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The UAE's Sweeping New Reforms: Ten Year Visa(s) and 100% Foreign Ownership of Companies

30-05-2018

On 20th May 2018, the United Arab Emirates’ (“UAE”) Cabinet discussed to allow one-hundred (100%) foreign ownership of onshore companies within the country and approved the rule granting ten (10) year visa(s) for investors, exceptional students, entrepreneurs, innovators and specialists including scientists, doctors, engineers and their respective families. Such sweeping regulatory reforms are expected to attract greater direct foreign investments, global and individual talents and boost the country’s overall economy and knowledge base.

The particulars, terms and measures of the sweeping reforms are yet to be announced and it is anticipated that a detailed report would be published by the third or fourth quarter of 2018. Should there be any further and/or additional developments, we shall write further. In the meantime, should you have any questions and/or queries, please feel free to contact our Corporate & Commercial Team would who be pleased to be of any service and support.
  
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