UAE announces 100% foreign ownership of firms from June 1

Starting June 1, foreign investors and entrepreneurs can fully own onshore companies in the UAE.

That's according to the announcement by the UAE Ministry of Economy, following the recent amendment of the Commercial Companies Law allowing 100 per cent foreign ownership of companies.

Abdulla bin Touq Al Marri, Minister of Economy, said, "The amended Commercial Companies Law aims at boosting the country’s competitive edge and is a part of the UAE government efforts to facilitate doing business."

He added that the amendments introduced by the new law will boost the UAE’s appeal as an attractive destination for both foreign investors, entrepreneurs and talents.

It will further strengthen the country’s position as an international economic centre and encourage the flow of investments to vital sectors.

More from Business