Nearly every country keeps a restricted list, often called a negative list, and the sectors on it are strikingly consistent worldwide even though the details differ. Land and agriculture top the list, with many countries barring or limiting foreign ownership of farmland and sometimes all real estate. Media and broadcasting are commonly capped or closed to protect domestic voices. Defense, aviation, shipping, banking, insurance, telecoms, and energy typically require government approval or cap foreign equity. Some countries also protect small retail, reserving corner-shop-scale commerce for citizens while allowing large-format foreign retail under conditions.
The mechanisms vary: outright prohibition, equity caps requiring a local majority partner, mandatory screening of foreign investments above thresholds, or licensing regimes where approval is discretionary. Free zones often suspend these limits within their boundaries, which is why so many foreign businesses register there.
Your specific plan needs checking against the current official list, because these rules shift with governments and trade agreements. The country's investment promotion agency publishes the restricted sectors, usually in English, and a short consultation with a local corporate lawyer will tell you whether your sector needs a partner, an approval, or nothing at all.