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UAE IMPLEMENTATION OF THE NEW 100% OWNERSHIP LAW

In May 2018, news came from Bloomberg that the UAE were going to ease the rules on foreign ownership (https://www.bloomberg.com/news/articles/2018-05-20/abu-dhabi-mulls-change-to-expat-residency-to-spur-investments) Normally, foreigners have full ownership of their companies in free zones only. Outside of the free zones, companies must find local partners who will hold 51% of the shares. Where do we stand now? How is this new law being implemented? First of all, although in force since the beginning of the year, the law is still a work in progress. However, the authorities have identified sectors that are excluded from this program. Oil, Banking, Financial and Insurance are out of scope; hence excluded from this program. Otherwise, the process is straight forward. Along with the application form, one [...]

By |2019-02-18T13:40:32+00:00February 18th, 2019|News|0 Comments

On the GO…

The Go Freelance permit was launched before the summer by Tekom Group under the umbrella of DCCA (Dubai Creative Clusters Authority). Like the regular Freelance license, it is a sole practitioner structure and the permit is issued under the legal name of the applicant. Under both packages, you can apply for a residence visa. However, the Go Freelance package costs AED 7,500.00* (approx.. USD 2,042.00) to which you must add AED 1,870.00* (approx.USD 509.00) for the establishment card. The total annual cost is AED 9,370.00*( approx.USD 2,551.00). This includes 24h access to the business centre. There are no additional costs incurred by a mandatory lease package and its security deposit! As result, more people can have access to this [...]

By |2018-10-17T11:43:38+00:00October 15th, 2018|News|0 Comments