According to the changes in the United Arab Emirates’ company law, foreigners can now open a company in the UAE without any Emirati shareholder or agent. As per the sources, the law will come into effect from June 1.

As stated by the minister of Economy Abdulla bin Touq Al Marri, changes have been made in the Commercial Companies Law so that the country’s competitive edge can be boosted. It is also a part of the UAE government’s efforts to simplify business procedures.

The UAE announced the law of allowing 100% foreign ownership of companies last year so that it could attract investment and foreigners into the gulf state, which was badly impacted by the crisis caused by the coronavirus.

The UAE had also introduced a foreign investment law back in 2018, according to which foreigners could own up to 100% of some businesses, and they could also own 100% of those registered in assigned business parks known as ‘free zones’.