Foreign shareholding in taxi and inter-city shuttle services companies is limited to 49%.
"Interpretation
1. (1) In this Act, unless the context otherwise indicates -[...]
"foreign assets" includes freely convertible foreign currency, and any currency, credits, rights, benefits or property, whether corporeal or incorporeal, obtained by the expenditure of foreign currency or, except as regards currency of Namibia which has not been obtained by the expenditure of foreign currency, belonging to a foreign national, and the returns derived from such credits, rights, benefits or property;
"foreign national" means -
(a) a person who is not a citizen of Namibia;
(b) a company incorporated under the laws of any country other than Namibia;
(c) a company incorporated within Namibia in which the majority of the issued share capital is benefically owned by foreign nationals within the meaning of this definition;[...]
"Namibian" means a citizen of Namibia and includes a company incorporated under the laws of Namibia in which the majority of the share capital is owned by Namibians within the meaning of this definition.
[...]
Business activities of foreign nationals
3. (1) Subject to the provisions of this section and the compliance with any formalities or requirements prescribed by any law in relation to the relevant business activity, a foreign national may invest and engage in any business activity in Namibia which any Namibian may undertake.[...]
(2) For the purposes of any law governing the establishment and carrying on of any business activity or the taxation of the income, or any other aspect, of any business activity, a foreign national shall be in no different position than any Namibian, except as may be otherwise provided by this Act.
(3) No foreign national engaged in a business activity or intending to commence a business activity in Namibia shall be required to provide for the participation of the Government or any Namibian as shareholder or as partner in such business, or for the transfer of such business to the Government or any Namibian: Provided that it may be a condition of any licence or other authorisation to or any agreement with a foreign national for the grant of rights over natural resources that the Government shall be entitled to or may acquire an interest in any enterprise to be formed for the exploitation of such rights.
(4) The Minister may, by notice in the Gazette, specify any business or category of business which, in the Minister's opinion, is engaged primarily in the provision of services or the production of goods which can be provided or produced adequately by Namibians, and, with effect from the date of such notice, no foreign national shall, subject to the provisions of section 7(3), through the investment of foreign assets, become engaged in or be permitted to become engaged in any business so specified or falling within any category of business so specified.
(5) Any law relating to natural resources or any licence or other authorisation granted under such a law conferring rights for the exploitation of such resources, may provide for the granting or enjoyment of such rights to or by Namibians on terms more favourable than those applicable to foreign nationals. [...]" (Foreign Investment Act No. 27 of 1990, as amended)
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"Under section 3(4) of the Foreign Investment Act, 1990 (Act No. 27 of 1990), I specify the following businesses and categories of businesses as businesses and categories of businesses which, in my opinion, are engaged primarily in the provision ofservices or goods which can be provided adequately by Namibians -
(a)  retail businesses, unless a foreign national who intends setting up any form of retailing business of any size in Namibia, has first sought and obtained the permission of the Minister of Trade and Industry;
(b)  public transport services (taxi and shuttle services within and between towns); and
(c)  hair salon, hair dressing, and beauty treatment services.
With effect from the date of publication of this notice in the Gazette, no foreign national shall, subject to section 7(3) of that Act, through the investment of foreign assets, become engaged in or be permitted to become engaged in any business so specified or falling within the category of business so specified." (Government Notice 75 (Government Gazette, 15 April, 2010, No. 4460))
Foreign Investment Act No. 27 of 1990, as amended
Government Notice 75 (Government Gazette, 15 April, 2010, No. 4460)
[<a href="https://media.namiblii.org/files/legislation/akn-na-act-1990-27-eng-1993-12-01.pdf">Act</a>],[<a href="https://gazettes.africa/archive/na/2010/na-government-gazette-dated-2010-04-15-no-4460.pdf">Notice</a>]