The Sharjah Chamber of Commerce and Industry (SCCI) organized today a workshop to familiarize its employees with the businesses available for foreign ownership and the legal forms regulating this matter in addition to discussing mechanisms of implementing Federal Decree-Law No. (26) of 2020 amending the provisions of Federal Law No. (2) Of 2015 on Commercial Companies.
Entitled “Investors Guide for Foreign Ownership Businesses” and held at the SCCI’s headquarter the workshop was and attended by HE Mohammad Ahmed Amin Al Awadi, SCCI's Director-General, Mariam Saif Al Shamsi, Assistant Director-General for Support Services Sector, Abdulaziz Shattaf, SCCI Assistant Director-General, Members Services Sector and Director of Sharjah Exports Development Center.
Also present were Ibrahim Rashid Al Jarwan, Director of Economic Relations and Marketing at the Sharjah Chamber, as well as other heads of departments, a number of employees from the chamber.
Dr. Muddathir Abdullah Ali from the Sharjah Economic Development Department (SEDD) delivered the workshop, explaining the type of businesses available for foreign ownership across various sectors that exceed more than 1289 commercial and industrial ones.
He also outlined the type of businesses limited to Emiratis, which were restricted to 10 sectors, namely real estate, electronic trading, auto economic activities, legal advice, and businessmen services, call centers, taxis, passenger transport by public transport, labor supply, and accreditation licenses.
Al Awadi stressed the importance of organizing the workshop, which comes in line with the Chamber's strategy aimed at developing the skills of its employees and enhancing its functional competencies so as to support the sustainable development process in Sharjah and upgrade the services provided to the business community.
He said the new law would not have been possible had it not been for the forward-looking vision and wise policy pursued by the UAE leadership, and also represents an ideal response to the needs of the next stage of growth and economic development witnessed by the UAE.
The workshop made it clear that companies can still stay sponsored by Emirati partners, and that there is no requirement for a specific capital to practice the businesses allowed to be owned by foreigners, in addition to that no additional fees are imposed to engage in businesses subject to foreign ownership.