Dubai – Most Gulf countries do not allow foreign ownership of companies. The UAE law stipulates that nationals must own at least 51% of the company’s share capital, while the remaining 49% may belong to foreigners. However, this rule is not applicable for companies that offer professional or service activities. Foreigners are allowed to own 100% of such companies but there must be a local Emirati who is hired as a Service Agent for administrational works.
Dubai is one of seven Emirates, which form the United Arab Emirates (UAE). The Government is fully committed to maintaining a stable, proactive and pro business environment. It has created a liberal but soundly based regulatory framework and sponsors a large number of imaginative and growth promoting initiatives. Dubai is the ideal starting point to develop business in the Middle East, the Asian Subcontinent, East Africa, the eastern part of the Mediterranean, the previous Soviet Republics and Central Asia. Abu Dhabi, Sharjah, Ajman, Fujairah, Umm Al Quwain and Ras Al Khaimah are the other Emirates of the UAE. (Swiss ILC/mc/hfu)