HH Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai and Prime MInister of the UAE, announced via Twitter on the 20th May that the current visa and company ownership laws are set for an overhaul.
Arabian Business reports:
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In a major announcement, the UAE cabinet [also] approved 100% foreign ownership of companies in the country, which has previously been limited to those companies based in freezones.
The ten-year visa will be made available to investors in the UAE, as well as those who are specialists in medical, scientific, research and technical fields, as well as for all scientists and innovators.
A separate five-year residency visa will be made available to students studying in the UAE, and 10-year visas for “exceptional students”, news agency WAM reported.
The UAE will also review its current residency system to extend the time for the dependent students after completing their university studies, which will give opportunity to consider their practical options in the future.
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It is likely that 100% ownership of onshore companies will be reserved for large multinationals and those offering unique services, research and development for example, as opposed to services firms or trading companies. It is worth noting that with the BCB incubator’s Foreign Branch model, you can already own 100% of your onshore company in the UAE.
The important news for UK firms here is that the new visa laws could affect the ongoing human resource cost. UK education and healthcare is in demand in the UAE and it is likely the ten-year visa will be applicable for vocational professionals.
This story is still in its infancy. We’ll keep you updated as we’re made aware of more information.