From June 1st, 2021, people from other countries are allowed 100% business ownership of companies. Earlier, to start a company, expats had to have an Emirati shareholder or an agent.
The previous foreign investment law in 2018 permitted foreigners to own 100% of certain businesses outside of the free zones. With the new law being implemented in June, expats can now own businesses across the UAE and are not limited to the free zones.
The Minister of Economy-Abdulla bin Touq Al Marri 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.”
The amendment to the law was proposed in the year 2020 and the government of UAE has decided to bring it into effect from the month of June in 2021.
This move will be a boost in the arm for the economy of the region and will improve the prospects of the region’s trade and industry.
Source: www.transportandlogisticsme.com