Media ININ Economy We Trust
22-04-2019 Media in\ Abu Dhabi
The Foreign Trade Sector of the Ministry of Economy has declared a maximum of 5 working days for the approval of a foreign direct investment license in the UAE if this project is included in the positive list established under the Foreign Investment Law.
The law, issued at the end of last year, gives the foreign investor the right to 100% ownership of the project in addition to incentives and other competitive advantages, which the business community called a breakthrough for the global economy and is compatible with the changes of the age and developments in the global arena of foreign ownership. .
According to the Ministry of Economy, the privileges and guarantees granted to foreign projects included 10 advantages, including the treatment of licensed foreign investment companies and the transfer of all net annual profits and the transfer of all funds resulting from liquidation or sale, These companies are out of state without restrictions.
The advantages also included the possibility of introducing new partners to the company and transfer ownership to a new investor and amend the contract of incorporation and the statute or change the legal form and the merger or acquisition without being affected by the privileges granted to them.
The ministry confirmed the confidentiality of the information and investment initiatives submitted to the relevant authorities and not the seizure of the project funds or their confiscation except in accordance with the provisions of the law, as well as the granting of the right to foreign investment projects based on retaining all the benefits prescribed before the validity of the provisions of the law and the right to benefit from the prescribed benefits With the guarantee not to cancel or stop or restrict the right to use the properties allocated to the project, in addition to ensuring that the project is not expropriated only for the public benefit in return for the payment of fair compensation.
Regarding licensing procedures, the foreign investor is required to submit a request for approval of his project license to the authority concerned with direct investment in the local government. The specified documents will be issued within a maximum period of 5 working days from the date of submission of the application or fulfillment of all required conditions, documents and procedures.
The competent authority for foreign direct investment shall have the right not to approve the request or submit it to the Investment Committee for consideration in coordination with the licensing authority and after consultation with the local government in the concerned Emirate.
The applicant may lodge a complaint with the competent authority within 15 working days from the date of issuing the decision of rejection and appeal to the competent court within 30 working days if the appeal is rejected or not within 10 working days from the date of its submission and the period of appeal begins with the competent court .
