Picture for illustration purposes only.
PHOTO BY ARCHIVE
DUBAI – From December 1, 2020 the UAE will implement a major change in investment procedures to allow full ownership by foreigners of their business in the country.
Under the new law, expatriates and foreigners can now own 100 percent of their business in the UAE without a UAE national as a partner or sponsor.
“Various companies from across the world, which are planning to start their businesses in the UAE, would benefit from this new change. This is an amendment to the Federal Law No. 2 of 2015 on commercial companies,” Abdulla U.C., legal consultant of FranGulf Legal and Business Consultants, told Expatmedia.net.
“This is another step to bring in more investors to the UAE and for the better development of the economy,” he added. Abdullah said the law applies to businesses with a minimum investment of Dh2 million.
Changes to the UAE Commercial Law will also impact the share market where shares or stocks are traded.
“Companies usually split their shares and trade in the share market. Previously, only 30 percent of the stock could be traded in the share market, whereas now 70 percent could be traded in such platforms,” Abdulla said. ICA/Expat Media
FranGulf Legal and Business Consultants has offices across the UAE with experts to assist investors in protecting their businesss in the UAE. Email [email protected], call +971 585597700 or get in touch via Facebook or Instagram.
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