UAE Allows 100% Foreign Ownership in Business and 10-Year Visa

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    The United Arab Emirates (UAE) in an effort to attract more talent and money into its slow-growing economy is going to make changes to its policies regarding ownership in local business and residency of foreigners.

    UAE Allows 100% Foreign Ownership in Business and 10-Year Visa

    According to its new rules as reported by its state-owned local news agency WAM, non-Emiratis will be allowed 100 percent ownership in a business. It is also offering residency visa of up to 10 years to specialists in the field of science, medicine, research and other technical fields including top students. The change will come into effect by the end of this year.

    As the second-largest economy in the Gulf region, its dependency is moving from oil to foreign investment and an expatriate workforce. A majority of its population consists of foreigners who are expected to leave at the end of their employment. They are also sending their earnings abroad. According to the news report, 164 billion dirhams ($45 billion) was sent by the expatriates outside UAE.

    UAE is looking for a shift in their economic policies as an alternative to crude oil, which was their primary source of income in the 1990s. Dubai especially had shifted its dimension to tourism but the country now turns to science and technology to achieve steady growth, which has slowed down since 2010.

    Earlier, foreign ownership was restricted outside "free zones" like Dubai International Financial Centre. Business in other areas required 51 percent ownership of UAE citizens.

    In August last year, Qatar relaxed its residency rules granting foreigners the right to live in the country indefinitely.

    Read more about: uae dubai
    Story first published: Monday, May 21, 2018, 17:23 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'
    India's LARGEST EVER political poll. Have you participated yet?

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more