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August 18, 2021
The UAE cabinet had recently adopted an amendment to the commercial companies act that allows for hundred per cent foreign ownership of companies in the UAE. These changes are now in effect starting from June 1 ,2021, onwards. Announcing the changes, the UAE Minister of Economy, Abdulla Bin Touq Al Marri stated, ‘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. The new changes were introduced by the Federal Decree-Law No. (26) of 2020 that amended some provisions of Federal Law No. (2) of 2015 on +commercial companies.
The Dubai Economy has now issued its clarifications for the procedures required for effecting the hundred per cent ownership change in accordance with the Federal Decree-Law no. 26 of 2020.
New updates related to the hundred per cent foreign ownership:
The UAE has been at the forefront of developing innovative measures to attract the best talent and entrepreneurs to the region, the latest in a series of measures aims at liberalizing business in the UAE, where foreigners make up more than eighty per cent of the population.
Dubai had also recently introduced the ‘Virtual Company Licensed’, which allows global companies to access a regulated e-commerce platform populated by Dubai-based companies while digitally exploring new markets and investment opportunities. The Latest decision seeks to accelerate the UAE’s economic progress and to add to the gains the country has made so far. These strategic decisions enhance the investment attractiveness of the UAE and its advanced position on the global business map, while also reinforcing the competitive advantages that UAE enjoys as an ideal investment destination.