On June 7, 1981, the states of the Gulf Cooperation Council (the UAE, Saudi Arabia, Sultanate of Oman, Qatar, Kuwait and Bahrain) signed the United Economic Agreement in Riyadh. This agreement has specified key points on forming a GCC company in Dubai, other parts of the UAE and other states under the GCC.

• GCC nationals can register their company as a sole establishment or as a partnership firm (given that all partners are GCC nationals). GCC nationals can own 100% shares of commercial and professional companies.
• A GCC national who is intent on setting up a business and wants to have a non-GCC national as a partner can only set up a limited liability company and The UAE national shareholder must own 51% of the shares.
• GCC companies wholly owned by GCC shareholders are allowed to open branches in the UAE mainland. Such companies do not need to be referred to the Ministry of Economy.