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UAE to allow Full Foreign Business Ownership

UAE will now allow 100% foreign ownership of businesses

As part of major reforms in the country, UAE President, Sheikh Khalifa bin Zayed Al Nahyan, issued a decree on Monday, November 23, allowing foreign nationals 100 per cent ownership of commercial companies within the country and will take effect from December 1, 2020 – as per report in The National

Companies will no longer be required to have an Emirati national as a majority shareholder in onshore companies, nor will they be required to have a UAE national or a local company as registered agents.

The decree, in addition, supersedes the UAE Federal Law No. 19 of 2018 on Foreign Direct Investment (FDI Law). It also includes certain provisions and regulations related to limited liability and joint stock companies aimed at attracting foreign capital and further boosting the local economy reported State News Agency WAM.

Under current UAE law, foreign shareholders can own a up 49% of a locally registered company, with a local partner holding the 51% majority.

The law has come as part of landmark reforms of the UAE government’s efforts to boost the local economy and open up business investment opportunities for all nationalities, as per local media reports.

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