Emirate of Sharjah & Ajman joined Dubai in approving full 100 per cent ownership in Industrial and Commercial businesses.Sharjah:
From this month (June), The Sharjah Economic Development Department (SEDD) has started implementing 100 per cent foreign ownership which can be done without any requirements such as a specific capital or any additional fees. The approval also enables 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 which can be done through omitting and removing all barriers facing investment projects and investors, by reducing burdens on business establishments.” Said Sultan Abdullah bin Hadda Al Suwaidi, Chairman.Ajman:
With 1,000 approved activities, the Department of Economic Development in Ajman (Ajman DED) decided to open up full ownership in the commercial and industrial sectors to foreign investors, with the exception of “economic activities with a strategic impact”.
“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.” Abdullah Ahmed Al Hamrani, Director-General of the Ajman DED said.