UAE To Grant 100% Ownership to Investors from This Date

The UAE’s Ministry of Economy to permit 100% full ownership of companies to investors starting June 1. The UAE announced in November that foreign nationals would be allowed to own 100 per cent of commercial companies within the country, eliminating the need for a UAE national to hold the majority share. Under new legal amendments, businesses can be fully established by non-Emiratis. 

السماح للتملك الكامل للشركات من قبل المستثمرين ورواد الأعمال ابتداءً من 1 يونيو 2021
ووزير الاقتصاد يؤكد أن القرار خطوة جديدة تعكس الأهمية التي توليها #حكومة_الإمارات لدعم الاقتصاد وتعزيز جهوزيته للمستقبل@Economyae pic.twitter.com/PSfwSYlJl7

— UAEGOV (@uaegov) May 19, 2021

Abdulla bin Touq Al Marri, the Minister of Economy, said: “The amended Commercial Companies Law aims at boosting the country’s competitive edge and is a part of UAE government’s efforts to facilitate doing business.”

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has said the UAE now enjoys a fertile legislative environment for foreign direct investors in order to enhance the nation’s competitiveness.

While speaking at the Seventh edition of Sharjah Economic Ramadan Majlis, Abdulla Al Saleh, Undersecretary of the UAE’s Ministry of Economy for Foreign Trade and Industry, said this landmark legislation in the Commercial Companies Law was in its final stages of formation — and that it would enable investors and business in 10 new sectors of strategic importance to come under the purview of the law.

Al Saleh said the cancellation of the national service agent requirement came into force on April 1, and also affirmed that all current and previously licensed businesses in the UAE can amend their statuses according to the new amendments to the commercial companies' law.

“Legislations that have been issued or those that will be enacted soon seek to increase the country’s competitiveness for both local and international investors, and advance business performance. These legislations are not the outcome of a crisis, but follow a clear vision of the country’s economic future envisioned collaboratively by federal, local, and private sector stakeholders,” Al Saleh said.

Image Source: ARN

This article was previously published on UAE Moments.To see the original article, click here