporate tax.
Why should you set up a limited liability company in Sharjah?
There are millions of countries and regions all around the globe where foreigners can invest their money to set up an LLC. So, you would be interested to know what competitive advantage Sharjah has over other countries and regions. So, let’s dig deep into all those reasons that make setting up a company in Sharjah “an ideal option”.
Full business ownership
Do you want complete control over your LLC without any interference? Well, in that case you need to open a company in Sharjah. It allows you to obtain 100% orwnrshop of a commercial or industrial company.
Tax Competitiveness
The first competitive edge Sharjah has over other jurisdictions is its tax-friendly policies. Beside, the UAE government is quite supportive for investors in Sharjah and other emirates. If you compare corporate tax and other business taxes in Sharjah with other countries, you find out that you will enjoy tax advantages in this region.
Easy company formation
If you want to put your vision into reality within a few weeks then you can do that in Sharjah. It’s because company formation in Sharjah is pretty straightforward. You can speed up the whole business setup process by getting help from Prospr PRO and business setup services. When expert business consultants will work alongside you, you can establish an LLC hassle-free.
Strategic location
Another reason that convinces tons of investors to open a new company in Dubai is it’s strategic location. Sharjah is geographically located close to major transportation hubs. So, if you have an import/export business in mind, certainly it’s a good location to expand your market reach.
Guide about starting an oil and gas trading business in Dubai
How to set up a limited company online in Sharjah
Here is a step by step guide you need to follow:
- Select your business name. It should be exclusive. Verify availability of selected business names with the Department of Economic Development DED.
- Select your business location. You can set up a business in Dubai on the mainland or in a freezone.
- Get business permits and approvals from authorities.
- Submit your legal documents and get DED trade license
- Open your corporate bank account in Sharjah
- Choose a specific office space. Ensure that your business location aligns with specific demands of your business activities
- Once your LLC registration process completes you can start the visa application process for your employees. It’s important for you to follow UAE labor laws and regulations whenever you hire and sponsor an employee for UAE LLC.
Documents required for limited liability company formation in Sharjah
Here is list of some general documents you need to furnish for setting up an LLC in Sharjah:
- Copies of your passport and visa
- Passport copies of all shareholders
- Company bank account statement
- Legal approval and business permits (if required)
- Business license application form
- Trade name certificate
Depending on your nature of business, you need to provide some additional documents. You can get Prospr’s business consultancy services to understand a list of documents you need for limited company setup in Sharjah.
Setting up a limited company cost
The cost of setting up an LLC depends on different factors such as:
- Nature of your business activities
- Scale of your business
- Your business location (mainland or freezone).
The cost of trade license in Sharjah starts from AED 14,900 but you need to ready for extending your budget as other fee will also be included in the overall cost of setting up a limited liability company such as:
- Bank account opening charges
- Legal fees
- Business name reservation fees
- Official space rental fee
- Visa fees
- Other expenses
For comprehensive and precise information on the specific LLC license costs in Sharjah, it’s advisable to connect with a legal and business setup consultant who can offer detailed insights and guidance tailored to your unique business needs and objectives. Their expertise can help you navigate the intricacies of cost estimation more accurately and efficiently.
Read about how to start a real estate business setup in Dubai
How much is the LLC license in Sharjah?
The cost of LLC license in Sharjah depends on what kind of business or company you are going to set up.
If you open a professional company then you will pay AED 18,000 for an LLC license in Sharjah. When you opt for normal trading company in Sharjah, price for LLC license is AED 18500. You need to pay more than 25,500 AED in the first year to set up a general trading company in Sharjah.
Is there a minimum capital for LLC in UAE?
No, there is no minimum capital requirement for LLC in the UAE. However, law requires you to mention the value of the capital in the article of incorporation.
Let’s set up a Limited Liability Company in Sharjah with Prospr
It’s tricky to navigate complex legal requirements and furnish all required documents. But Prospr is here to help you regarding you limited liability company formation in Sharjah. We will streamline the complete process of business formation in Dubai. With years of industry experience, our business consultants will speed up the whole process while keeping all the hassle away from you.
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