Investors and proprietors in Sharjah can now own 100% stake of their commercial and industrial companies, according to the Sharjah Economic Development Department (SEDD).
The SEDD has announced that from June 2021, the implementation of the entire foreign ownership policy goes into effect with no requirements like 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.
The new policy was introduced through the SEDD’s decision issued 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 concerning amendment of provisions of Federal Law No. (2) of 2015 about the Commercial Companies Law by adding articles that allow foreigners to establish companies and own them fully.
Describing the new policy as highlighting Sharjah’s eagerness to attract more foreign direct investment and efforts to enhance its competitive business environment, Sultan Abdullah Al Suwaidi, SEDD Chairman, it would contribute to revitalising the local economy and driving economic development alongside enhancing the Emirate’s position on the local and global investment map.
The Department was working continuously to provide national companies with investment opportunities required for driving the economic sectors Al Suwaidi said while emphasizing the SEDD’s commitment towards enabling activities of strategic importance.
