DUBAI: Foreigners opening an organization in the United Arab Emirates will now not want an Emirati shareholder or agent underneath adjustments to UAE firm regulation that can go into impact on June 1, state information company WAM reported on Wednesday.
“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,” Minister of Economy Abdulla bin Touq Al Marri was quoted as saying.
The UAE introduced the regulation permitting 100% foreign ownership of companies final yr – one of a number of steps geared toward attracting funding and foreigners into the Gulf state, which was badly harm by the coronavirus disaster.
A earlier foreign funding regulation in 2018 allowed foreigners to personal up to 100% of some companies, and foreigners may already personal up to 100% of these registered in designated enterprise parks often known as “free zones”.
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