The photo has been used for illustrative purposes.
Dubai has always amazed the international business community in its unparalleled ability to reinvent itself and adapt to any challenges. We have seen the city’s impeccable resilience in thwarting the threats posed by a global pandemic. It is a great achievement considering how the other leading economic powers in the world, including the US, struggled to find a way to resolve the economic uncertainties. In contrast, the dynamics of setting up a business in the UAE has transformed on the back of several progressive reforms that have prompted international investors to look into the city for business expansion.
The status of Dubai as a gateway to the lucrative Middle East market enhances the relevance of the reforms rolled out by the government. Business setup consultants in Dubai view the reforms as a catalyst for foreign investments which will translate into a meaningful business boost.
For the uninformed investors, here is a list of the new changes in the laws that explain how it will make Dubai an epicentre of business opportunities in the current scenario.
No More Local Sponsorship
The month of November witnessed the government making significant amendments to the Commercial Companies Law, which has been unanimously hailed by the business community who wish to set up businesses in Dubai. A significant change that attracted the attention of foreign investors is the removal of the requirement for 51% of shares to be owned by UAE nationals in the companies incorporated in the UAE mainland.
The new amendment allows the foreign investors to own 100% of the shares in the company in selected sectors such as agriculture, manufacturing and services sectors subject to certain conditions. Dubai’s business appeal has increased further as a result of the amendments in the business ownership law, which is expected to cause an explosion of new foreign investments.
Retire in Style in Dubai
Dubai’s effort to diversify the economy from oil has resulted in the creation of a conducive environment for foreigners to put down roots and invest in the city. The introduction of the five-year retirement visa for expatriates is a significant reform in this regard.
Professionals and investors who are above 55 years of age, but still wish to work in Dubai, have wholeheartedly welcomed the Retirement Visa programme. With valid health insurance and stable financial capacity, retirees can now live and work in Dubai without any hassle. The straightforward process of applying for the visa has made it more attractive for the expatriates. In case of any confusion, the retirees have the option to consult with reputed company formation consultants in Dubai for easy completion of the process.
More Secular-leaning Reforms
In line with the overhaul of business ownership laws, the reforms in personal status laws have come as a positive surprise for foreign investors. International investors have welcomed a set of secular-leaning reforms such as decriminalising alcohol & suicide, cohabitation of unmarried couples and criminalising honour killings.
The UAE’s moderately conservative personal laws (even though rarely invoked) had previously generated a certain degree of uncertainty in the minds of investors, tourists and residents. The daring shift to such progressive reforms demonstrates Dubai’s capability to lure foreigners to live, work and invest in the emirate.
Golden opportunity to Get Golden Visa
Dubai has recently extended the scope of its highly acclaimed Golden Visa initiative, which now covers more area of expertise. Traditionally, expatriates had the opportunity to avail visas that are renewable and valid for a few years. Such visas are mostly tied to employment and subject to certain conditions. As opposed to such resident visas, the Golden Visas grant 10-year residency status to individuals who contribute significantly to certain specific fields or areas of knowledge. In the post-pandemic era, Dubai has expanded the Golden Visa eligibility to holders of the Doctorate, medical doctors and those who hold a degree in Artificial Intelligence and Epidemiology.
Swift Dispensation of Justice
Dubai has always been keen on enhancing its legal system so that the expatriates are entitled to the swift dispensation of justice. In tandem with this vision, the government recently issued a new law that regulates the provisions for expert witness service. With the new law, the judicial departments get the assistance of experts who can ensure the accuracy of judicial decisions and accelerate judicial procedures.
From now on, the courts can seek the opinion of a qualified person on cases that related specific areas of knowledge. In this way, the expatriate investors get justice swiftly when they are involved in legal battles related to their particular sectors.
Tap the Business Opportunities with Bespoke Assistance
The new reforms introduced by the government is bound to enhance the appeal of starting a business in Dubai, which is a great move for inviting foreign direct investment. In light of the reforms, we can easily assert that this is the right time for foreign investors to form companies in Dubai. A new entrepreneur may find himself in a fix due to the technical and legal requirements of company formation in Dubai. However, such difficulties can be easily minimised by availing business set up services offered by Jitendra Business Consultants (JBC).
As a well-experienced business setup consultants based in Dubai, JBC provide consultation on company incorporation for the mainland, offshore and free zone investors. By availing our services, foreign investors need not worry about the intricacies of processes such as opening a corporate bank account, filing Economic Substance Regulations (ESR) Returns and maintaining the Real Beneficial Registers or Shareholders/Partners Registers for Ultimate Beneficial Ownership (UBO) etc.
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