UAE Ministry of Economy announced that the amended Commercial Companies Law will come into effect on June 1st, 2021, Foreigners opening a company in the United Arab Emirates will no longer need an Emirati shareholder or agent effective of June 1
This decision has been long-anticipated and will have a major effect the countries global standing. Last month, a senior official confirmed that the UAE’s Ministry of Economy was working on new legislation to include 10 sectors to the commercial companies’ law.
“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,” Minister of Economy Abdulla bin Touq Al Marri was quoted as saying.
This is the latest decision is a new step solidifying the UAE government’s commitment to supporting the economy and its plans for the future.