UAE to allow 100% foreign ownership of companies in June – WAM – Reuters

uae foreign companies ownership
UAE
  • Date: 20-May-2021
  • Source: Reuters
  • Sector: Economy
  • Country: UAE
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UAE to allow 100% foreign ownership of companies in June – WAM – Reuters

Foreigners opening a company in the United Arab Emirates will no longer need an Emirati shareholder or agent under changes to UAE company law that will go into effect on June 1, state news agency 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 announced the law allowing 100% foreign ownership of companies last year - one of several steps aimed at attracting investment and foreigners into the Gulf state, which was badly hurt by the coronavirus crisis.