New UAE companies law had been issued

The long-awaited new Commercial Companies Law No 02 for the year 2015 was issued by Sheikh Khalifa, President of the UAE and Ruler of Abu Dhabi, on 1 April 2015. The law does not relax restrictions on foreign ownership, which remains capped at 49 per cent. The law introduces the concept of a sole shareholder of the limited liability company. In the previous law there were minimum two partners required.