Dubai issues guidelines for full foreign ownership of companies

A total of 59 investors in Dubai have already taken advantage of the new law that went into effect on June 1, the department said.
The changes to the commercial company ownership laws, which were first announced in November last year, remove the requirement for onshore companies to have a major UAE shareholder.
They also abolished a provision mandating that a UAE national or UAE-owned company was required as an agent and that a company's board needed to be made up of a majority of UAE nationals and chaired by an Emirati, Abdulla bin Touq Al Marri, Minister of Economy, said on May 19.

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