Tuesday 19 October 2021 - 9:53:27 am

SEDD approves 100% foreign ownership of commercial, industrial companies in Sharjah


SHARJAH, 2nd June, 2021 (WAM) -- 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.

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.

 

WAM/Amjad Saleh/Tariq alfaham