100% Foreign Ownership in Dubai, 100% Foreign Ownership Dubai – Spectrum

100% Foreign Ownership Dubai — Spectrum Dubai

The Commercial Companies Act was amended by the United Arab Emirates, allowing for Dubai-based businesses to be 100% Foreign Ownership Dubai. Beginning on June 1, 2021, the Dubai policy of 100% foreign ownership in Dubai will be in effect. The Commercial Companies Law has been changed, according to UAE Economy Minister Abdulla Bin Touq Al Marri, to strengthen the nation’s competitiveness. The UAE government is allowing 100% foreign ownership in Dubai as part of its aim to transform the nation into a corporate haven.

The Federal Decree-Law No. (26) of 2020 introduced the newly revised law. It altered a few clauses in Federal Law №2 of 2015 on many commercial enterprises. The Dubai Economy has also released its standards for the steps necessary to implement the Federal Decree-Law №26 of 2020’s 100% Foreign Ownership Policy.

What Has Changed Since 100 % foreign ownership Dubai Rule Took Effect?

The Commercial Companies Act’s recent change, which allows for 100 % foreign ownership in Dubai, has opened up a huge window of opportunity for the businesses who had been waiting for it. The following are some of the changes that have been made to the prior act:

  1. More than 1000 commercial and industrial licences for 100% ownership were approved.
  2. Without incurring any additional fees, existing trade licences have been amended in accordance with the modification.
  3. The UAE Government also said that no new funding is needed to modify the companies’ current trade licences.
  4. The UAE does not permit full foreign ownership of “professional licences.”
  5. The necessity to appoint a National Service Agent, or NSA, is no longer applicable to international enterprises’ UAE offices.
  6. Commercial activities covered by the policy on 100 % foreign ownership Dubai are now permitted in the UAE, including general trading, the sale of gold, pearls, jewellery, cars, high-end watches, and food, among others.
  7. The industrial operations that are now permitted under this new amendment include, among others, the manufacture of water, paint, food, flooring, and building materials.
  8. In accordance with the recent modifications, the trade licence of the company may be impacted by a decrease in the Emirati partner’s share capital or a complete withdrawal of the Emirati partner.
  9. With a limited liability structure and 100% foreign ownership in Dubai, a limited liability corporation can now be converted to single-person ownership.

The UAE has always been at the forefront of creating cutting-edge strategies to promote trade in the area. To liberalise business in the UAE, the 100% foreign ownership Dubai is now in place. In this wealthy nation, foreigners make up more than 80% of the population.

After receiving the necessary authorities’ clearance, businesses can now convert to joint-stock companies. Additionally, they can begin selling through initial public offerings (IPOs), and the cap has been increased from 30% to 70% of the company.

Dubai — The Global Capital of Investment

Spectrum Accounts — Dubai

Additionally, Dubai had unveiled a brand-new project dubbed the Virtual Company License. It aims to make it possible for businesses everywhere to use an e-commerce platform while still adhering to legal requirements. Large Dubai-based enterprises reside there. The portal offers companies the option to research new markets and investment opportunities online. The UAE government’s most recent decision is expected to hasten the country’s economic growth and add to the benefits already made.

Such strategic choices improve the chances for investment in the UAE. The United Arab Emirates has a prominent position on the world commercial map, and the recent changes to the law will strengthen its advantages over other countries in the global marketplace.

How Spectrum Helps You?

A full-service accounting and auditing firm with a Dubai location, Federal Tax Agency, UAE has recognised Spectrum Auditing and Accounting as a tax agent. We provide VAT Agency & Audit services throughout the UAE, including Dubai, Abu Dhabi, Sharjah, Ras Al Khaimah, Fujairah, Ajman, and Umm Al Quwain. In addition to Tax Audit Service, we offer a wide range of Value Added Tax (VAT)-related services, including Tax Advisory Services, VAT Implementation Services, VAT Return Filing, VAT Compliance Review, TAX Consultancy Services, and Tax Agent Services.

In addition to the mandatory Value Added Tax (VAT), we also have expertise in a range of business services, such as accounting, auditing, mergers and acquisitions (M&A), company formation and liquidation, country by country reporting (CbCR), business advisory services, and others. We are a renowned, top-tier provider of accounting services thanks to our extensive expertise, skill, and reputation.

Address

305, Hamsah — A,
Ansar Gallery, Al Karama,
Dubai, United Arab Emirates.
P.O.Box : 379682

Call us today on Tel: +971 4 269 9329 |
E-Mail: info@spectrumaccounts.com

Website: https://www.spectrumaccounts.com/

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