New rules allowing 100% foreign ownership of companies in the UAE will take effect from June 1, according to a government announcement.
The rule change means that overseas business owners will no longer need an Emirati partner when setting up a new company in the emirate.
“The amended Business Companies Law aims to boost the country’s competitive advantage and is part of the UAE government’s efforts to facilitate business,” said Economy Minister Abdulla bin Touq Al Marri.
The change was first announced last year as one of a number of measures designed to increase overseas investment.
It also expands an existing law in the UAE that came into effect in 2018 which allowed 100% foreign ownership in a certain number of industries.
The move is also likely to spur competition between different Mena states hoping to encourage overseas companies to set up their regional headquarters in their respective states.
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