According to the World Bank’s most recent annual assessments for 2021, the UAE placed 17th out of 190 countries in terms of ease of doing business. Furthermore, Dubai was named the most profitable destination for business investments in the tourist sector. So the new VISA rules are bound to have an impact. Let’s see how and by how much.
In April 2022, the UAE Cabinet, along with the Vice-President, Prime Minister, and the Ruler of Dubai rolled out an extensive set of reforms that only recently came into effect. The reforms will be used to promote economic diversification, enhance the quality of life and improve the legislative framework of the country for Startup owners and budding entrepreneurs.
According to industry professionals, legal experts, and analysts, modifications such as the 5- and 10-year golden New UAE Visa Improvements and other notable reforms would offer considerable economic benefits. All of these visa reforms will bring in talent from a variety of sectors and nations, whether it is from entrepreneurs, experienced professionals, freelancers, or investors.
The Benefits include:
1. The new entry and residence system in the UAE will attract and retain global talent and a qualified workforce from across the world, making the local job market more flexible and competitive.
2. With the entry, residence, and exit requirements no longer to be classified as a “formality”, entrepreneurs will have more freedom when it comes to moving between the UAE and their home country or seeking certain expertise from another country.
3. Entrepreneurs will not be denied visas due to short-term trips.
4. The UAE has made it easier for residents with work permits from an economic third country to obtain a visa so they can work on a temporary basis in the UAE.
5. Other countries and even GCC states (except the UAE) focus primarily on the business environment in order to encourage foreign direct investment. The New UAE Visa Reforms will instill great confidence in entities and individuals wishing to relocate to the UAE, particularly investors in industries that rely on highly skilled personnel.
6. Even more confident in the economy of UAE and a thriving business environment, investors will be more likely to open up new ventures. This can also act as a catalyst for economic growth by creating more jobs and employment opportunities.
7. Investors from around the world will get an even clearer path to setting up their businesses in the country, which is already seen as one of the most investor-friendly destinations in the region.
8. Tourists will be encouraged to apply for 5-year or multiple-entry visas under the new visa rules. Furthermore, these visas are great for firms and individuals who do not qualify for a visa on arrival or a visa that is appropriate for their intended purposes. These changes are friendlier and less complicated than previous visa procedures, resulting in less time and tension. As a result, visitors can enter the UAE faster and spend more time and money.
9. Many small businesses that can’t afford full-time specialists and rely largely on freelancers can now breathe a sigh of relief since the new visa requirements will bring in a large number of such freelancers. The UAE is expecting a surge in the number of technology workers who will help fulfill the country’s ambitious goal for the digital economy and a new era of innovative and smart technologies such as AI, ML, IoT, AR, Big Data, and many others.
10. The UAE is also the top destination for Indian investors and the new visa rules for Indian investors will provide a conducive environment for those who wish to invest in the UAE and start an e-commerce business.
11. The new visa rules provide a clear pathway to employment and business so that expatriate workers can spend more time with family and friends, which will increase their loyalty towards the countries they call home.
12. More relaxed entry requirements will make it easier to work without a work permit (such as MBAs, and international students) and entrepreneurs who have an established presence in Dubai or other emirates can now move between them without having to obtain a new visa each time they travel between counties.
These visa reforms and modifications in regulations governing recreation, labor, and so on demonstrate that the UAE welcomes expatriates.
During the epidemic, the UAE saw a major outflow of talented professionals. The authorities, on the other hand, were quick to learn from their blunders, enacting flexible visa reforms and expat-friendly legislation. Jobs will be more stable than ever before, in addition to significant job creation.