Publication
UAE announces Overhaul of Companies Law to Permit 100% Foreign Ownership in Mainland Companies
On 23 November 2020, through a Presidential Decree the United Arab Emirates (“UAE”) has introduced sweeping changes to Federal Law No. 2 of 2015 on Commercial Companies (“Companies Law”), whereby, among other things, it has been announced that 100% foreign ownership in mainland/onshore companies shall be allowed, thus effectively annulling the need for an Emirati shareholder. In this Legal Briefing, we provide our first assessment of the announced changes and their potential impact on the businesses in the UAE.