The UAE government has recently adopted an amendment to the Commercial Companies Law allowing 100 percent foreign ownership of companies | Times of Oman
Abdulla bin Touq Al Marri
UAE allows 100% foreign ownership from June 1
ABU DHABI, 4 hours, 44 minutes ago The UAE Ministry of Economy announced that the amended Commercial Companies Law will come into effect on June 1, 2021, allowing foreign investors and entrepreneurs to establish and fully own onshore companies. The UAE government has recently adopted an amendment to the Commercial Companies Law allowing 100 percent foreign ownership of companies, reported Emirates news agency
Wam. Abdulla bin Touq Al Marri, Minister of Economy, said: The amended Commercial Companies Law aims at boosting the country’s competitive edge and is a part of UAE government efforts to facilitate doing business.
Thursday, 20 May, 2021 - 09:30
UAE Ministry of Economy announced that the amended Commercial Companies Law will come into effect on June 1. WAM Dubai - Asharq Al-Awsat
The UAE Ministry of Economy announced that the amended Commercial Companies Law will come into effect on June 1, allowing foreign investors and entrepreneurs to establish and fully own onshore companies.
The government had recently approved the amendment of the Commercial Companies Law, abolishing the mandatory requirement of having the Local Service Agent, aiming to enhance the resilience of the national economy and supporting it.
It will also increase the attractiveness of the investment environment in the country through openness and flexibility in legislation to provide an economic climate in accordance with the best investment trends and practices and in line with the country s goals for the next 50 years.
UAE to allow full foreign ownership of firms
20th May, 2021 10:31:32
ABU DHABI: The United Arab Emirates announced Wednesday it will lift a cap on non-local ownership and allow full foreign control of business ventures from June 1,
The reform, originally flagged in 2019, will make it easier to do business in the Gulf state and encourage investment, the economy ministry said.
“The amended Commercial Companies Law aims at boosting the country’s competitive edge and is a part of UAE government efforts to facilitate doing business,” said Economy Minister Abdulla bin Touq al-Marri, reports AFP.
The decision abolishes a longstanding law that limits foreign ownership to just 49 percent.
The decision indicates that existing companies have the right to adjust their status Illustrative purpose only Image Credit: File photo
Abu Dhabi: The Abu Dhabi Department of Economic Development (ADDED) has announced a list of 1105 registered commercial and industrial activities that are open for ownership by natural and legal non-citizens enabling them to fully or partially own commercial companies to practice these commercial activities in Abu Dhabi.
The Department’s decision on foreign ownership of commercial activities comes in line with the Federal Decree-Law No. (26) Of 2020 amending the provisions of Federal Law No. (2) Of 2015 on the Commercial Companies Law and its amendments by adding articles that permit the establishment of 100% foreign-owned companies in Abu Dhabi.