Guy Michael Solling of James Berry and Associates Legal Consultants joined us in studio to talk about the major change that might be coming in how LLC's in the UAE are organized.
Currently the law says that a UAE national must own 51% of an LLC and the expat 49%.
Through side agreements this is not the usual case.
In 2004 a law was put on the books to make it a punishable offense to have a side agreement that did not respect the 52/49 split in ownership.
This law comes into effect November 15th.
The ramifications are huge!
BUT there may be more in the wind.
And what might happen is a law may come into effect that legalizes the side deal system, which already exists for professionals who can own 100% of their enterprise BUT have an agent who is a UAE national who gets a fee for services.
We will see!
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