The United Arab Emirates will allow the creation of companies for acquisition or merger purposes, the Economy Ministry said on Twitter.
For the latest headlines, follow our Google News channel online or via the app.
The move is part of a series of amendments to commercial companies law aimed at facilitating business and attracting investment into the Gulf state.
Other changes include allowing branches of licensed foreign companies to transform into UAE commercial firms, as well as eliminating nationality requirements for members of companies’ boards of directors, the ministry said.
Previously, the chairman and the majority of the members of a company’s board of directors were required to be UAE nationals.
Read more:
UAE minister urges private sector to adopt shorter work week, adjust benefits
UAE government moves to 4.5 day working week, weekends to be on Saturdays, Sundays
UAE issues new 50 dirham note to commemorate Golden Jubilee
