UAE plans to include 10 new sectors to the companies law, allowing for 100% foreign ownership

UAE plans to include 10 new sectors to the companies law, allowing for 100% foreign ownership

The UAE's Ministry of Economy is working on new legislation to include 10 sectors to the commercial companies law, which allows 100 per cent foreign ownership of onshore companies in the country, a senior official has said.

The legislation, which will enable investors and business in '10 new sectors of strategic importance' to come under the purview of the law, is in its final stages of formation.

The list of sectors and the regulations associated with their entry into the local market will be announced by the UAE Cabinet soon, confirmed Abdulla Al Saleh, undersecretary of the Ministry of Economy for Foreign Trade and Industry said at the Sharjah Economic Ramadan Majlis.

Al Saleh added that the cancellation of the national service agent requirement came into force on April 1.

He also stated that all current and previously licenced 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,” he said.

“These legislations are not the outcome of a crisis, but follow a