United Arab Emirates passed the rule last Sunday that they will allow 100% ownership for the business that is based in U.A.E. to different foreign investors. This law has been announced by the leader of H.H Sheik Mohammad bin Rashid, the prime minister of U.A.E. in the cabinet meeting. This includes the large change that the system would grant extended visa for 10 years especially to investors in medical fields, technical and research fields. The cabinet meeting by the vice president Sheik Mohammed bin Rashid al Maktoum leads the economy minister to apply this rule in the third quarter of the year.
In other Gulf countries, families leave after their jobs and business end like in U.A.E, 9 million of workers will leave once their job contract ends… The 100% free business ownership in UAE and visa extend for 10 years is beneficial for investors looking to grow their business with confidence. The decision is taken to follow the legislation in Qatar the neighborhood country, also takes apart between Qatar and a block of Gulf countries led by Saudi Arabia. Under the current law, business companies own 51 percent of Emirati shares, until the company operates in the free zone.
“Our open environment, tolerant values, infrastructure and flexible legislation are the best plan to attract global investment and exceptional talents”, said U.A.E. Prime Minister Sheikh Mohammed Bin Rashid al Maktoum.
The United Arab Emirates is the center and asset management industries in the Middle East. Many international firms, local professionals set up their hubs here. The historical asset of U.A.E. was stable and expected to grow more from the start of 2014.
During the global financial crisis, taxes increased, and according to GDP report many companies’ recorded lower net profits from the past years. Registered companies and agreements were difficult and costly to exist, therefore, many businesses were ended due to loss year by year. The plan which is received to give 100% free ownership, as a result small businesses plan to grow their business in the country. The official statement was said in the cabinet meeting that “The new visa system will increase the chances of attracting investors and competitiveness globally. The global investors’ ownership is expected to reach 100% by the end of the year”.
This new law aims to provide funding citizenship visa up to 10 years especially for those who are working in medical, scientific, scientist and technical field. Relevant to this sheik Mohammed said “The U.A.E. remain global incubator for exceptional talents and a permanent destination for international investors”