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UAE allows 100% ownership of businesses for foreign nationals from December 1, 2020
Helpxpat News: The UAE has scrapped the need to have UAE nationals as sponsors, thus allowing expatriate investors 100 per cent ownership with effect from December 1, 2020. The move is in line with a federal law issued by President His Highness Sheikh Khalifa Bin Zayed Al Nahyan and which amends Law No. 2 of 2015 on companies and their shareholding.
The long-awaited 100 per cent ownership by foreign nationals of companies licensed and registered in the UAE is allowed as per Cabinet Resolution No. 16 of 2020. In recent years, individual emirates allowed foreign national owned companies to acquire the remaining stakes on a case by case basis. The latest amendment thus extends the scope of that significantly.
Under the existing CCL, foreign shareholders are restricted to own only up to a maximum of 49 per cent in a ‘limited liability company’ (LLC) operating as an onshore UAE business. The law, therefore, requires an Emirati individual or 100 per cent Emirati-owned company to hold the balance 51 per cent share as a local sponsor.
The new law has amended 51 articles of CCL and added new ones, mostly focusing on the regulation of provisions of establishing companies with limited liability shareholding.
The UAE Cabinet Resolution in March 2020 determined the ‘Positive List’ of sectors and economic activities in which the FDI law is permissible and the percentage of ownership is 100 per cent in companies outside free zones. However, this remained subject to certain criteria being satisfied.
Can I legally drive my friend’s or colleague’s car in UAE?
Frequently asked expat questions..
Need to go for an urgent work meeting and don’t have your car with you? Perhaps you could request a colleague to lend their car to you? Or maybe your friend just bought a brand new sports car, which you would like to take out for a spin. What are the legal implications of driving a car that is not registered under your name in the UAE? Here is all you need to know…
1. You must always have a valid driver’s licence Regardless of whose vehicle you are driving, it is imperative that you have a driver’s licence which is accepted in the UAE. This could be a UAE driver’s licence or in the case of tourists, an international driver’s licence. Article 51 of the UAE traffic law stipulates that a person who drives a vehicle without a driving licence, or drives a vehicle he/she is not licensed to drive shall be jailed for up to three months, or fined up to Dh5,000, or both.
In the case of UAE residence visa holders, only a UAE driving licence is accepted. If you are on a tourist visa, you can drive in the UAE on an international driving licence.
2. You must have permission to drive the vehicle Whether it is a friend or colleague, it is essential that you only drive a vehicle if the owner has provided his or her permission. Article 394 of Federal Penal Code states that a person shall he sentenced to detention for a term not exceeding one year and/or to a fine not in excess of Dh10,000, if they use a car or scooter or the like without permission or approval of its owner.
Note: Contact Helpxpat at 042622554 for all your relocation queries.
How UAE diabetics can guard themselves against COVID-19 complications
uSpeaking to Gulf News, Dr Bithika Thompson, Endocrinologist, Mayo Clinic, Arizona, US said diabetics in general risk complications when they were sick and COVID-19 was no exception. “Diabetic patients are not at higher risk of contracting COVID-19 infection, rather they experience more severe symptoms, particularly those people whose glucose control is not optimal. Among patients who are hospitalised due to COVID-19, a higher proportion of them has diabetes.”
While the UAE’s National Health Survey approved by the World Health Organisation (WHO) and released in 2019 show that the overall incidence
Helpxpat Receives Commitment to Excellence Gold Award at Cartus 2020 Global Network Conference
DANBURY, CONN. (October 15, 2020) – Helpxpat was honored for outstanding performance at Cartus Corporation’s 2020 Global Network Conference, held virtually from October 7-16, 2020. The Cartus Global Network is Cartus’ industry-leading worldwide service provider network. Each year, Cartus recognizes the companies and individuals in the Network who have provided extraordinary service to their customers and clients worldwide. The theme of this year’s conference was “Foresight is 20/20.”
Helpxpat was named winner of the Global Network Commitment to Excellence Gold Award for its exceptional service results. This award recognizes a supplier’s measurable commitment to excellence and is presented to Global Network service providers who have distinguished themselves by achieving critical performance metrics.
“Cartus Global Network providers are the support network for our transferees during such an important time in their lives and career. We are proud to have such a strong team who values professionalism, work ethic, attentiveness, and commitment to excellence above all else,” said Eric Barnes, CFO and Senior Vice President of Supply Chain Management. Helpxpat is one of the Cartus Global Network providers who exhibits this caliber of excellence.”
Helpxpat has constantly been striving to provide excellent support to the relocating transferees ensuring that they obtain support through each step, to make the transition as smooth and stress free as possible
“Cartus has always maintained rigorous criteria and performance standards for their Network providers, but also for the recipients of the Gold Commitment to Excellence award,” said Fiona Redford, Supply Chain Director, Cartus. We’re proud to be a part of Cartus’ Global Network, and to have received this honor, which recognizes our mutual commitment to quality, superior service and to finding innovative ways to provide that service in the changing face of relocation.”
If you prefer to contact us directly, please visit our website, call us on +97142622554 or email us on enquiry@helpxpat.com
Distinct working programme introduced by Dubai for overseas professionals.
This programme launched by Dubai allows working professionals to interact with other professionals overseas.
This initiative allows families to move smoothly while being able to connect with their co-workers, business partners seamlessly while enjoying a high-quality lifestyle where the foundation is well-structured connectivity.
His Excellency Helal Saeed Almarri, Director General, Dubai’s Department of Tourism and Commerce Marketing said: “Dubai is uniquely positioned to offer a safe, dynamic lifestyle opportunity to these digitally savvy workers and their families while they continue to work remotely, whether it is for a couple of months or an entire year.” His Excellency Sami Al Qamzi, Director General of Dubai Economy, said: “The virtual working programme further strengthens Dubai’s status as a global business hub and demonstrates its progressive thinking and sustained competitiveness in today’s rapidly changing global landscape.
The fact that Dubai is leading number 1 in the global ranking for e-infrastructure according to the DQL survey, makes it the best place for SME’s, start-ups, and entrepreneurs to start their business because of the new programme adding to the emirates value proposition.
With its advanced infrastructure, global connectivity, and pro-business ecosystem, the virtual working programme gives Dubai a significant opportunity to enhance business practices and maximise growth.” His Excellency Hamad Buamim, President & CEO of Dubai Chamber of Commerce and Industry, said the launch of the virtual working programme strengthens Dubai’s position as a world-class business hub that attracts top talent, companies, and investors from around the world.
To apply for the annual programme, https://www.visitdubai.com/en/sc7/travel-planning/travel-tools/work-remotely-in-dubai. The programme costs US$287 plus medical insurance with valid UAE coverage and processing fee per person.
Criteria for eligibility under the new programme include:
• Passport with minimum 6 months validity
• Health insurance with UAE coverage validity
• Proof of Employment from current employer with a one-year contract validity, a minimum of US$5,000 per month salary, last month’s payslip, and 3 preceding months’ bank statements
• If the applicant is a company owner: proof of ownership of the company for one year or more, with an average monthly income of US$5,000 per month, and 3 preceding months’ bank statements.
Through the programme, applicants can obtain all services in Dubai, including telecoms, utilities, and schooling, enabling them to experience the distinctive lifestyle enjoyed by people of over 200 nationalities. Applicants will also benefit from Dubai’s zero income tax for individuals.
For those looking to broaden their contacts, Dubai is the first major global destination to fully open up its MICE sector internationally, providing opportunities for networking events and face to face engagement, which are vital factors in accelerating the revival of key sectors.
For any relocation related assistance such as visa, immigration, or home search services in the Middle East, please contact our team on: https://helpxpat.com/
Helpxpat Relocation New Website Launch Announcement
We are pleased to announce the launch of our brand new website! After few weeks of hard work and dedication, we are delighted to officially announce the launch of our new website.
Our goal with this new website is to provide our visitors an easier way to learn about our services and solutions and also to allow the visitor to browse information based on their own choice. The new website is creative, interactive and gives better access to web pages. Our current and prospective clients will find useful information about our services on the homepage of our website.
We will be constantly updating our content with helpful information, articles, newsletters, company announcements and client successes in the Blog section. We hope you find the new website with a fresh look, easy to access information and we wish to establish this website as a source of information for those who visits our site.
We would also like to thank our colleagues and IT team at Helpxpat who donated their time and energy to make this site what it is.
For any questions, suggestions, feedback or comments, please contact us.
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Recent Posts
- UAE allows 100% ownership of businesses for foreign nationals from December 1, 2020
- Can I legally drive my friend’s or colleague’s car in UAE?
- How UAE diabetics can guard themselves against COVID-19 complications
- Helpxpat Receives Commitment to Excellence Gold Award at Cartus 2020 Global Network Conference
- Distinct working programme introduced by Dubai for overseas professionals.
