UAE Ministry of Economy Added 10 New Sectors to 100% Ownership of Mainland Companies

The UAE Ministry of Economy has announced that the UAE would allow investors and entrepreneurs 100% ownership of mainland companies effective from June 1, 2021.

The Ministry of Economy is working on new legislation to include 10 new sectors to the Commercial Companies Law, which allows 100 per cent foreign ownership of mainland companies in the Emirates.

In addition, the mandatory requirement of appointing the Local Service Agent will also be no longer applicable as per the new Commercial Company Law for the selected type of businesses.

This historic legislation in the Commercial Companies Law is in its final stages and we urge our readers and clients to stay connected with Jitendra Business Consultants for more updates.