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Full foreign ownership is allowed, and foreigners require no visas so long as they don't set foot off the islands.Yet the islands and the special economic zones which operate under similar rules but belong to the mainland's banking system have progressed painfully slowly.
Tim Perry, its legal adviser, is not taken by the new commitment to allow full foreign ownership.
As inducements, they say they would offer tax breaks, full foreign control and minimum monthly wages set at $80 per worker, lower than in China.
Only in the free zones is full foreign ownership allowed, a set-up ideal for serving regional markets but not if your main business is local.
Dubai has created several "free" zones, where full foreign ownership is allowed, but the other emirates have been slow to follow.
Multinational corporations have flocked here, attracted by a hands-off government that allows for full foreign ownership and repatriation of profits, no corporate taxes for 15 years, no currency restrictions and no income tax.
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They are full of foreign people.
It will allow "qualifying full banks"—foreign banks with special licences to expand their domestic services.
Forget the talk of Stamford Bridge being full of foreign fancy dans.
So we all checked into the Marriott in Zamalek, a major international hotel full of foreign businessmen and other journalists.
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