100% foreign ownership will add more flavour to Sharjah's economy

Over the past few years, Sharjah has solidified its regional and global reputation as a lucrative FDI destination that offers businesses and investors an entire gamut of competitive advantages

- Inayat-ur-Rahman

SHARJAH

The Sharjah Economic Development Department (SEDD) announced that from this month it would be implementing the full foreign ownership policy, allowing investors of natural and legal persons to own 100 per cent 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.

Marwan Bin Jassim Al Sarkal, Executive Chairman of the Sharjah Investment and Development Authority (Shurooq) told Gulf Today that the implementation of the new Commercial Companies Law signals the natural progression of our long-term economic strategy as envisioned and carefully employed by the UAE’s wise leadership to provide global businesses and investors better access to our diverse and high-growth markets.”

He added: “The law also paves the way for those operating in strategic sectors to enter Sharjah’s resilient economic landscape, which is continually enriched by Shurooq’s world-class developments in numerous sectors.”