The UAE Ministry of Economy announced on Wednesday that the amended Commercial Companies Law will come into effect on June 1, 2021, allowing foreign investors and entrepreneurs to establish and fully own onshore companies, reported Emirates News Agency (WAM).
The UAE government has recently adopted an amendment to the Commercial Companies Law allowing 100 percent foreign ownership of companies.
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“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 Abdulla bin Touq Al Marri, Minister of Economy.
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.
Amended UAE Commercial Companies Law allows 100 pct foreign ownership from June 1