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The amended Commercial Companies Law, which allows foreign investors and entrepreneurs to form and completely own onshore companies, will take effect on June 1, 2021, according to the UAE Ministry of Economy.
The UAE government recently amended the Commercial Companies Law to allow companies to be owned 100 percent by foreigners.
“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.
The new Commercial Companies Law’s amendments, according to Bin Touq, would increase the UAE’s attractiveness as a desirable destination for international investors, entrepreneurs, and talent. It will boost the country’s status as an international economic hub and promote investment in the country’s most important industries.
Source: The National News
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