The government's policy is designed to enhance investment environment in the emirate. WAM

Business Bureau,  Gulf Today

The Department of Economic Development in Ajman (Ajman DED) has opened 100% ownership of economic activities in the commercial and industrial sectors to foreign investors.

In this regard, the department has approved over 1,000 economic activities for foreign investment, except those with a strategic impact, which were agreed upon during the meetings of the Strategic Impact Economic Activities Committee under the Ministry of Economy. Details of such activities will be announced at a later date.

This step aligns with the UAE’s strategic vision of promoting a competitive modern and global investment environment, and the recent amendments to the Commercial Companies Law and in implementation of the decision of the Ajman Executive Council in this regard.

Sheikh Ahmed bin Humaid Al Nuaimi, Representative of His Highness the Ruler of Ajman for Administrative and Financial Affairs and Chairman of Ajman DED, said, “This decision is an important step that translates the new government’s policy and strategic vision by providing competitive infrastructure for investment, and will contribute to facilitating doing business and increasing the attraction of foreign direct investment to various vital sectors in the emirate of Ajman. We will always strive to provide the appropriate investment environment for investors.”

Abdullah Ahmed Al Hamrani, Director-General of Ajman DED, said, “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, which should be continuously and periodically promoted to attract global investments. In line with its quest to develop and improve the investment environment, the department periodically reviews, in cooperation with its strategic partners, the incentives and facilities granted to investors, and constantly communicate with the business community to provide quality and competitive services.”

Meanwhile, the Dubai Economy urges registered businesses to provide Beneficial Owner data. Dubai Economy has called on all business owners in the emirate to provide their Beneficial Owner data to be added in the commercial registry as required by the UAE Cabinet Decision No. (58) of 2020. The legal representatives of a registered business in Dubai can visit the eServices page of Dubai Economy or the outsourced service centres to furnish the Beneficial Owner data required.

‘Beneficial Owner’ refers to those individuals/entities that benefit from owning a registered business. The Cabinet Decision No. (58) of 2020 requires all registered businesses in the UAE to reveal the identity and furnish details of their Beneficial Owner to be included in the commercial registry as part of enhancing corporate compliance in the country in line with international best practices.

The Beneficial Owner data required include name, gender, passport, nationality, residence address and email. All registered businesses in Dubai must register their Beneficial Owner data irrespective of their category (e.g. Commercial, Professional or Industrial) or legal form.

Customers can visit outsourced service centres of Dubai Economy and request to register the Beneficial Owner data upon which they will receive an electronic link to the procedure via text message. The customer can then click on the link and complete the procedure in a few simple steps. Alternatively, customers can log in to https://ded.ae/service_details/en/beneficial_owner and then click on the Add / Modify the Beneficial Owner button. The customer will then be transferred to another screen to enter the Beneficial Owner data of the licence.

The deadline for registering the Beneficial Owner data is 15 June 2021.

Any customer performing a business registration and licensing transaction at Dubai Economy is automatically alerted on the Beneficial Owner data via text message before a payment voucher for the transaction is issued. The customer can then click on the link provided in the text message and enter the Beneficial Owner data required. Business owners requesting Auto Renewal of their licences via text message to ‘6969’ also receive the link to the Beneficial Owner registration.

Meanwhile, the Ministry of Finance (MoF) recently held the second meeting of the Government Financial Policy Coordination Council virtually.

Younis Haji Al Khoori, Under-Secretary of MoF and Chairman of the Government Financial Policy Coordination Council, chaired the meeting alongside Saeed Rashid Al Yateem, Assistant Under-Secretary of Resources and Budget Sector and the Vice-President of the Council.