For a Non-Resident Indian (NRI), turning into an entrepreneur has become easy in the United Arab Emirates (UAE) with change in the country’s Foreign Ownership Law announced recently.
The well-off NRIs are being encouraged to invest in UAE and get 100 per cent ownership of the company.
The well-off NRIs are being encouraged to invest in UAE and get 100 per cent ownership of the company.
Effective from June 1, 2021, the UAE Commercial Companies Law changes permit 100 per cent foreign ownership of onshore companies incorporated in the UAE.
Only Abu Dhabi, one of the six emirates of the UAE, has issued a list of 1,105 commercial and industrial activities that can have 100 per cent ownership by non-UAE nationals.
Effective from June 1, 2021, the UAE Commercial Companies Law changes permit 100 per cent foreign ownership of onshore companies incorporated in the UAE.
The recent amendment of the UAE Commercial Companies Law is viewed as a game-changer by businessmen and business experts in the view of fluctuating oil prices and the Covid-19 pandemic, which has caused business havoc worldwide.
“This is a good move by the UAE government, as it would retain wealthy foreigners to remain in the UAE and avail best possible quality of life. Moreover, while doing business they can contribute to UAE’s economy and create job opportunity for locals and youths from the region,” said John K, an NRI businessman from Indian state of Kerala.
The country already had a policy of complete foreign ownership in its free zones, but the amendment in the UAE Commercial Companies Law has now extended to companies throughout the country.
