Get to know the Latest Company Set Up Processes and Procedures

The United Arab Emirates has a reputation for being one of the world’s most hospitable environments for  businesses/corporates. Low taxes, a fantastic location, and friendly regulation make it a favorite among entrepreneurs and investors all over the world.

The UAE’s leaders have taken measures in recent years to solidify this image and attract more international investment in the country. These improvements have made it much simpler to start and manage long-term businesses in the United Arab Emirates.

The UAE golden visa procedure was introduced and subsequently expanded as the initial initiative. This enables a broader spectrum of professionals to make use of the company set up plan, which allows them to stay in the nation for considerably longer than before.

Around the same time, the UAE government changed its business law, enabling foreign ownership of mainland companies to be 100 percent. This modification of the law allows non-GCC investors to deal in the UAE without the need for a local agent in all authorized industries. This restriction, along with a few others, has since been further loosened.

Here’s how the latest changes might make starting a business in the UAE considerably easier.

Changes in mainland license ownership plan

Previously, non-GCC investors could only launch a firm on the UAE mainland Zone with the aid of a local sponsor.

The local sponsor would control 51 percent of the company, while the non-national would have the remaining 49 percent. The foreign investor would retain control over decision-making and earnings, while the local sponsor would be paid on an annual basis. This was recently relaxed to enable 100% ownership in Dubai mainland for foreigners.

Change in joint-stock company laws

The UAE’s joint-stock company regulations have also undergone some considerable changes. Senior management is now covered by the directors’ liabilities provisions, and such firms are no longer required to have a UAE national on their board of directors.

Shareholders of joint-stock firms can sue businesses if the directors fail to perform their duties, resulting in loss or harm. Other changes will allow these firms to appoint non-shareholders as directors and sell up to 70% of their stock in an Initial Public Offering (IPO), up from the existing 30%.

Finally, a single corporate shareholder can now own a joint-stock company.

Opening a branch of foreign company in the UAE

Anyone wanting to create a branch of a foreign firm on the UAE mainland formerly needed to hire a local agent. The agent’s name would appear on the license, and they would be paid a fee for their services once more.

This isn’t the case anymore. Without the need for a local agent, foreign companies can now open branches on the UAE mainland.

Who will be benefiting from these laws?

The most recent modifications to UAE business law correspond with the easing of numerous other rules governing minor financial offenses, non-marital cohabitation, and alcohol use. The objective is to make the UAE an even more attractive investment destination for people from other parts of the world.

The UAE’s new rules have set it apart from the rest of the Middle East. Not only as an ideal area to do business, but also as a fantastic place to live, raise a family, and integrate for the long haul. Only a more diversified business climate, thriving industries, and a stronger, more stable economy can be expected as a consequence.

How Projectfrpjsc helps

In matters like business setup, people tend to get confused and get in chaos due to several rules, regulations, and multiple requirements. This is the time when people tend to look for an expert. A lot of chaos can be avoided if guidance is taken from the initial state of the commencement of the business. Every venture may have unique requirements like location, customer convenience, logistical feasibility, and banking services.

We at Projectfrpjsc strive to understand these unique precepts and provide expert and reliable consultation to our clients with updated laws and governing regulations, awareness of their rights, and cost-effective business solutions tailor-made to their business needs and budget.

Everything you need to know about Golden visa in UAE

The United Arab Emirates (UAE) implemented a new long-term residency golden visa system in 2019, allowing foreigners to live, work, and study in the UAE without the need for a native guarantor and with full ownership of their firm.

Following the economic disruption caused by the pandemic, the amendment was enacted in order to recruit new foreign immigrants, mostly to the emirate of Dubai.

What does the UAE golden visa offer?

The Golden Visa system essentially grants individuals who fit into the following categories long-term residency, ranging from 5 to 10 years: investors, entrepreneurs, people with unresolved talents such as investigators, medical professionals, and those in technical and knowledge fields, and outstanding students.

The main benefit of the visa will be ensured by the issuing of the Golden Visa, and the UAE government has made it clear that they are committed to offering immigrants, investors, and anybody else wishing to make the UAE their home with another reason to feel safe about their future.

How to apply for a UAE golden visa?

Those interested in applying for the Golden Visa can do so through the Federal Authority for Identity and Citizenship’s website, which is run by the General Directorate of Residence and Foreigners Affairs (GDRFA) or ICA (the channel for residency and citizenship), which is part of the ministry. GDRFA has both online and physical outlets, whereas ICA solely has online channels.

The application process is straightforward, with applicants only needing to submit the relevant paperwork and a desire to migrate to the UAE in order to pursue their business enterprise.

Who can apply for golden visa in UAE ?

Investors with a public investment of at least AED 10 million, whether in the form of a firm or an investment fund, can apply for the 10-year visa. Though at least 60% of the total investment should not be in the form of real estate and the invested money should not be loaned, in the case of belongings, investors must have complete ownership.

The investor should also be able to keep the money for at least three years. This 10-year visa can be extended to business partners if each of them contributes AED 10 million. The holder’s spouse and children, as well as one decision-making director and one advisor, may be included on this long-term visa.

People with exceptional skill, in addition to entrepreneurs, are eligible to apply for the visa. Doctors, scientists, investors, researchers, and artists are among them.

The conditions for the 5-year visa are largely the same for investors, with the exception that the amount of investment necessary is AED 5 million.

In the UAE, outstanding high school and university academics are eligible for a 5-year resident visa. Students from certain institutions with a GPA of 3.75 or above upon graduation and high school students who rank first in the country with a minimum of 95 percent are eligible.

Aside from the aforementioned, international citizens who want to start a business in the UAE can apply for this 5-year permanent residency through the Golden Business Visa scheme.

Conditions for people with specialised talents

To be eligible for residency, those in the above-mentioned specialised talent group must meet specific requirements.

The Emirates Scientists Council or winners of the Mohammed Bin Rashid Medal for Scientific Excellence must accredit scientists, whereas the Ministry of Culture and Knowledge Development must accredit creative people in culture and art.

Copyrights or scientific research published in a world-class journal must also be rewarded for exceptional talents.

Experts and doctors should have 

• Ph.D. from one of the world’s top 500 colleges
• An award or a certificate of appreciation in the applicant’s field of employment

Other programs introduced to bring in foreign students

The UAE has also allowed an amendment to its residence legislation that allows foreign university scholars to bring their families to the UAE if they have enough money, proper housing, and financial resources to sustain them.

Dubai additionally established an exclusive residency programme in October 2020 that allowed overseas working professionals who worked from home to live in the UAE while still serving their companies in their home country.

The Dubai government also announced in September the creation of a 5-year renewable Retirement Visa for immigrants aged 55 and up who choose to live in the emirate. The Retire in Dubai programme is open to all retirees who have a monthly income of at least $5,500, own a home in Dubai worth $550,000, or have $275,000 in savings.

How Projectfrpjsc helps you

In matters like business setup in Dubai, people tend to get confused and get in chaos due to several rules and requirements. This is the time when people tend to look for an expert. A lot of chaos can be avoided if guidance is taken from the very beginning. We at Radiant Biz are a team of experts who are here to help you with your queries related to all types of business setup.