The Dubai International Financial Centre.
PHOTO BY ARCHIVE
DUBAI – In another landmark rule by the UAE President, expatriates will be able to have 100 percent ownership of their businesses in the UAE starting on December 1, 2020.
The amendment to the UAE Commercial Law, issued by President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, was announced on Monday (November 23).
This means that expatriates will no longer need to have UAE nationals as sponsors when putting up a business in the UAE.
Sheikh Khalifa’s latest amendments affects 51 articles in the law, and mainly focuses on regulations on the provisions of establishing companies with limited liability shareholding.
Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced the amendments to the law.
Sheikh Mohammed said the UAE wants to cultivate a fertile legislative environment for businesses in order to enhance the country’s competitiveness. ICA/Expat Media
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