Source: WAM, Esraa Ismail/Mohammed Aamir
UAE Ministry of Economy announced that the amended Commercial Companies Law will come into effect on June 1st, 2021, allowing foreign investors and entrepreneurs to establish and fully own onshore companies.
The UAE government has recently adopted an amendment to the Commercial Companies Law allowing 100 percent foreign ownership of companies.
Abdulla bin Touq Al Marri, Minister of Economy, 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."
Bin Touq added that the amendments introduced by the new Commercial Companies Law will boost the UAE’s appeal as an attractive destination for both foreign investors, entrepreneurs, and talents. It will further strengthen the country’s position as an international economic center and encourage the flow of investments to the country’s vital economic sectors.
Last month, 10 new sectors of strategic importance were included under the purview of the updated Commercial Companies Law.