The Sharjah Economic Department plays a crucial role in the business growth of the emirate. It is considered the competent authority for the application of federal economic laws. In addition to being responsible for preparing and implementing economic plans. Another important function is to conduct research and modernize investment systems. The department’s efforts are basically to facilitate investment and to support women entrepreneurs, giving them access to an ideal investment climate.
In this article, we will provide an in-depth analysis of the role that the Sharjah Economic Department plays in business growth. We will examine the department’s initiatives to attract foreign investment, create a favorable business environment, and support local entrepreneurs. Additionally, we will explore the economic impact of these efforts on the emirate. By the end of this article, you will have a comprehensive understanding of the vital role that the Sharjah Economic Department plays. Particularly in the business landscape of the emirate.
Supporting Businesses
The Department of Economic Development Sharjah is responsible for proposing policies and laws that encourage development and provide the necessary incentives. Additionally, you can identify investment opportunities and disseminate these to all investors. In this way, it is responsible for developing policies to address infringing practices and coordinating with the responsible authorities.
You can also study all regional and international variables. In addition, it studies the effects that these have on the commercial movement in the emirate. On the other hand, it periodically issues indicators for both the commercial and professional sectors.
Registering and Licensing Businesses
In order to register your company and obtain your business license, it is important to follow the following steps:
First Step: The first thing you will need to do in this process is determine a business category for the company. Thus, your business must be classified into one of three categories. These are Industrial, Commercial, and Professional.
Second Step: You must now identify and assign business activities to a license. Additionally, you must select them from the Sharjah Economic Department activity list.
Third Step: You must choose the name your company will carry and you must follow the set of rules for choosing a name.
Fourth Step: Next, you need initial approval. For this, you must apply to the Economic Development Department Sharjah.
Fifth Step: It is important that you register your chosen business name now. You will be able to register your name once you have received approval.
Sixth Step: You need to find a decent office space to run your business operations. For this, get approval from Sharjah Municipality and rent the best place for your business. This place may be located on the Sharjah mainland or in one of the free zones in the UAE.
Seventh Step: Prepare all necessary documents to obtain approval from all relevant authority bodies.
Eighth Step: After collecting all the necessary documents, you need to submit them to the government department and get your business license in Sharjah.
Ninth Step: Now, get the fee receipt from the department, pay all these, and clear the charges.
Tenth Step: You must proceed to the DED licensing division once you have completed the initial approval processes and business name registration.
Eleventh Step: Once the fee has been paid, you will obtain your business registration certificate and the corresponding business license.
Attracting Investments
Helps contribute to the development of national investments. In this way, it identifies appropriate activities and manages to attract more foreign investments. In addition, it can prepare and publish decisions and recommendations that help raise awareness among all investors.
It is responsible for providing statistical data and advice, as well as economic indicators and feasibility studies. In this way, you can provide a much more successful business environment in coordination with other parties. In addition, it is responsible for linking business activities with human development policies, education, and environmental protection.
Ensuring Fair Play
This department is responsible for supervising and regulating all economic activities in Sharjah. Although not specifically mentioned, one of their roles is to ensure fair payment. Additionally, the department is responsible for ensuring companies’ compliance with local and federal economic regulations.
One of the missions of this department is to create a business environment that is fair and equitable. In this way, it will help all investors and entrepreneurs who make life in the Emirate of Sharjah.
Although this department does not have a specific role in regulating payments; part of your job of creating a business environment that is fair and equitable can help with this payment issue.
In addition, this department offers a very wide range of services so that companies can establish and grow in the Emirate. In this way, advice on financial issues and all legal issues that the company may present is included.
Enforcing Regulations
The Sharjah Economic Development Department (SEDD) is the entity in charge of licensing businesses in Sharjah. In addition, to enforce business regulations in the emirate. The main objective of the economic department Sharjah is to promote business growth in the emirate. To this end, it offers a wide range of services to help investors establish their businesses. And not only that, it also helps entrepreneurs so their companies can grow.
The Sharjah Economic Department establishes some regulations for companies. The most important thing about this is that to ensure that companies comply with these rules and regulations the SEDD carries out regular inspections. These inspections are carried out by an interdisciplinary group. Furthermore, they may cover all departments or refer to specific departments, services, and areas.
These inspections involve the review of company documents and records. In addition, verification of compliance with local regulations and identification of possible non-compliance. Finally, for people who do not comply with the regulations, the SEDD will be responsible for taking legal action against the companies.
Encouraging Fair Competition
The Sharjah Economic Department seeks to promote fair competition in the market. That is, the idea is to prevent monopolies and ensure the integrity of commercial transactions. In addition, it addresses alliances acts harmful to competition, and controls economic concentration processes. Thus, they can ensure that competition in economic sectors is not weakened and adopt best practices.
In summary, the Sharjah Economic Department seeks to efficiently enforce legislation regarding competition regulation. This regulation is one of the challenges of doing business in the UAE. However, these are things that can be solved if you have the right advice.
The Sharjah Economic Department assumes a set of mandates regarding competition as defined by the Federal Law to Regulate Competition. Specifically, the SEDD exercises the following functions in this regard.
Competition: One function is to implement competition policy in cooperation and coordination. This is in conjunction with the competent authorities of the UAE. For instance, the Ministry of Economy.
Investigation: They also have to request information and investigate practices that violate competition. With this knowledge, they have to address these practices in cooperation with the competent authorities.
Culture: The Sharjah Economic Department has to take measures and procedures to spread the culture of competition and free market principles.
Experts: If necessary, they must hire experts or consultants external to the SEDD. Specifically, when they need to perform any work that is within their regulations.
Studies and training: The Sharjah Economic Department is responsible for conducting studies, preparing reports, and providing information to the public. In addition, it promotes the exchange of knowledge with authorities with powers from other countries.
Economic concentration: The SEDD must receive notifications of restrictive agreements or practices relevant to a dominant position. Of course, according to its modifications and requests for economic concentration.
Economic Development and Support
You should know that the Sharjah Economic Department’s main objective is to encourage investment and business growth in Sharjah. To this end, it offers a wide range of services to help investors establish and grow their companies within Sharjah. Especially, those small companies that use one of the most fruitful ideas for doing business in the UAE.
Currently, SEDD launched its 2022-2024 corporate strategy. Which is a vision that focuses on achieving a competitive, sustainable, and diversified economy. This is to lead the business community of Sharjah to economic well-being.
On the other hand, the SEDD has published the third updated version of the Sharjah Industrial Directory 2022. Which is part of its strategic plan to contribute to the planning and leadership of comprehensive economic development in the emirate. In addition, developing services for clients and strategic partners.
The 2022-2024 corporate strategy of the Sharjah Economic Department (SEDD) aims to achieve a diversified, competitive, and sustainable economy. Which will help the business community in Sharjah achieve economic well-being. This strategy focuses on five fundamental pillars. Among them are innovation, talent development, entrepreneurship, operational excellence, and sustainability.
Finally, the SEDD is committed to improving transparency and efficiency in its services. In addition, to work in close collaboration with other government entities. As a result, the business growth of the Sharjah emirate will be encouraged.
Encouraging Progress and Cooperation
The Sharjah Economic Department works closely with other government entities. This is to promote business growth in Sharjah. To this end, it established a series of initiatives to promote cooperation and business progress in the region.
Below, you will see all the specific initiatives that are in force by the SEDD to promote cooperation and business progress.
Conferences and business events: The SEDD is responsible for organizing business events and conferences. These are intended to provide networking opportunities, and in turn, learning for entrepreneurs in Sharjah.
Business development and training programs: The Sharjah Economic Department offers business development and training programs. This has the function of helping entrepreneurs acquire the skills necessary to succeed in their companies.
Promotion of all investment opportunities: SEDD is currently promoting investment opportunities in Sharjah. Additionally, it works closely with other government entities to facilitate investment in the emirate.
Business support and advisory: The Sharjah Economic Department offers advisory and support services to businesses. This way, they can comply with local regulations and overcome business challenges.
E-commerce platform: Currently, the SEDD implemented an e-commerce platform in the market. Thus, they can help companies expand online to reach new customers. The platform provides resources and tools to help businesses create online stores. In addition, you can manage payments and orders and, in turn, promote your products online.
Business Innovation Center: The SEDD has established a business innovation center to foster innovation and business development in Sharjah. This center offers business advice and support services. In addition, access to new resources and innovative technologies. To help companies develop new products and ideas.
Business Acceleration Program: The purpose of this program is to help businesses grow and expand in Sharjah. This program offers business support and advice.
Providing Business Resources
The SEDD offers a wide range of business advice and support services. The purpose of this is to help businesses comply with local regulations and overcome business challenges. It is important to note that the SEDD carries out regular inspections. This way, they can ensure that companies comply with local rules and regulations.
You will see some of these services in detail below:
Advice on the ideal legal structure for your company: The SEDD provides advice on the ideal legal structure for your company. That is, they will provide you with information about the different legal structures available in the UAE. For instance, individual ownership, civil company, limited liability company (LLC), or branch of a foreign company.
Advice on business visas and work permits: If you are a foreigner and want to have business setup in Dubai Mainland and other freezones in all over the UAE, you will need a business visa. The SEDD provides advice on the different types of visas available depending on your circumstances and needs.
Tax and accounting advice: Corporate taxes are an important consideration when starting a business in any country. The SEDD offers advice on the different tax rules and regulations for companies in the UAE.
Regular inspections: The SEDD conducts regular inspections to ensure that companies comply with local rules and regulations. Otherwise, the entity can take legal measures against companies that do not comply with these standards.
Business Support: SEDD offers business support services to help companies overcome all business challenges. These services include advice on marketing, financing, human resources, and others.
