Abdulla Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade and Industry has
revealed that a landmark legislation in the Commercial Companies Law, allowing 100 % foreign
ownership of onshore companies in UAE, is almost complete. This will enable investors and
businesses in 10 new strategically important sectors to come under the purview of the law. The
UAE Cabinet will soon announce the list of sectors and the regulations associated with their entry
into the local market .
Al Saleh added that the cancellation of the national service agent requirement came into force on
April 1, allowing all current and previously licensed businesses in the UAE to update their status
according to the new amendments to the commercial companies law.
This announcement was made at the 7th edition of Sharjah Economic Ramadan Majlis, organised
by Sharjah Investment and Development Authority (Shurooq) in collaboration with the Sharjah
Chamber of Commerce and Industry (SCCI) and Sharjah FDI Office (Invest in Sharjah) at Sharjah
Research Technology and Innovation Park (SRTIP).
The Majilis convened senior government officials, diplomats, investors, prominent business
leaders, and media representatives. under the title: ’The role of the New Industrial Strategy and
Commercial Companies Law in developing the national economy and enhancing its
Al Saleh commented: "Legislations that have been issued or those that will be enacted soon seek to increase the country’s competitiveness for both local and international investors, and advance business performance. These legislations are not the outcome of a crisis, but follow a clear vision of the country’s economic future envisioned collaboratively by federal, local, and private sector stakeholders. The future depends primarily on attracting innovative talents who will lay the
foundations of economies of the future.”
Mohammad Juma Al Musharrkh CEO of Invest in Sharjah added: "The UAE keenly amends and updates economic legislation to accommodate the changing needs of global investors and lighten the burden on business owners and entrepreneurs, in order to promote strong economic growth and boost the local economy’s competitiveness."
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