Friday, June 25, 2021

Sharjah, Ajman open business to 100% expat ownership


SHARJAH 3 June 2021: The Sharjah Economic Development Department (SEDD) announced that, starting June 2021, it would be implementing the full foreign ownership policy, allowing investors of natural and legal persons to own 100 percent of commercial and industrial companies and practice activities in the Emirate of Sharjah.

This decision includes no requirements such as a specific capital or any additional fees for foreign investors, while allowing branches of foreign companies to conduct their business in the Emirate without the need for an agent of a foreign company.

This came in accordance with the decision issued by the department regarding the activities available for foreign ownership, based on the federal and local laws and previous decisions in this regard, especially Federal Decree Law No. (26) of 2020 regarding the amendment of the provisions of Federal Law No. (2) of 2015 regarding the Commercial Companies Law by adding articles that allow foreigners to establish companies and own them fully, said Wam.

Sultan Abdullah Al Suwaidi, SEDD Chairman, said that the Department’s announcement of the list of economic activities available for foreign ownership confirms Sharjah’s eagerness to attract more foreign direct investment and highlights its efforts to enhance its competitive business environment.

These efforts aim to encourage investment in Sharjah, attract more new international investors, and contribute to revitalising the local economy and driving economic development, to enhance the Emirate’s position on the local and global investment map, he continued.

Al Suwaidi emphasised SEDD’s commitment to enabling activities of strategic impact, while supporting to national companies in some activities.

The Department continuously works to provide national companies with investment opportunities to drive economic sectors, he added.

Ajman DED approves over 1,000 economic activities for 100% ownership

The Department of Economic Development in Ajman (Ajman DED) has opened 100 percent ownership of economic activities in the commercial and industrial sectors to foreign investors.

In this regard, the department has approved over 1,000 economic activities for foreign investment, except those with a strategic impact, which were agreed upon during the meetings of the Strategic Impact Economic Activities Committee under the Ministry of Economy. Details of such activities will be announced at a later date.

This step aligns with the UAE’s strategic vision of promoting a competitive modern and global investment environment, and the recent amendments to the Commercial Companies Law and in implementation of the decision of the Ajman Executive Council in this regard.

H.H. Sheikh Ahmed bin Humaid Al Nuaimi, Representative of H.H. the Ruler of Ajman for Administrative and Financial Affairs and Chairman of Ajman DED, said, “This decision is an important step that translates the new government’s policy and strategic vision by providing competitive infrastructure for investment, and will contribute to facilitating doing business and increasing the attraction of foreign direct investment to various vital sectors in the emirate of Ajman. We will always strive to provide the appropriate investment environment for investors.”

Abdullah Ahmed Al Hamrani, Director-General of Ajman DED, said, “The department has prepared a policy of foreign investment and external promotion, which aims to enhance the investment environment in the emirate and provide a competitive investment environment, which should be continuously and periodically promoted to attract global investments. In line with its quest to develop and improve the investment environment, the department periodically reviews, in cooperation with its strategic partners, the incentives and facilities granted to investors, and constantly communicate with the business community to provide quality and competitive services.”

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