Meet UAE's First 100% Owned Non-National Company: Amber Packaging in Ras Al Khaimah

Meet UAE's First 100% Owned Non-National Company: Amber Packaging in Ras Al Khaimah 


UAE is now allowing foreign companies to invest and own 100% ownership to increase investor confidence to set up Business here and enjoy tax free secure environment.

An Indian LLC company, owned by Mr Dharamdev Bhatt becomes the first sole 100% owner as result of UAE's revised commercial companies law.

Company which was initially set up under shareholder ratio of 51% in favor of RAKIA (RAK Investment Authority) and then shifted to RAKEZ (RAK Economic Zone) and 49% in favor of Mr Dharamdev Bhatt, the Indian Owner has now been restructured to be 100% owned by Mr Bhatt as per Federal rules to allow companies to be owned by non-nationals.

Now, Amber Packaging, a company is fully owned by Mr Dharamdev Bhatt. The revised companies law initiated on December 1, 2020 now comes in full effect from June 1, 2021. The law defines categories where non-uae nationals are allowed 100% ownership thus making them feel more safe to invest and set up large investment companies here in UAE's Business friendly environment.

The law clearly segregates which sectors can be owned 100% and which sectors will still need local partners on board.

Abu Dhabi has already come up with a list of 1105 companies, each emirate will soon publish a similar list making UAE, one of the most investor friendly countries to do Business in.

The sole authority to issue trade licenses in the emirate of Ras al Khaimah is RAKEZ (RAK Economic Zone).

The lists of each emirates will be available soon, to be the first to be notified, send us an email on sanjay@ghomesdxb.com and mention in subject, "I wish to to be informed when there is any more news on companies law regarding 100% ownership in UAE".

source: gulfnews

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