According to the latest World Bank annual ratings for 2021, the UAE ranked 17 among 190 countries in the ease of doing business. Additionally, Dubai was hailed as the most lucrative destination for foreign direct investments in the tourism sector.
Gulf Today reports that the UAE generated $1.7 billion through 30 FDI projects while generating over 5540 jobs. These results may be praiseworthy for many countries, but the UAE aims for nothing but the best. The UAE introduced New UAE Visa Reforms to speed up economic development, create job opportunities, and encourage FDI.
The Rationale Behind these Visa Reforms
As per industry experts, legal specialists, and analysts, amendments like the 5 & 10-year golden New UAE Visa Reforms & other noteworthy reforms will bring significant economic benefits. All these visa reforms will usher in expertise spanning various sectors and countries, be it entrepreneurs, accomplished professionals, freelancers, or investors.
Through the newly announced golden visa rules, individuals will be eligible for the 10-year residency permit, effective from September 2022. The UAE government wants to reduce its dependence on hydrocarbons and oil resources and diversify its economy. What steps has it undertaken to change things? The new visa reforms aim to attract exciting talent and increase foreign direct investments.
Other countries and even nations in the GCC (excluding the UAE) primarily concentrate on the business environment to increase foreign direct investments. Entities and individuals looking to shift base to the UAE will gain immense confidence from the New UAE Visa Reforms, especially investors from industries dependent on highly skilled labor.
Earlier, the authorities examined the previous records of individuals/entities and gave first preference to those who invested generously or made significant contributions to the UAE economy. However, the recent visa reforms are more flexible & progressive, providing more opportunities than before.
Impact of Visa Reforms on Tourism
The increased visa security will encourage talented professionals from all industries to work in the UAE. Apart from the reduced dependence on a single employer, the visa reforms will also motivate individuals to have a long-term approach, thereby fostering increased real estate development while boosting the financial sector.
Eventually, investors will understand that the workforce is in for the long haul and will not hesitate to invest in their employees. Such steps will yield long-term returns & reduce staff retention. People might even consider retirement in the UAE, which will boost the country’s GDP.
Increased investment and a steady, motivated workforce will benefit most industries, especially travel and tourism, because of the relaxed New UAE Visa Reforms. More visitors will result in more job openings in the leisure and hospitality sectors.
Covid-19 has heavily impacted global economies, including the UAE. Still, these timely visa reforms will attract new talent, increase investments and stabilize the market in the long run.
New UAE Visa Reforms will Get Diverse Talent Pool
You can pour vast amounts of money into the market and even develop excellent infrastructure but what matters the most is an experienced & dedicated workforce. The UAE government understands that, so they have introduced New UAE Visa Reforms to attract skilled professionals from all over the globe.
Industrial specialists and agricultural experts will share their insights, introduce exceptional industry standards, and contribute to UAE’s economy. As a result of the increased number of expatriates, the local consumption and GDP will also shoot up. The government and private sector will also greatly benefit from the number of expatriates.
What are the sectors that will immensely benefit from these New UAE Visa Reforms? They are as follows:
- Real estate
- Information technology
- Food and beverages
Continuous Economic Growth
The UAE has experienced steady economic growth over the years. It would be unfair to give all the credit to oil money. Due to the foresight and long-term investments in UAE’s infrastructure, we are witnessing incredible prosperity. The new visa reforms aim to take this vision to the next level.
Mr. Prateek Rawal, the managing partner at Ascent Partners, stated that Dubai’s policies are dynamic like its economic landscape. These policies create a fertile environment for economic prosperity and sustainable development. The UAE authorities felt that attracting talent & creating robust infrastructure is just one part of the puzzle; the key lies in changing the country’s perception.
Keeping this in mind, the decision-makers and stakeholders in the UAE economy introduced New UAE Visa Reforms to infuse creativity and fluidity into the system where entities & individuals can explore new avenues without hesitation.
The intended result is to create a system where the economy benefits from a diverse talent pool. At the same time, the workforce enjoys work-life balance, job satisfaction & equality. Furthermore, the New UAE Visa Reforms will also have an all-encompassing effect on individuals, startups, and families who can assess the situation in the UAE & make wise decisions accordingly.
Mr. Rawal added that the eCommerce, banking, finance, retail, hospitality, and tourism sectors would get a massive push due to the population growth.
Minimal Entry Barriers
The newly introduced New UAE Visa Reforms are a breath of fresh air for UAE residents. Resident permit holders in the UAE can now enjoy exciting benefits like the ability to sponsor family members and easier access to sponsor-free resident permits. These reforms and relaxations will encourage skilled professionals from around the globe to build a career in the UAE.
Another fascinating aspect of the new visa reforms is the introduction of New UAE Visa Reforms, and the duration of the short-term visas has been increased to 60 days. Such short-stay visas & entry permits are a boon for job seekers and investors who can come over and gauge the local conditions before making critical decisions.
The new visa reforms will encourage tourists to apply for 5-year or multiple entry visas. Moreover, these visas are ideal for those businesses and individuals that do not qualify for a visa on arrival or a relevant visa for their intended purposes. These reforms are friendlier and more straightforward than the earlier visa procedures, ensuring less delay and stress. Consequently, parties can enter the UAE quickly and spend more time and money.
Apart from the tourism industry, the medical sector will also enjoy a considerable advantage over the short-term & multiple entry visas. The introduction of a medical visa allows hospitals to sponsor patients for a stipulated period or until their treatment is over. Imagine the positive impact of the medical visa; Dubai may emerge as a new destination for patients seeking world-class medical facilities.
New UAE Visa Reforms will Generate New Employment Avenues
We discussed the economic benefits and how the visa reforms will benefit investors. Let’s talk about the job market now. The New UAE Visa Reforms will also enable the creation of new jobs, which will help expatriates and UAE residents.
After the visa reforms, businesses in hospitality, tourism, real estate, medicine, engineering, and food & beverage industries are expected to see an increase in employment opportunities. Successful entrepreneurs, industrialists, business tycoons, and celebrities will invest in these new real estate developments. New businesses will emerge around these properties, creating more community jobs.
Understand that real estate development also requires the services of skilled professionals like engineers, architects, town planners, etc. Moreover, the professionals will also need services like healthcare, restaurants, hotels, and many other amenities. So, there would be ample scope for job creation.
Every industry must adapt to the new post-pandemic world. Besides finding new ways to target customers, businesses are also adopting newer work modules like remote work, online work, hybrid work, flexible work hours, and others.
Apart from traditional jobs, the UAE market could also witness a sharp increase in shared workspaces, Business Setup Services in Dubai, the e-commerce industry, art & science, and other sectors. Many individuals consider self-employment after 2019, where they can introduce innovation and creativity into their working patterns. By thinking out of the box, startups and entrepreneurs can improve productivity and quality of work.
Incubator programs, capital investment firms, etc., can stimulate the creativity of budding entrepreneurs while providing them with the tools to make things happen & ultimately create new jobs in the future.
New UAE Visa Reforms will Increase Tourism Jobs
Few experts have predicted that the UAE’s tourism market will see a massive increase in jobs due to the New UAE Visa Reforms, along with witnessing a higher number of visitors for frequent & extended stays. Even startups in the UAE may create many job openings, especially the ones carrying out digital assets’ activities.
As a matter of fact, UAE’s visa reforms have come shortly after the announcement of the Digital Assets Law. Such initiatives will solidify UAE’s position as a dominant player in the Digital Assets sector. These visa reforms and changes in the laws related to recreation, labor, etc., convey that the UAE welcomes expatriates.
The UAE witnessed a mass exodus of talented professionals during the pandemic. However, the authorities were quick to learn from their mistakes, introducing flexible visa reforms and expatriate-friendly laws. Along with the increased job creation, jobs will also be more stable than ever.
How can NR Doshi & Partners Help You in New UAE Visa Reforms?
Nr. Doshi & Partners have extensive experience of 36 years in the fields of accounting, finance, auditing, ESR advisory, and, most importantly, business setup services. The UAE may have relaxed the visa rules and created ideal conditions for entrepreneurs and startups to conduct business efficiently in the UAE. Nevertheless, it would be best if you had a firm hand to guide you through the process.
Be it documentation, liaising with government officials, or ensuring compliance with the existing regulations, we will assist you at every step. Suppose you are thinking of setting up a business in the UAE. In that case, we can help you with business setup and streamline your operations. Being in the market for so long gives us the added edge, plus we know the ins and outs of mainland company formation, offshore company formation, private/public shareholding companies, partnerships, joint ventures, etc.