New Residency Policies in the United Arab Emirates

The Middle East is gradually turning into a very lucrative and profitable place for companies from different parts of the world. Every company or business would like to tap into the middle eastern markets. Due to this, a huge number of businesses opt to come into the Middle Eastern countries in order to set up and initiate a business.

Keeping this present sentiment in mind, the United Arab Emirates has brought in a number of Visa options and a list of new residency options.

Here is a list of such VISA and Residency initiatives from the side of the United Arab Emirates government.

1.Students can Sponsor the members of their family

According to the cabinet resolution, which was approved on 24 January 2021, any foreign university student is eligible to sponsor for any for their family member for a VISA to the United Arab Emirates. The pre-requisite of this type of sponsorship is that the student should be financially capable of supporting the family member in the United Arab Emirates.

This decision will allow for more number of people coming into the country, which will, in turn, enhance the economy of the country. more number of people will be interested in initiating a new business which will contribute to the growth of the economy.

2.UAE Long term Visa (Golden Visa Scheme)

This scheme was implemented by the government of the United Arab Emirates in the year 2019. According to this Visa system, a foreigner would be eligible to live, conduct work-study in the country without any assistance from a national sponsor. the Golden Visa Scheme will also allow the foreigners to own one hundred per cent of their business if it is being conducted in the mainland UAE.

Such Visas are usually issued to talented and very bright researchers people with promising capabilities and people who have unique and special talents. These Visas are usually issued for a time span of five years or ten years according to the option provided to the person, and this visa has the option for automatic renewing.

3.Retirement Visas in the UAE

In September of 2018, the UAE government announced a Visa for retired residents over the age of 55. To obtain this visa, the retiree must fulfil the following three criteria:

• Have a saving of a minimum of Dh 1 Million for future use
• Have an investment in property up to worth Dh 2 million
• Have an Active income of at least Dh20,000 every month

4.More Categories added to the Golden Visa Scheme

November of the same year we saw the UAE government approving the 10 years Golden Residency visa for various different sections of experts. This type of visa will allow PhD holders, Doctors, engineers who specialize in computers, electronics, programming, and other technologies are eligible for this type of Visa. This Visa will be also applicable to the students, who will be receiving high scores in their respective universities.

5.Work in Dubai Residency Scheme

In the month of October, the UAE Government decided to launch a Visa program which will allow the professionals which live overseas to come and live in the Unit Arab Emitters but will also allow them to work for the different country. this Visa programme will allow foreign professionals to shift to the UAE and simultaneously work for a different country VIA working from home.

Apart from the above new visas, the government of the United Arab Emirates also had different Visa schemes which were initiated early in the 2017’s and 2018’s. These areas below:

1.Special Visa

The UAE Cabinet started granting Visas to the citizens of the countries which were affected by wars and disasters in their country. this type of visa was valid for one year and also allowed widows and divorced women and their children to renew this visa without any assistance from a sponsor.

2.Medical Treatment Visa

`This type of Visa was introduced in the year 2017 and allowed foreign patients to be issued either with group visas or individual visas for a period of 90 days. These type of Visas were renewable but only if the hospital of the patient issued a request.

With the leniency in the visa processes and the various opportunities to get a Visa in the UAE, there are greater chances of an individual to go to the United Arab Emirates. This, coupled with the various and booming business opportunities in the country, can help both the business as well as the economy of the UAE to be more profitable.

with an increase in the number of business opportunities in the United Arab Emirates, there is a huge scope for the setting up of new businesses. These businesses would require various financial services such as Accounting, Bookkeeping, Audition and various other services.

If you are planning to start a business in the UAE and want to know more about the various financial services such as accounting service, auditing services, and various other services in the country form a reputed source, Feel Free to Contact the advisors of JAXA Chartered Accountants. We are at your service.