Dubai FDI Briefs Investors On Updates To Commercial Companies Law
Virtual Public-Private Connect event, held in partnership with KPMG LG,explains the implications and positive impact of the amended law
Dubai Investment Development Agency (Dubai FDI), an agency of Dubai Economy, hosted a webinar in cooperation with KPMG LG. Senior representatives from the public and private sectors updated foreign investors on the significance of the changes made recently in the federal Commercial Companies Law (Federal Law No. 2 of 2015, the ‘CCL’) at the webinar.
Held on the 12th of July 2021, the webinar titled 'Federal Commercial Companies Law Updates' was part of the Public-Private Connect (PPC) Programme series by Dubai FDI to promote engagement and partnership and update investors on Dubai's business environment.
The UAE Ministry of Economy launched the federal Commercial CompaniesLaw changes on the 1st of June 2021, allowing foreign investors and entrepreneurs to establish and fully own onshore companies.Speakers at the webinar provided information on the amendments, their benefits to existing businesses, and the vast opportunities for new investors.
Along with Dubai FDI, the webinar featured speakers from the UAE Ministry of Economy, the Business Registration & Licensing (BRL)Sector in Dubai Economy, and KPMG,who highlighted the measures being adopted by the UAE to enhance theposition of the country as an attractive, investment-friendly destination for international corporations by enhancing its competitive edge.
Instituted more than 10 years ago, the PPC has emerged as a dynamic platform for the public and private sectors to engage, build partnerships, brainstorm, and network. The PPC has been fostering and sustaining connections between federal and local government entities and private sector stakeholders, including Q&A sessions with key representatives from the government.
Fahad Al Gergawi, CEO of Dubai FDI, said: “The PPC is a platform for information sharing and cooperation while highlighting the various initiatives that promote investments while protecting investors. Regular, sustained conversation with stakeholders is part of Dubai FDI’s strategy to further consolidate Dubai’s position as a growth hub for businesses worldwide.This continuing engagement has enabled Dubai and the UAE to enhance the contribution of private sector companies to development and enable informed decision-making in line with the strategic goals of the UAE. Attendance by leading multinationals and other stakeholders in the webinar confirms the interest of the investor community in Dubai’s ability to facilitate a smooth investment journey, which is reflected in the emirate being a preferred FDI destination globally.”
Hind Al-Youha, Director of the Investment and Talent Attraction Department at the Ministry of Economy, stressed that the amended Commercial Companies Law represents a quantum leap in developing the investment environment in a way that enhances the regional and international position of the UAE as a hub for investment and trade. “The amendment, which isin line with thevision to develop the national economy and raise it to new levels of excellence and leadership, will contribute to enhancing growth and competitiveness in the face of global changes, and accelerate the transition to development models.By providing a competitive legislative environment for establishing businesses and investment projects, it will also enhance openness and the ability to attract more foreign investments in new sectors, diversify and develop the base of non-oil economy, create new job opportunities, and increase confidence among foreign investors through guarantees and facilities, thus creating a solid basis for partnership and cooperation”
Nader Haffar, Chairman and CEO of KPMG Lower Gulf, added: “As the global business community emerges from the pandemic, a supportive legislative environment is key. Businesses must be aware of, and implement, various updated regulations, as they navigate the current reality, simultaneously planning for the future. The UAE government’s move to allow 100% foreign ownership will be instrumental, fueling economic recovery and long-term growth.”
The UAE has always been at the forefront of development, responding promptly to changes in the business ecosystem. The country’s futuristic vision includes facilitation and support to attract and retain global investments in a flexible environment of the highest standards. The webinar was also part of a series of government initiatives and communication platforms to spread awareness and promote knowledge exchangeamong stakeholders and the investment community.