UAE allows 100% business ownership to foreign investors

UAE allows 100% business ownership to foreign investors

The UAE News web report: Foreign investors can now fully own companies on the mainland without the need for an Emirati sponsor. This follows a decree by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE.

Companies that want to open branches in the UAE can also do so without a local sponsor, according to the decree.

The new decree comes as a step to improve the position of the UAE regionally and globally as an attractive destination for investments and projects.

These reforms are expected to attract foreign investment to the UAE, and the decree also amended 51 articles of the foreign ownership law of 2015.

These measures could reduce costs and improve the ease of doing business in the country. With these changes, it is not mandatory to have an Emirati to be the chairperson of a company. The board of directors also need not have an Emirati majority.

However, companies in sectors that are deemed strategic, like oil and gas, utility and transport, and strategic sectors, are exempt from these changes.

Under the Commercial Companies Law No. 2 of 2015, foreign shareholders could own a