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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
The UAE cabinet is in the final stages of introducing a law to allow 100 percent foreign ownership of industries in the country, officials said on Sunday. Sultan Bin Saeed Al Mansouri, the UAE’s Minister of Economy, told reporters that the law was intended to attract foreign businesses to the UAE.
“The law to allow 100 percent foreign investment is ready, but still under study and should be finalized within the next two months. We are especially looking into certain sectors such as hi-tech and hi-value,” he told Gulf News.
“A lot of (international) industries want to move here, provided the industrial law comes. So we must create the right environment,” he added.
Currently, foreigners need a local sponsor to own at least 51 percent of the company if they want to set up shop outside free zones.
Officials from all the emirates in the country have been evaluating the benefits and costs of taking such a step for quite a while now.
In March last year, Al Mansouri had said that the law allowing for 100 percent foreign ownership would be passed within the next six months. “We will allow 100 percent foreign ownership wherever it helps the economy,” he had said at the time.
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