Tuesday, November 24, 2020 – 8:27 PM
Fujairah, November 24, WAM / The Fujairah Chamber of Commerce and Industry appreciated the issuance of the decree amending the provisions of the Companies Law, allowing foreign entrepreneurs and investors the possibility to fully establish and own companies without the need for a specific nationality and the abolition of the condition that binds the foreign company that wants to open a branch in the country. To have an agent from among the citizens of the country, in light of the government’s continuous efforts to develop the legislative environment for the economic sectors in the UAE, and in a way that strengthens its leading position regionally and globally as an attractive destination for projects and companies.
Sheikh Saeed bin Surur Al Sharqi, Chairman of the Fujairah Chamber of Commerce and Industry, affirmed that the amendments contained in the decree enhance the leadership position of the UAE as one of the most important countries in the world attracting foreign capital and enable investors to establish their own companies, taking advantage of its advanced legislative structure, in addition to emphasizing the commitment The state shall consolidate the principles of tolerance consistent with its identity and work to enhance its ability to attract foreign expertise and investments.
For his part, His Excellency Sultan Al-Hindasi, Director General of the Fujairah Chamber of Commerce and Industry, stressed the importance of the new amendments to the Companies Law, indicating that they represent a conscious response from the wise leadership to the requirements of the next stage of economic growth and development, and an important step that reflects the maturity of the national economy, enhances its global competitiveness, and consolidates its position The country as a preferred and trusted investment destination for investors from around the world.
Al-Hindasi pointed out that the amendments provide an opportunity for foreigners to own 100% of companies, which enhances the competitiveness between Emirati and international companies, noting that the new amendments to the Companies Law came in compliance with the requirements of the current stage and in light of the economic growth and development the country is witnessing to prove its readiness and efficiency. In preparation for the next fifty years phase, stressing that these amendments will contribute to increasing foreign investment inflows during the next phase.
WAM / Yacoub Al Raisi / Ahmed Al-Boutly