UAE LAUNCHES 10 YEARS RESIDENCE VISA
The outcome of a cabinet meeting chaired by His Highness Sheikh Mohammed Bin Rashid Al Maktoum on Sunday 20th May 2018 is set to improve the trust and confidence of foreign investors, creating countless new opportunities within the UAE.
The meeting established the implementation of a 10-year residence visa aimed at applying to foreign investors and specialists such as doctors, engineers, researchers and scientists. The new rule will also apply to the family members of any such entitled persons. Eligibility for the visa will also extend to top performing students.
His Highness Sheikh Mohammed Bin Rashid Al Maktoum stated, “Our open environment, tolerant values, state-of-the-art infrastructure, and flexible legislation are the best plan to attract international investment and exceptional talents. The UAE will remain the land of opportunity, the best environment for realising human dreams and unleashing their extraordinary potential”.
The new law is expected to be implemented by the end of 2018.
Amendments to Foreign Ownership (Company) Laws
In the same meeting, the Cabinet also announced proposed changes to the foreign ownership system of UAE based enterprises, approving a decision to allow 100 percent ownership for international investors in specific business sectors.
The current position, found under Article 10(1) of the Federal Law No. 2 of 2015 (UAE Commercial Companies Law), requires onshore companies inaugurated by international persons to have a UAE National partner holding a 51 percent share of the company. The introduction of the new law would allow certain foreign investors to have 100 percent sole ownership of their enterprise, bringing the position of onshore LLC companies in line with existing Free Zones, and offshore entities.