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December 11, 2021|
Many recent changes have been made to build a flexible business environment in furtherance to the vision of the United Arab Emirates to make the country the leading business hub in the region, one that establishes a business-friendly environment. Aligning to this goal, the UAE has made changes to the commercial company's law (Federal Law No. 2 of 2015 and its amendments), allowing for the first time in the history of the UAE, one hundred per cent ownership to foreign ex-pats. With the latest changes, complete foreign ownership is allowed in mainland companies within certain industries, which was earlier allowed only with the appointment of either a local company or an individual as the local agent.
Changes to UAE visa rules:
In furtherance to making the UAE an attractive destination with significant foreign direct investment, substantial changes have been made to the visa rules, allowing for an even more diverse range of investors and specialized professionals to benefit from the new policy that allows them to enjoy a much longer stay in the country than previously possible.
The eligibility criteria for obtaining a golden visa is either based on the parameters of investment or if the applicant concerns specialized talents and researchers in the fields of science and knowledge such as doctors, specialists, scientists, inventors, as well as creative individuals in the field of culture and art. The advantages provided under this visa policy extends to the spouse and children. All categories are required to have a valid employment contract in a specialized field that is being prioritized in the UAE. If proceeding with the investment route, it covers investment in the public sector in public investments of at least AED 10 million.
The new changes have been critically aligned with the economic reforms initiated in the region and aim to build a flexible business environment in the UAE, one that furthers the economic prosperity in the region. The new laws have set the UAE apart in the Middle East. Not only as a great place to do business, but as a great place to live, build a life, and integrate for the long term. The new changes thus aim to attract more foreign direct investments and to build a heavily diversified economy.
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