Setting up business on UAE mainland is made legally very simpler.
This newly amended 51 articles of the foreign ownership law 2015 with effect from Dec 1/2020
This new decree by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE which enables foreign investors to setup mainland company in UAE without an local Emirati sponsorship and also amended 51 articles of the foreign ownership law 2015.
Companies seeking to have offshore business in UAE can be done without having local sponsorship, according to this new decree.
This historical initiative enables UAE a hotshot in bringing foreign investments which benefits both foreigners and an country growth in faster manner.
As per this new decree it’s now possible to have only foreign nationals as board of directors which in term enables ease of doing business in UAE.
However as per this Cabinet Resolution No. 16 of 2020, companies like oil and gas, utility and transport, and strategic sectors, are exempt from this update.