Post by Sapphire Capital on Aug 11, 2009 10:13:00 GMT 4
August 10, 2009
The UAE has abolished the minimum investment limit of 150, 000 dirhams ($40,870) for setting up a new company in the country to encourage private business growth.
Those wishing to set up a new company will determine themselves what capital investment is needed, state news agency WAM reported on Monday.
"The move reflects the federal government's stance to boost the investment environment and leverage the UAE's standing as a highly competitive economy. It guarantees economic activities' sustainability and encourages businesspersons and investors to establish new companies and businesses," WAM said.
WAM said the change also aims to limit red tape, including doing away with requiring bank certificates from investors.
Minister of Economy Sultan bin Saeed al-Mansouri said the change would help the UAE attract more foreign investment.
The UAE has abolished the minimum investment limit of 150, 000 dirhams ($40,870) for setting up a new company in the country to encourage private business growth.
Those wishing to set up a new company will determine themselves what capital investment is needed, state news agency WAM reported on Monday.
"The move reflects the federal government's stance to boost the investment environment and leverage the UAE's standing as a highly competitive economy. It guarantees economic activities' sustainability and encourages businesspersons and investors to establish new companies and businesses," WAM said.
WAM said the change also aims to limit red tape, including doing away with requiring bank certificates from investors.
Minister of Economy Sultan bin Saeed al-Mansouri said the change would help the UAE attract more foreign investment.