UAE adopts new VISA policy for foreigners, offers 100% ownership for foreign owned companies

The United Arab Emirate (UAE) Cabinet, under the leadership of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, at a cabinet meeting held on Sunday, announced the government’s decision to permit 100% foreign ownership of companies established in the country.

H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, at the Cabinet meeting on Sunday

The Cabinet also agreed that UAE will adopt a new visa system for international “investors and talents,” by offering them long-term 10-year visa for certain categories of professionals.

Sheikh Mohammed during the meeting directed the Ministry of Economy to coordinate with concerned parties to implement the resolution, and follow up on its developments, promising that the Cabinet’s decision will be enforced by third quarter of this year.

Speaking shortly after the meeting , UAE Prime Minister said, “ At Sunday's Cabinet meeting, we decided to allow 100% foreign ownership of companies in UAE, with a 10 year visa for investors, scientists, doctors, engineers, entrepreneurs and innovators.

“The UAE has always welcomed, and always will, innovators and business leaders. This decision will be enforced by third quarter this year. Our open society, tolerant values, excellent infrastructure and flexible legislation offer the best environment for international investment and exceptional talent.

He further added that , “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.

"The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors.

“Our open environment, tolerant values, infrastructure and flexible legislation are the best plan to attract global investment and exceptional talents in the UAE, “ said Sheikh Mohammed.

The UAE’s Ministry of Economy, has been mandated to coordinate the implementation of the new policy. The Ministry is also expected to follow up on its developments with a report due to be submitted to cabinet in Q3 this year.

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