Can you finally own your company in the UAE?
The government has reiterated that it is working on a new law to allow 100 percent foreign ownership of companies in the UAE.
September 14, 2009 9:51 by Aarti Nagraj
“We are trying to push 100 percent ownership for the whole country, but Dubai alone cannot do it,” Khalid Al Kassim, the deputy director general for economic and sector development at Dubai’s Department of Economic Development (DED) told Khaleej Times in May this year.
Ras Al Khaimah already has a service agent system for commercial licensing, according to which, expatriates can hold 100 percent ownership of their projects without an Emirati sponsor. However, while the commercial licenses are officially registered by expatriates, they need an Emirati service agent who does not bear any legal responsibility, but whose name is mentioned at the bottom of the license.
The move, which was introduced in September 2007, was part of the emirate’s efforts to pull in foreign investment. But the system does not apply to 18 commercial licenses.
Will the UAE stick to its plan and introduce the law within the next two months? Or are more delays inevitable?
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2 Comments
maybe they will do what they did for international city licenses.. issue them when you buy a property then change it so you need a local sponsor in the following years.. too many flip flop laws here these days to consider moving out of a freezone just yet… been here too long to really believe that the sponsorship system will be pushed to one side.. it just does not fit in with the local work ethic of money for nothing.. too many people will loose easy income for doing nothing… somehow I cannot see it stick.. buy hey I hope i’m wrong…
Further delays are inevitable. This doesnt seem to work in the interest of the UAE citizens and there is a certain degree of unemployment among them. This could be a smokescreen attraction