Sharjah, Ajman offer 100% ownership to foreign investors

Sharjah, Ajman offer 100% ownership to foreign investors

As the new Commercial Companies Law has become effective in the UAE from June 1, Sharjah and Ajman have announced plans to award 100 per cent ownership in commercial and industrial companies to foreign investors. The Sharjah Economic Development Department (SEDD) on Wednesday announced that it would be implementing the full foreign ownership policy from June 2021. Ajman also cleared more than 1,000 economic activities for foreign investment. "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," SEDD said. 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. Meanwhile, the Department of Economic Development in Ajman (Ajman DED) also decided