Opening doors

Overseas Property | 15 Oct 2021

The United Arab Emirates announced that it will introduce 50 reforms and initiatives to boost its economy and open doors for expatriates and overseas visa holders.

In late September, it declared the beginning of a "bold new series of national strategic initiatives."

One of the changes includes allowing expats who have lost their jobs in the UAE to stay in the nation for up to six months. This change also allows expats the opportunity to set up a company in Dubai during the grace period.

Furthermore, the cost of setting up a company in Dubai dramatically decreased, with free zones giving competitive rates for obtaining trade licenses and establishing enterprises. Depending on the type of business, the typical cost can range from $15,000 dirham (HK$31,000) to $50,000 dirham.

Freelance visas are also available, allowing those who are self-employed to sponsor themselves. The freelance visa is available to workers in sectors such as artificial intelligence, blockchain and digital currencies.

Students aged 15 and above will also be given the opportunity to work in the UAE under a temporary visa system.

The Minister of State for Foreign Trade, Thani al-Zeyoudi, said that this initiative "targets highly competent persons, investors, businesses and entrepreneurs as well as excellent students."

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