In December 2020, the UAE government introduced key amendments to the UAE Commercial Companies Law, notably:
- Removing the requirement for foreign branches to appoint a local UAE national service agent; and
- Removing the requirement for 51% of the shares in a limited liability company to be held by a UAE national.
The changes to the foreign branch NSA requirements took effect on the 31st of March while those related to LLC ownership were officially ‘implemented’ on the 1st of June 2021.
In our second episode, Legal Manager Hermione Harrison and Managing Partner Yann Mrazek discuss foreign ownership changes in the UAE, and elaborate on the steps and processes of terminating local agents & local partners.
See our publication: Increased foreign ownership in mainland entities – Preparing for the transition
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