A ‘Positive’ Change in Visa and Foreign Ownership Rules in UAE
The UAE government has come up with changes in law concerning visa renewal and foreign ownership of companies. If you happen to be a ‘exceptional’ student in UAE, you need not bother about renewing your visa for a decade. This alteration will be an encouraging factor for people of advanced skills, providing them with the option to extend their stay in the country. Highly qualified expats can enter the local workforce once they graduate from UAE universities, instead of returning to their native and searching for a job there. This will have a positive impact on the economy of the emirates.
Amendments are being made to foreign ownership rules as well, promising complete ownership to companies operating in UAE. People planning to set up business in UAE can breathe a sigh of relief as they need not solely depend on free zones for complete ownership of their companies. This will lead to a rapid rise in the number of enterprises in UAE, leaving a significant positive impact on direct investments. The new move further strengthens UAE’s image as an investor-friendly nation and competitive market.
Several changes are expected out of these new rules, the major ones being population stabilisation and growth, renewed confidence in the property market and an increase in expat end-user purchasers. The foreign direct investment, which stood at a whopping amount of $11 billion in 2017 is expected to surge once the new policy comes into effect.
This timely and strategic move by UAE government will surely boost investor confidence.