The Emirates is going to allow 100% foreign ownership of companies in early June!

Foreigners forming a corporation in the United Arab Emirates would no longer need an Emirati shareholder or agent, according to amendments to UAE company law set to take effect on June 1, according to state news agency WAM. Minister of Economy Abdulla bin Touq Al Marri was quoted as saying, “The amended Commercial Companies Law intends to enhance the country’s competitive advantage and is a part of the UAE government’s efforts to make doing business easier.”

Last year, the UAE implemented a law authorizing 100 percent foreign ownership of businesses, one of many measures attempting to attract investment and foreigners to the Gulf state, which had been severely harmed by the coronavirus outbreak. Foreigners could now own up to 100% of businesses registered in designated business parks known as “free zones” under a previous foreign investment law passed in 2018.