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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.
"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,"
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.
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