The UAE is a prime example of where there is a will there’s a way. On account of the fact that many people doubted the UAE’s government vision when they expressed the desire to transform their oil-dependent economy into a more diverse, knowledge-driven economy. But the sceptics did not discourage the government, and they successfully moulded the economy that is now ranked among the best cities for entrepreneurs. Under the UAE government’s Vision 2020, which includes shaping its economy into a more diverse one, the government has undertaken a series of Visa reforms. These reforms will aid in improving and enhancing the UAE’s attractiveness among emigrants.
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These visa reforms are specially designed to attract a skilled workforce, encouraging them to engage in longer stints in the country. By doing so, the UAE government will not only enrich their workforce with skilled and educated individuals but also will be able to capture the attention of international corporations and compelling them to enter and set up a business in the UAE. These reforms have already started giving positive outcomes since typing centres in Dubai are experiencing a surprising flurry of investors filing for five-and-ten -year Visas.
Firose Khan, manager of Arabian Business Centre, said “In recent times we have received numerous enquiries regarding five-and-ten-year residence visas. Which is a good thing as it indicates investors are exhibiting confidence in the UAE economy, and they are willing to invest heavily in the country.”
The UAE government has mainly opened up easy visa reforms to entice foreign investments and form strong trade ties with its neighbouring countries. Consequently, the UAE also aims to boost its trade links as it serves as a doorway of the MENA region.
To cement its place as the most sought-after business set up destination in the Middle East, the UAE government has issued its first Golden Residence Permit in Abu Dhabi, following the Investors Permanent Residence System implemented under a UAE cabinet resolution. That will help investors and entrepreneurs who meet the strict criteria in ease of doing business. Permanent Residence System is launched by the authorities to assist investors interested in long-term investment in the UAE. Currently, the number of eligible investors is over seven thousand. This initiative will also be utilised to inform the investors about the new system and its attributes aiding them in establishing a business setup in Dubai. The first batch of about seven thousand investors, with approximately a hundred billion dirhams worth of investments, is set to be awarded the Gold Card. The UAE announced that to facilitate and maintain its creative business environment, it is granting five year residency visas to entrepreneurs, investors and specialists in various fields.As well as ‘brilliant’ students. The visa benefits will also extend to the family. The newly- launched visas have opened doors to new investment opportunities. It has primarily supported and encouraged entrepreneurs, start-ups and micro-business owners, who are looking for new business opportunities. The United Arab Emirates, including Dubai, have always been at the helm of launching innovative strategies, which will ultimately shape the UAE into a prosperous and progressive nation.
The Department of Economic Development (the DED) on average issues 2,500 trade licences in Dubai. However, with the introduction of virtual company licence is anticipated to increase the attractiveness of Dubai and to cement it as the best place for business setups. With the launch of the Virtual Company Licence, the ease of doing business in Dubai has increased manifold as these licenses help entrepreneurs in creating a business setup in Dubai with swiftness and little botheration. The Virtual Company Licence will only be issued to residents of those countries that will share tax information with the UAE government about their citizens as it is specified under the Convention on Mutual Administrative Assistance in Tax Matters. The UAE government, along with other GCC governments, are adjusting their business plans and re-adjusting their goals via focussing on the leisure and entertainment industry. By aligning their investments according to consumers’ interest,the region can generate 3.4 billion dollars annually.
Favourite Destination for Trade and Investment:
The UAE, especially Dubai, has always been the most favoured destination for international investments -big or small- and business in the MENA region due to its nurturing policies. That encourages business owners to set up a business in Dubai and profit from it. Moreover, the commencement of new visa policies will further promote ease of doing business. Additionally, the new visa reforms would help the UAE government in achieving its goal of a diverse economy . An economy that is not solely dependent on its oil reserves. Hence, the non-oil sector would experience a boost as more and more foreign investments entering the country. These investments are mainly expected to be invested in the private sector. That will increase business activity and competitiveness and the creation of wealth by creating job opportunities for locals. Emigrants or Expats if invited to prolong their stay, they are more inclined to spend their salaries locally rather than sending it back to their home countries. Thus, increasing consumer spending. Due to an increase in consumer spending caused by the new visa regime, tax revenues and VAT would also experience an uplift. This uplift will strengthen the non-oil sector of the country. Tourism and hospitality, the pillars of the UAE’s economy will also be boosted, as new visa reforms are fairer towards tourists. Another sector that will directly benefit from higher consumer spending is the retail industry.
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Retention of Top Talent from All Corners of the World Possible:
The UAE government’s strategies regarding the diversification of its economy have proved to be a success as foreign investment has steadily increased in the country. One of the key policies that government utilised was adopting norms that were prevalent in the international business community. They encouraged businesses to scout the globe and retain top talent. The comprehensive visa reforms launched by the UAE government has accomplished in attracting and retaining the best talent and businesses in the country. These reforms have improved business confidence and are likely to increase the investments pouring in the UAE. The long-term capital investments will be sustainable owing to the new measures announced by the UAE government. That will allow a hundred per cent ownership to foreigners. These initiatives will reinforce the UAE’s position globally as a premier location for business setups and services. And will provide job opportunities to locals who will, in turn, contribute towards its economic growth.
Cultural Attractions to Drive International and Domestic Tourism:
The local populace is willing to increase its entertainment expenditure substantially if there are more cultural options available. Consequently, governments need to encourage the development of the leisure and entertainment sector. The government can design different kinds of museums and galleries, can start live performances in theatres, organise Karaoke nights in restaurants and build amusement parks suitable for adults and small children. The entertainment industry will boost the country’s economy directly by generating revenues. And the Tourism industry will profit from it as well by an increased engagement of travel services.
Suggested Read: 9 Reasons To Start A Tourism Business In Dubai
Cultural tourism is a known tool for attracting tourists. Therefore, a country needs to highlight its strong points carefully and creatively to entice a broader audience. If you are looking to open a travel agency in Dubai or setting up a Food and beverage business in Dubai, now is the best time to invest. However, if you are experiencing some difficulties in company formation, then no need to worry as we at Business Setup Dubai are more than happy to assist you.
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