UAE allows 100 per cent ownership for investors

Students in the country will get 5-year visa while top achievers will be given 10-year student visa

Abu Dhabi: The UAE Cabinet on Sunday announced the launch of an integrated visa system aimed at attracting professionals and talented people in all vital sectors of the national economy.

According to the new visa system, investors and professionals in the medical, scientific, research and technical fields along with their families, as well as all scientists and creative people, will get 10 years UAE residence visa.

The new residency system will also grant a 5-years residency visa for students studying the country and a 10-years residency visa for the top achievers.

The Cabinet also issued instructions to conduct a review to the residency system with a view to extending residency permits for those sponsored by their parents after completing their university studies to facilitate their future residence in the UAE.

The new rule was approved by at the Cabinet meeting chaired by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai at the Presidential Place in Abu Dhabi yesterday.

Lt General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, and Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, were present.

Shaikh Mohammad reaffirmed that the UAE will remain an international incubator for exceptional talents and a top and permanent destination for international investors. “The UAE adopts the policy of openness and is governed by tolerance. Everyone living on its lands [Emiratis and expats] contribute to the country’s renaissance”, Shaikh Mohammad added.

“Our open environment, tolerant values, state-of-the-art infrastructure, and flexible legislation are the best plan to attract international investment and exceptional talents. The UAE will remain the land of opportunity, the best environment for realising human dreams and unleashing their extraordinary potential”, The Vice President further said.

The Cabinet also announced changes to the foreign ownership system of companies in the UAE, approving a decision allowing 100 per cent ownership of UAE-based enterprises for international investors.

Shaikh Mohammad instructed the Ministry of Economy to coordinate with relevant authorities to implement the new decision by the end of this year, follow up on its developments and submit a detailed report in the third quarter of this year.

Other decisions

On the other hand, the Cabinet adopted in its session the UAE Sign Language Dictionary, which is the first UAE-language reference dictionary for the UAE dialect, and a unified reference language people with hearing disabilities in the UAE.

The Cabinet adopted a resolution on the Haj and Umrah system, which aims to develop the regulations and procedures in line with the approved electronic pathway program for pilgrims in Saudi Arabia, which includes Haj permits and permit-granting regulations.

The Cabinet also adopted the Federal Law on Medical Assistance in Reproduction, which comes as a renewal of the current law in the same field. The new law expands its provisions to include new regulations in licensing medical centres.

The Cabinet adopted the school calendar for the next three years (2018-2021) for all levels of education in order to provide all parties involved in the educational process with a clear and accurate view of the school calendar.

The Cabinet also approved the restructuring of the Board of Trustees of the Emirates Diplomatic Academy under the chairmanship of Shaikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Chairman of the Board of Trustees.

The Cabinet also approved the re-formation of the UAE Committee for the Coordination of Foreign Humanitarian Assistance headed by Reem Al Hashemi, Minister of State for International Cooperation, to coordinate and organise the UAE’s humanitarian response to all international humanitarian crises and situations.

Key points

— 10-year-residence visa for investors, specialists, doctors, engineers, researchers, scientists, creative people, and their families

— Five-year visa for students in the UAE
— 10-year residence visa for top students

— 100 per cent ownership for internationalinvestors


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