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MENA Legal | 100% foreign ownership in the UAE now allowed?
President His Highness Sheikh Khalifa Bin Zayed Al Nahyan has issued a decree (Decree) overhauling UAE Federal Law No. 2 of 2015 on Commercial Companies (CCL) and UAE Federal Law No. 19 of 2018 on Foreign Direct Investment (FDI Law).
For more information about the FDI Law please refer to our news alert from November 2018.
Amongst others, the Decree annuls the requirement for commercial companies to have a Emirati shareholder (51% ownership) or local agent, providing full foreign ownership of onshore companies.
At the time of publication of this news alert, the details of the Decree have not been published yet. Many questions remain unanswered, starting with the specific number of the Decree and its date of effectiveness. It is also not clear whether the new rule applies to all companies or only newly established companies.
MENA LEGAL remains in regular contact with the local authorities to obtain more detailed information on the new Decree and will continue to monitor developments in this area and keep you informed.
MENA LEGAL will be happy to assist you with any of your questions in relation to this Decree, feel free to contact us at:
info(@)mena-legal.com
Kind regards,
Your MENA LEGAL Team
