Sharjah launches instant trade licences using AI at its publishing free zone

Dubai: Sharjah is offering AI-generated trade licences, allowing new businesses to set up under the Sharjah Publishing Free Zone.

“It only takes three minutes to issue a trade licence,” said Mohammed Al Musharrkh, CEO of Sharjah FDI Office. “The technology captures all the data from the applicant’s passport. Users can then input their business details on a platform similar to ChatGPT (Open Al’s chatbot and virtual assistant).”

The interface, which falls under the management of Saeed (Sharjah Investors Service Centre) identifies the economic activity the applicant would like to be in and provides the legal setup structure for the licencing process.

“Once you agree on terms and conditions, the system asks if you own other companies,” the CEO added. “If that does not exist, the system will allow you to go to the payment page.”

Payment for the trade licence can be made through mobile payment services like Samsung Pay or Apple Pay. “Following this, you have your trade licence,” said Al Musharrkh.

The process is available only in the Sharjah Publishing Free Zone.

Further rollout?

The AI-generated trade licence will eventually be rolled out to five more of Sharjah’s specialised free zones and eventually to mainland businesses. “It depends on how the service performs under the Sharjah Publishing Free Zone,” he added. I believe it would make Sharjah Publishing Free Zone a preferred destination for opening businesses.

“It simplifies the business set-up process. Entrepreneurs needn’t go to Saeed to set up a business. They can do it from their homes.”

In January, the Sharjah Publishing City Free Zone had launched an instant licence service, which also provides the memorandum of association, lease agreement for office space, and a share certificate for one shareholder.

It also includes a certificate of formation and a business activity certificate. Entrepreneurs can choose up to three activities from over 1,500 options and have an unlimited visa quota for their staff, streamlining the process of securing visas.

Invest in Sharjah

Al Musharrkh remains optimistic about Sharjah’s foreign direct investment outlook for the upcoming financial year. Sharjah’s FDI skyrocketed with 44 per cent more projects in Q1-2024, following 2023’s record-breaking 2,064 per cent surge in greenfield FDI, attracting $2.75 billion and creating over 1,500 jobs.

“We are projected to have a 10 per cent increase in FDI this year,” added Al Musharrkh.