The UAE Ministry of Economy announced that the Commercial Companies Law will come into effect starting June 1, allowing investors and entrepreneurs to establish and fully own companies in economic activities, according to a statement released today, Wednesday. The UAE government recently approved an amendment to the Commercial Companies Law, eliminating the requirement for investors and global companies wishing to open a branch within the country to have a local agent.
This decision aims to enhance the flexibility of the national economy, support it, and elevate the attractiveness of the investment environment in the country to global levels through openness and flexibility in regulations to provide an economic climate in line with modern investment trends and practices, aligning with the nation's goals for the next fifty years.
For his part, UAE Minister of Economy Abdullah bin Touq Al Mari stated: "The implementation of the amendments to the Commercial Companies Law starting next June is a new step reflecting the importance the UAE government places on supporting the economy across various sectors and enhancing its readiness for the future, especially as the law comes within a comprehensive vision for the country to strengthen its position as a global investment hub."
He added: "We recognize in the UAE the importance of encouraging investors and entrepreneurs and their pivotal role in achieving economic development. We are keen to provide an integrated and flexible investment environment that enables them to implement vital projects that support the national economy."
The Commercial Companies Law facilitates the establishment and operation of businesses in the UAE, increases the attraction of foreign direct investment across various vital sectors, develops and creates new quality projects, increases the diversification of the economic base, enhances its productivity, and supports innovation and research and development capabilities in the country, as well as attracting talent and competencies.
