As per the recent update on UAE company law, the foreign business owners who has the desire to start a company in the UAE will no longer need an Emirati shareholder or agent.
The changes are made to boost the country’s competitive aspects and is a part of UAE government initiative to encourage business. The UAE government announced the law allowing 100% foreign ownership of companies last year whaich was introduced with a mission of attracting investment and foreigners into UAE, but the plan was badly affected by the coronavirus.
The changes to foreign ownership rules are applicable equally to both new and existing companies, as long as they are carrying out activities which fall under the relevant ‘positive lists’.
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