Sharjah Offers Investors Insights On New UAE Commercial Companies Law
Fahad Shabbir (@FahadShabbir) Published July 17, 2021 | 08:15 PM
SHARJAH, (UrduPoint / Pakistan Point News / WAM - 17th Jul, 2021) The Sharjah FDI Office (Invest in Sharjah) and the Sharjah Economic Development Department (SEDD) recently organised a business seminar to offer insights to investors, entrepreneurs and businesses in Sharjah about the UAE Commercial Companies Law (CCL), which provides the full benefits of 100 percent foreign ownership across 1,289 industrial and commercial activities.
Held in partnership with professional services firm, KPMG, the seminar titled "New UAE Commercial Companies Law and Business Setup in Sharjah" was held at the House of Wisdom, and aimed at offering insights to business professionals, entrepreneurs, and investors on how businesses can leverage the new UAE Commercial Companies Law when setting up operations in Sharjah.
The event featured prominent dignitaries and speakers, including Mohamad Al Musharrkh, CEO, Invest in Sharjah; Ahmed Saif bin Saed Al Suwaidi, Deputy Director of Commercial Affairs at SEDD; and Pascal Cange, Director of Trade and Customs middle East at KPMG.
The UAE had introduced several significant changes to the law that came into effect in June 2021, affecting not only foreign ownership of onshore companies but also transactional issues for UAE corporates. Under the revised law which addresses the need to attract greater foreign investments, new businesses launched onshore can have 100 percent ownership of local operations.
Speaking at the seminar, Al Musharrkh said the amendments have helped boost the country’s competitive advantage and attract foreign capital to the UAE.
The creation of a conducive investment environment for foreign investors, the UAE’s leading role in strengthening healthcare infrastructure during the coronavirus pandemic and the subsequent resumption of trade and travel, will lead to a huge increase in the influx of FDI by 2022, Al Musharrkh added.
In response to a question on the benefits for local and global investors in Sharjah with the updated law, Al Suwaidi said, "In Sharjah, there are no limitations on 100 percent foreign ownership for companies engaged in industrial and commercial activities, and this can be availed without a requirement for capital or additional fees. Foreign investors can set up wholly-owned companies on the mainland across 1,289 business activities falling within the broad umbrella of industrial and commercial sectors."
Under the Federal guidelines, foreign investment has been prohibited in seven strategic impact activities including security and defence; banking, exchange houses and finance-related activities; telecommunications, and fisheries, amongst others, he added.
The new CCL impacts international companies looking to enter the UAE market, companies in the free zone who are keen on exploring opportunities onshore, and existing mainland companies set up with Emirati shareholders, Cange said.
Related Topics
Recent Stories
Journalists call for global action to end Gaza’s humanitarian crisis
CM for generating opportunities to bring direct int'l investment
Pakistan retains position in FTSE secondary emerging market
High Commissioner of Malaysia hosts Iftar dinner reception
NEPRA announces 2nd quarterly adjustment in power bills with Rs 1.68 cut per uni ..
Hoopo Inc. Collaborates with SAU to Install Solar-Powered RO Plant
04 killed in Spain as Storm Nelson looms
Russian military jet crashes into sea off Crimea: Governor
Rain-windstorm/thunderstorm likely at various parts of country
Implementation of Sindh Agriculture Workers Act-2019 demanded
Pandemic accord talks heading for extra time
Khawaja reiterates PM commitment to judiciary
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
2 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
5 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
5 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
5 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
5 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
5 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
5 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
5 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
5 months ago -
SIBF turns spotlight on remarkable contributions of women
5 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
5 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
5 months ago