TheCable

Mohammed bin Rashid Al Maktoum, prime minister of the United Arab Emirates, says foreign investors can now get 100 percent ownership of businesses in the country.

In a tweet on Sunday, Al Maktoum said the UAE cabinet also reached a decision to loosen its visa rules for investors and innovators.

“At today’s cabinet meeting, we decided to allow 100% foreign ownership of companies in UAE, with a 10 year visa for investors, scientists, doctors, engineers, entrepreneurs and innovators,” the prime minister tweeted.

“The UAE has always welcomed, and always will, innovators and business leaders.”

At today's Cabinet meeting, we decided to allow 100% foreign ownership of companies in UAE, with a 10 year visa for investors,scientists, doctors, engineers, entrepreneurs and innovators.
The UAE has always welcomed, and always will, innovators and business leaders pic.twitter.com/N93MqK89Rp

— HH Sheikh Mohammed (@HHShkMohd) May 20, 2018

According to Al Maktoum, the ministry of economy has been directed to coordinate its affairs in order to implement the resolution which will be enforced by third quarter of 2018.

“This decision will be enforced by third quarter this year,” another tweet read.

“Our open society, tolerant values, excellent infrastructure and flexible legislation offer the best environment for international investment and exceptional talent.

This decision will be enforced by third quarter this year .
Our open society, tolerant values, excellent infrastructure and flexible legislation offer the best environment for international investment and exceptional talent. pic.twitter.com/kdOVX02q4L

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— HH Sheikh Mohammed (@HHShkMohd) May 20, 2018

Current laws in the country states that companies are required to have a local partner with minimum 51% ownership.

An exception was only applicable to companies operating in the free zones.

The new plan is expected to result in a clear boost for emerging small businesses in the UAE.

In Nigeria, no foreigner has 100 percent business ownership.