The UAE Ministry of Economy announced that the amended Commercial Companies Law will come into effect on June 1, allowing foreign investors and entrepreneurs to establish and fully own onshore companies. The government had recently approved the amendment of the Commercial Companies Law, abolishing the mandatory requirement of having the Local Service Agent, aiming to enhance the resilience of the national economy and supporting it. It will also increase the attractiveness of the investment environment in the country through openness and flexibility in legislation to provide an economic climate in accordance with the best investment trends and practices and in line with the countrys goals for the next 50 years. Minister of Economy Abdulla bin Touq al-Marri explained that the amended Commercial Companies Law aims at boosting the country’s competitive edge and is a part of UAE government efforts to facilitate doing business. Bin Touq added that the amendments introduced by the new law will boost the UAE’s appeal as an attractive destination for both foreign investors, entrepreneurs, and talents. It will further strengthen the country’s position as an international economic hub and encourage the flow of investments to the country’s vital economic sectors. UAE realizes the importance of encouraging investors and entrepreneurs, said the minister, adding that they have a pivotal role in achieving economic development. “We are keen to provide an integrated and flexible investment environment that enables them to implement projects that support the national economy.” The Commercial Companies Law supports facilitating the establishment of business activities in the UAE, attracting foreign direct investment to the various vital sectors in the country. It also helps develop and establish new quality projects, diversify the economy and increase its productivity, support innovation, research, and development capabilities, and attract talents and competencies.