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.