UAE Announces 10 Years Residence Visa and 100% Ownership
The UAE has always been an ultimate hub for foreign investors and a great location for entrepreneurs to start their business. And that is not only for its strategic location between the gulf countries but also for the countless opportunities that it grants and the flexible policies it provides for foreign investors. But it looks like the country wants to facilitate things more and to attract more investors to it. After the UAE’s cabinet meeting chaired by Shaikh Mohamed Bin Rashid Al Maktoum last Sunday, the UAE has announced to grant a 10-year residence visa for investors and 100% business ownership in the country.
So why is this great news for investors?
Investors in the UAE were granted 2 years’ residence visa which had to be renewed before it expires. Now investors can enjoy a 10-year residence visa and their families can be granted the same too. This means more security in investment after guaranteeing long term residency.
Moreover, investors will be able to enjoy 100% ownership of their business no matter where it is established. The current law in UAE is that if you set your business in a mainland area you have to find a local sponsor who shares 51% of your business while you share only 49%. Investors looking for 100% ownership had to set their business in a free zone area which was not suitable for all types of businesses. However, now investors will be able to enjoy 100% ownership and have full control and privacy in their business in any location they decide to set their business at.
A 10-year residence visa will be granted to investors in the following fields:
A 10-year residence visa will always be granted to high performing students in the UAE and skilled professionals.
The decision should be effective by the end of this year and is expected to boom the investing field in the UAE and boost its economy.