Dubai Economy has issued guidelines clarifying the procedures for the full foreign ownership of companies in the emirate.
The UAE's federal law related to full ownership of commercial entities came into effect on June 1.
In Dubai, 100% foreign ownership is available for more than 1,000 commercial and industrial activities excluding economic activities in seven strategic sectors.
A total of 59 investors in the emirate have already taken advantage of the latest decision.
Investors can complete the application procedures through the service channels of Dubai Economy or the 'Invest in Dubai' digital platform.
Dubai Economy clarified that full ownership does not bring any change to current procedures or requirements for licensing, except that it’s no longer mandatory to have an Emirati partner or specify a fixed quota ratio for him/her.
The guidelines also state that no additional fees, guarantees or capital are required for full foreign ownership.
The authority added that though it’s not possible to convert the legal form of a company from LLC (Limited Liability Company) to a Sole Proprietorship under a foreign name as per the existing law, the licence can be transferred to a one-person company with limited liability.
100% foreign ownership is available for more than 1,000 commercial & industrial activities excluding economic activities with a strategic impact, which are in 7 sectors only. The full list of activities open for 100% foreign ownership can be viewed on:https://t.co/jLiaAeLFeR.— Dubai Media Office (@DXBMediaOffice) June 3, 2021