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Legal Update: UAE Announces 100% foreign Ownership in Businesses and Ten Year Residence Visa

UAE Announce 100% Foreign Ownership in UAE Companies and a 10 Years Residence Visa by the end of this Year

Law Firms in UAEThe UAE government has announced 100% foreign ownership of the UAE companies and granting ten-year resident visas to investors, doctors, scientist and top students. The big news was shared by Ruler of Dubai, H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, via his Twitter account, following a Cabinet on 20 May 2018. During the Cabinet meeting, the decision came about to put into force the expansion of the 10-year residency visa, and that will have an impact on the UAE's situation as an essential goal for universal speculators and worldwide ability. For students studying in the UAE, the government has agreed to grant five years’ residency visas and ten years’ residency visa for exceptional students or top students.

The Cabinet additionally issued guidelines to lead a survey of the residency framework to broadening residency licenses for those supported by their folks in the wake of finishing their college concentrates to encourage their future home in the UAE. The tweet also stated that implementation of these laws would be in the third quarter of 2018. The Ministry of Economy would be responsible for implementing these laws by the third quarter of this year. This 100% foreign ownership will attract global investors to participate in the upcoming event of Dubai Expo 20-20. The post result of 100% foreign ownership would be that the UAE will be a global incubator since it will increase Foreign Direct Investment (FDI) and will increase GDP of the UAE. There is a prediction that this 100% foreign ownership will strengthen the UAE’s economy and would be able to extract UAE from the ongoing economic recession.