Abu Dhabi (UNA-OIC) – The UAE Ministry of Economy announced that the amended Commercial Companies Law will come into effect on June 1st, 2021, allowing foreign investors and entrepreneurs to establish and fully own onshore companies.
The UAE government has recently adopted an amendment to the Commercial Companies Law allowing 100 percent foreign ownership of companies.
Minister of Economy Abdulla bin Touq Al Marri said, “The amended Commercial Companies Law aims at boosting the country’s competitive edge and is a part of UAE government efforts to facilitate doing business.”
Al Marri stated that the amendments introduced by the new Commercial Companies Law will boost the UAE’s appeal as an attractive destination for both foreign investors, entrepreneurs and talents. He added that the amendments will further strengthen the UAE’s position as an international economic center and encourage the flow of investments to the country’s vital economic sectors.