As one of the most popular destinations for people in business and foreign investors, the UAE’s reputation as one of the countries providing high-quality welfare and launching exceptional initiatives and tax policies is only growing. Despite the oil price downturn, UAE has not suffered from economic turmoil since a considerable portion of its revenue is based on foreign investment and licensing. There are many reasons for relocating a business to the UAE at the moment:
The golden visa holders can extend their visa advantages to their spouses and children. This visa is valid for ten years. Below are all the qualified candidates and the conditions necessary to apply for the Golden Visa. It is noteworthy that the applicants should have a valid employment contract issued in a specialized field of priority in the UAE.
- Ph.D. degree holders: According to the law, experts holding a PhD degree can apply for the Golden Visa. The PhD degree should have been issued by one of the top 500 universities in the world.
- Doctors: Doctors also qualify to apply for the Golden Visa. This is mainly to aid the country in tackling the pandemic and overcoming its shortage of medical professionals. Sheikh Mohammed has confirmed that Golden Visa can be granted to doctors specialized in viral epidemiology.
- Engineers: To attract talents in engineering, all engineers specialized in computers, electronics, programming, electricals, electronics, active technology, AI, and Big Data are eligible for the golden visa.
- Individuals who graduated from approved Universities: The highly-qualified individuals who graduated from the UAE’s approved universities (with high scores of 3.8 minimum) can also apply for the Golden Visa.
- Researchers/Scientists: Researchers and Scientists specialized in their respective fields are eligible to apply for the ten-year visa. It is worth mentioning that researchers and scientists must be accredited by the Emirates Scientists Council or the Mohammed Bin Rashid Medal for Scientific Excellence holders.
- Inventors: Inventors are also welcome to apply for the Golden Visa to obtain a patent of value. Achieving the patent of value (approved by the Ministry of Economics) is necessary to add to the UAE’s economy.
- Artists: Golden Visa is also granted to creative individuals active in art and culture. To be eligible for the ten-year visa, artists must be accredited by the Ministry of Culture and Knowledge Development.
- Investors: Foreign investors with a minimum investment of Dh10 million are qualified to apply for the Golden Visa. Investors can either i) deposit in an investment fund, ii) establish a company or iii) invest in real estate, or iv) invest in any other strategic sectors. Among successful applicants in this category, Indian, Pakistani, and Arab investors have obtained golden visas through investment channels.
100% Company Ownership
One of the enormous advantages of conducting business in the UAE is that foreign investors can own their businesses 100% from December 1, 2020.
This strategy has been implemented in federal law by President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, amending Law No. 2 of 2015 regarding companies and their shareholding.
One hundred percent business ownership by foreign investors owning companies based, licensed, and registered in the UAE is now permitted as per Cabinet Resolution No. 16 of 2020. Previously, emirates citizens were involved in allowing foreign company owners to acquire the companies’ remaining stakes on a case-by-case basis. The recently approved amendment extends and facilitates this procedure significantly.
The amendments of the new law consisting of 51 articles and further terms and regulations, mainly focusing on the terms and provisions of established companies with limited liability shareholding. One of the new amendments’ significant advantages is that they exempt foreign investors from the UAE citizens’ minimum percentage ownership.
Low Costs and Easing Businesses Processes
The government provides business people and investors with economical packages as a head start for establishing their businesses. These include fee and tax waivers, various payment options to spread the business costs, and more attractive legal reviews to promote real estate investment. Abu Dhabi recently announced an AED 50 billion economic stimulus package to diversify the economy and economic growth. Dubai has introduced councils to
- Ease of running a business,
- Support various sectors,
- Bolster the tourism industry,
- Develop the local economy,
- Create more jobs, and
- Licensing, which in turn will lead to attracting more capital through foreign investment.
All these policies significantly benefit small or medium-sized businesses and make it the best time to relocate their business to the UAE.
Attracting experts and talents
The UAE government is set to attract young talents and become one of the future educational hubs. Students can benefit from visas lasting for five years, and exceptional students can apply for visas lasting for ten years. Top students can apply for a two-year residency visa to encourage them to stay in the UAE and seek career opportunities within the country.
Are you looking to start a company in the UAE or invest in the region? Talk to one of iKonnect Citizens’ Citizenship and Residency Specialists today. Call +971 50 152 4200 or email info @ ikonnect.ae.