UAE to Allow Foreigners 100% Business Ownership from June 1
People of other nationalities wanting to open a company in the United Arab Emirates will not require an Emirati shareholder or agent effective June 1, according to a Rueters report quoting state news agency WAM.
Minister of Economy Abdulla bin Touq Al Marri said: "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 law was proposed last year and the UAE Government has now decided to bring it into effect from this June.
This move will provide a fillip to the region's trade and industry.
A foreign investment law of 2018 allowed foreigners to own up to 100% of some businesses outside free zones but now all industries have been opened up.