New Reforms To Bring In More Investments in UAE

Government of United Arab Emirates (UAE) has announced recently that new reforms will be soon implemented which will boost the economy. The new reforms are likely to be focused on specific industries and professions which meet the strategic needs of UAE. The list of industries and professions discussed for the reforms will likely include categories such as scientists, inventors, entrepreneurs, doctors, engineers and innovators. Under the new reforms, 10 year visas will be issued for investors and professionals.The rule will also permit 100 percent foreign ownership for mainland companies.Presently, only free-zone companies/business can be fully owned by foreign investor.  This new reform will only allow business in certain sectors like technology for 100% foreign ownership.The business has to have AED 1 million plus capital invested to be eligible for full ownership. Additional requirements for eligibility for full foreign ownership could also be to employ over five employees with a certain salary threshold and to recruit a certain percentage of UAE nationals. It may also include contribution of a certain percentage for corporate social responsibility (CSR) after having made a certain level of profits.