The Undersecretary for Foreign Trade and Industry at the Economy Ministry has announced amendments to the country’s Commercial Companies Law are being considered. If approved, they will allow 100% foreign ownership of onshore companies in the UAE.
The amendments are being finalised. It will enable investors and business in 10 sectors of strategic importance to benefit from the Law.
The relevant sectors and the associated regulations will be included in a Cabinet Decision which will be issued soon.
They added the cancellation of the national service agent requirement came into force on 1 April. It means all existing businesses in the UAE can amend their statuses in line with the Commercial Company Law amendments approved last year.
To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.
Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.