New Law Allows Full Foreign Ownership Of Onshore Companies In The UAE

On June 1, a new law comes into force that removes the requirement for onshore companies to have a major shareholder in the UAE. Also, the provision was canceled, according to which a UAE national or UAE-owned company was required as an agent.

“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,” said Economy Minister Abdulla bin Touq Al Marri.

Thus, the country is trying to attract more foreign investors and entrepreneurs, as the inflow of investments will help various sectors of the economy develop.

In general, the UAE is taking interesting steps to attract foreigners. Thus, a special offer was created for talented expats with the possibility of obtaining a visa for 10 years.

“On Saturday, UAE Vice President and Ruler of Dubai, Sheikh Mohammed Bin Rashid highlighted how foreign direct investment into the country grew 44 percent last year to Dh73 billion ($20bn) despite FDI globally decreasing 42 percent, as Covid-19 restrictions limited travel,” write thenationalnews.

Source: thenationalnews

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