Dubai: A limited liability company in Ras Al Khaimah has secured 100 per cent ownership by its main promoter under new federal rules granting these rights to non-UAE nationals.
Amber Packaging Industries, whose products are used primarily by consumer goods companies, is now 100 per cent owned by Dharmdev Bhatt, Managing Director. The shareholding was structured as 51 per cent in favour of RAKEZ (RAK Economic Zone). The 49 per cent was earlier with Bhatt.
Now, Amber’s Ras Al Khaimah operations will be wholly owned by Bhatt. The company’s head office is in Sharjah. The RAKEZ cluster offers both ‘free zone’ and ‘non-free zone’ entity licensing. The destination has been extremely popular with startups in recent times.
The UAE’s revised Commercial Companies Law comes into effect on June 1. The Law stipulates categories where 100 per cent ownership by non-UAE nationals are allowed, as well as sectors where foreign businesses will need local partners on board. (These include banking, financial services, utilities and telecom, among others.)
Wide mandate
The individual Departments of Economic Development in each emirate will frame the businesses and sectors that can operate without the need for a local partner. Abu Dhabi has already come up with such a list, freeing up more than 1,000 activities.
