Time sharing required a facility known as "Dynamic Address Translation".
Not on the IBM 704 where it was invented by John McCarthy (of LISP fame).
Timesharing does not require virtual memory. In a fixed memory space, each process can be assigned an area, and the operating system can move among those areas to provide round-robin or interrupt-driven service to each process as needed. Address translation can be done once at program load, and need not be in any way dynamic.