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 New Ownership Rules in UAEThe UAE's surprise announcement that it will allow full foreign ownership in companies and grant long-term visas to select investors and professionals is set to have far reaching effects, ranging from the encouragement of foreign investment and helping the UAE become a magnet for highly skilled professionals to providing a positive boost to the country's real estate sector, according to a number of experts. The new rules will allow for residency visas of up to 10 years for specialists in scientific, medical, research and technical fields, and are a long awaited departure from the previous regulations that called for the establishment of businesses to have a local partner owning 51 percent of the venture. Additionally, the new rules provide for five-year visas for students and 10 year-visas for ''exceptional'' students. Attracting FDI The UAE's decision to allow full foreign ownership comes at a time when the country is in the midst of an ambitious diversification effort as it moves to become even less dependent on oil. Among the main benefits of the change, many are claiming, is that it will boost growth by attracting more foreign direct investment, primarily into non-oil sectors, as well as encouraging foreigners to set up more businesses in the country. ''Many people held back from investing here as they felt there was no long-term tenure and they were dependent on a short-term visa,'' Chavan Bhogaita, the head of market insights and strategy at First Abu Dhabi Bank told Bloomberg. ''Now, with a 10-year visa and 100 percent foreign ownership, investors and people looking to set up and grow businesses here will have more confidence.'' |
New Ownership Rules in UAEThe UAE's surprise announcement that it will allow full foreign ownership in companies and grant long-term visas to select investors and professionals is set to have far reaching effects, ranging from the encouragement of foreign investment and helping the UAE become a magnet for highly skilled professionals to providing a positive boost to the country's real estate sector, according to a number of experts. The new rules will allow for residency visas of up to 10 years for specialists in scientific, medical, research and technical fields, and are a long awaited departure from the previous regulations that called for the establishment of businesses to have a local partner owning 51 percent of the venture. Additionally, the new rules provide for five-year visas for students and 10 year-visas for ''exceptional'' students. Attracting FDI The UAE's decision to allow full foreign ownership comes at a time when the country is in the midst of an ambitious diversification effort as it moves to become even less dependent on oil. Among the main benefits of the change, many are claiming, is that it will boost growth by attracting more foreign direct investment, primarily into non-oil sectors, as well as encouraging foreigners to set up more businesses in the country. ''Many people held back from investing here as they felt there was no long-term tenure and they were dependent on a short-term visa,'' Chavan Bhogaita, the head of market insights and strategy at First Abu Dhabi Bank told Bloomberg. ''Now, with a 10-year visa and 100 percent foreign ownership, investors and people looking to set up and grow businesses here will have more confidence.'' |
New Ownership Rules in UAEThe UAE's surprise announcement that it will allow full foreign ownership in companies and grant long-term visas to select investors and professionals is set to have far reaching effects, ranging from the encouragement of foreign investment and helping the UAE become a magnet for highly skilled professionals to providing a positive boost to the country's real estate sector, according to a number of experts. The new rules will allow for residency visas of up to 10 years for specialists in scientific, medical, research and technical fields, and are a long awaited departure from the previous regulations that called for the establishment of businesses to have a local partner owning 51 percent of the venture. Additionally, the new rules provide for five-year visas for students and 10 year-visas for ''exceptional'' students. Attracting FDI The UAE's decision to allow full foreign ownership comes at a time when the country is in the midst of an ambitious diversification effort as it moves to become even less dependent on oil. Among the main benefits of the change, many are claiming, is that it will boost growth by attracting more foreign direct investment, primarily into non-oil sectors, as well as encouraging foreigners to set up more businesses in the country. ''Many people held back from investing here as they felt there was no long-term tenure and they were dependent on a short-term visa,'' Chavan Bhogaita, the head of market insights and strategy at First Abu Dhabi Bank told Bloomberg. ''Now, with a 10-year visa and 100 percent foreign ownership, investors and people looking to set up and grow businesses here will have more confidence.'' |
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