UAE to allow investors full ownership of firms from June 1

UAE to allow investors full ownership of firms from June 1

The UAE on Wednesday announced that it would allow investors and entrepreneurs full ownership of companies starting June 1, 2021. Minister of Economy Abdullah bin Touq in a tweet confirmed that the latest decision is a new step that reflects the UAE government’s commitment to supporting the economy and enhancing its readiness for the future. In November 2020, the UAE announced that the of businesses would take effect from December 1, 2020. However, after widening the scope of sectors eligible for full ownership by foreign investors, the law is now ready for roll out from June 1, 2021. The long-anticipated and widely discussed reform, which will have game-changing implications on the investment landscape of the nation, was approved by President His Highness Sheikh Khalifa bin Zayed Al Nahyan last year. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has said the UAE now enjoys a fertile legislative environment for foreign direct investors in order to enhance the nation’s competitiveness. Last month, the UAE’s Ministry of Economy also said it was working on a new legislation to include 10 new sectors to the Commercial Companies Law, which allows 100 per