Last updated Nov 23, 2020
The Independent / – Sheikh Khalifa bin Zayed Al Nahyan, Ruler of the Emirates, issued today, Monday, a federal law decree amending the provisions of Federal Law No. (2) of 2015 regarding commercial companies in the UAE.
According to a press release, according to this decree, 51 articles were amended and new articles were added, most of which focused on reorganizing the provisions for establishing limited liability and shareholding companies, exempting them from a minimum percentage of the ownership of Emirati citizens, and allowing foreigners to establish and own companies 100%.
This decree will take effect from December 1 of this year.
And the Federal Decree Law No. (19) of 2018 regarding foreign direct investment has been canceled, as the amendments to the Companies Law canceled the requirement that the foreign company have an agent who is a citizen of the state.