Media ININ Economy We Trust
Media In – Abu Dhabi, May 20, 2018
The Council of Ministers chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, today announced the launch of an integrated visa system to attract talent and talent in all vital sectors of the national economy.
The Council also announced changes in the system of foreign ownership of companies in the country, which allows the acquisition of 100% of the global investors by the end of the year at its meeting at the Presidential Palace in Abu Dhabi. The meeting was attended by HH Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
His Highness Sheikh Mohammed bin Rashid Al Maktoum affirmed that the UAE will remain a global incubator for exceptional talents and a permanent destination for international investors. “The UAE has been open, governed by tolerance and contributed to by all who live on its land.
The new regulations include raising the percentage of global investors’ ownership in companies to 100% by the end of the current year. He directed the Ministry of Economy in coordination with the concerned parties to implement the decision and follow up on its developments and submit a detailed study in the third quarter of this year.
He directed the concerned authorities to put in place the executive procedures to apply for granting investors ten years residence visas for them and all members of their families, in addition to granting residency visas of up to 10 years for specialized competencies in the medical, scientific, research and technical fields and for all scientists and innovators.
The new regulations also include visas for students studying in the country for five years and a ten-year residency for exceptional students.
It also includes a review of the residency system to extend the residence time for the dependents of their parents after completion of their university studies so as to facilitate the students and their families, and gives them the opportunity to study their practical options for future residence in the UAE.
