DED committee to study allowing GCC nationals to form foreign partnership firms without locals
- United Arab Emirates: Sunday, January 27 - 2013 at 09:07
- PRESS RELEASE
The Department of Economic Development (DED) in Dubai has formed a committee to study requests from GCC nationals to allow them set up partnership firms with foreigners without an Emarati partner.
The committee, headed by Ahmed Ibrahim, Director of Business Registration in the Business Registration & Licensing (BRL) Sector in DED, comprises representatives from DED and its agencies.
"DED continues to streamline the business sector, propose policies, and prepare development programmes in line with the vision of the leadership to develop key economic sectors and create a competitive and attractive business environment for regional and international investments. Dubai's robust infrastructure and business environment makes it a unique and diverse commercial centre not only in the GCC but also among growing economies around the world," said Ibrahim.
The DED also aims to further expand its strategies to attract leading institutions and investors to Dubai. Added Ibrahim: "BRL will continue to launch e-services and innovations to enhance the investment environment and meet investor demands faster and more efficiently. It will take us closer to sustainable development and improve investor confidence in Dubai."
The committee will consider the following while weighing the requests made by GCC nationals to allow partnership firms without a local partner: whether the proposed projects include transfer of knowledge and technology to the UAE or transfer of operations of some well-known companies to the UAE, and whether the project is a priority for the emirate's economy.
The business initiatives to be evaluated by the committee must also fall under the industrial, services, tourism or other sectors that add critical value to the emirate's economy. The minimum capital in each project must be Dhs10m and it should be transferred from outside to any of the UAE banks with a certificate of deposit.
An economic feasibility study and compliance with existing legislation on the establishment of such firms and related activities are also compulsory for the project to be considered by the committee.
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