BREAKING! UAE AMENDS COMPANIES LAW TO EASE FOREIGN OWNERSHIP NORMS

The UAE's President His Highness Sheikh Khalifa bin Zayed Al Nahyan has approved amendments to the country's Commercial Companies Law, allowing foreign nationals full ownership of companies.

The changes will allow foreign entrepreneurs and investors to fully establish and own onshore companies without an Emirati national as the majority shareholder.

Foreign companies can also open their branches in the UAE without a local agent.

As per the latest decree, some of the provisions and rules for limited liability and shareholding companies have been reorganised, while the Federal Decree Law No. 19 of 2018 regarding foreign direct investment has been cancelled.

The changes are aimed at improving the UAE's position regionally and globally as an attractive destination for investments and projects.

رئيس الدولة يعتمد تعديلات في قانون الشركات تتيح لرواد الأعمال والمستثمرين الأجانب إمكانية تأسيس الشركات وتملكها بشكل كامل دون الحاجة لاشتراط جنسية معينة. #حكومة_الإمارات pic.twitter.com/K4aLkm36lC

— UAEGov (@uaegov) November 23, 2020