Dubai: The Sharjah Economic Development Department (SEDD) has started implementing 100 per cent foreign ownership for investors from this month (June).
This is done without any requirements such as a specific capital or any additional fees for foreign investors. The decision also includes allowing branches of foreign companies to conduct their business in the emirate without the need for an agent of a foreign company.
“SEDD is keen on to continuously improve the business environment, by facilitating and simplifying carrying out the business in Sharjah,” said Sultan Abdullah bin Hadda Al Suwaidi, Chairman. “This can be done through omitting and removing all barriers facing investment projects and investors, by reducing burdens on business establishments.”
Ajman approves 1,000 activities
The Department of Economic Development in Ajman (Ajman DED) also decided to open up full ownership in the commercial and industrial sectors to foreign investors. More than 1,000 economic activities for foreign investment, with the exception of “economic activities with a strategic impact”.
Abdullah Ahmed Al Hamrani, Director-General of the 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.”