As we have already stepped into 2022, one thing is certain: the process of business setup in Dubai has become simpler and more flexible. Foreign investors can now enjoy more benefits than ever thanks to a set of forward-looking reforms implemented by the Federal Government. The Golden visas, scrapping the restrictions on company ownership, new policies etc enable foreign investors to enter the new year on a positive note.
In light of the new reforms, entrepreneurs are required to devise new strategies for company formation in Dubai. Setting up a business in Dubai in 2022 should be based on fresh thinking to completely enjoy the benefits of the new reforms. You can seek the help of business setup consultants in Dubai to infuse new thinking into your company formation strategy in 2022. If you are looking to incorporate a new company in Dubai in 2022, be mindful of the following reforms:
100% Foreign Ownership in Mainland
A pathbreaking change embraced the landscape of business setup in the UAE when the government scrapped the local sponsorship requirement in mainland companies. Earlier, mainland firms were required to have a UAE national partner entitled to hold at least 51% of the company’s shares. The government scrapped this requirement effectively from June 2021, which paved the way for 100% foreign ownership in selected business activities in the UAE.
More than thousands of commercial activities provide 100% ownership benefits to foreign investors. You need to check the activities with the DED to ensure whether your business is entitled to 100% ownership in Dubai. You can also consult with business setup consultants in Dubai to select 100% foreign ownership activities.
The Entrepreneurial Nation Initiative
In November 2021 the UAE government announced an ambitious plan for startups and SMEs in the country. The Entrepreneurial Nation initiative aims to make the UAE home become home to 20 unicorns, or start-ups valued at over USD 1 billion, by 2031. As part of the initiative, the government will support startups through a series of public-private partnerships.
As part of the policy, the government will realise its core objectives such as supporting entrepreneurs to establish startups in the UAE, expand businesses, export products and explore e-commerce sales. The government will also establish an AED 1bn private equity fund for lending to SMEs based in the country and operating in strategic sectors. Business set up consultants in Dubai will help entrepreneurs set up their startups.
UAE Green Visas
The UAE government issued Green Visas as part of the ’Projects of the 50’ to increase the flow of foreign investments into the country. The UAE Green Visas are issued to grant self-residency status to the holders. However, Green Visas are not linked to the company work permit. It means the applicants of the UAE Green Visa are not required to get the sponsorship of a company for obtaining residency in the country. Investors, entrepreneurs, and the individuals who run SMEs, skilled professionals and talented students are eligible to apply for Green Visas in the UAE. Business set up consultants in Dubai can help you obtain a Green Visa without any hassle.
UAE Freelancer Visas
In 2021, the UAE issued a freelancer permit or freelancer visa to enable individuals to work independently in the country. It’s a one of a kind freelancer permit that allows individuals to sponsor themselves. Moreover, it is the only freelancer visa issued at the federal level. The UAE freelancer visa covers a wide range of activities such as artificial intelligence, blockchain and digital currencies.
Earlier, individuals could only apply for freelancer permits issued by the free zones. Unlike the mainland freelancer permit, a free zone freelancer visa is linked to work permits. The new UAE freelancer visa is likely to motivate more businesses to hire freelancers. Business set up consultants in Dubai can help you obtain a freelancer permit without any hassle.
UAE Golden Visas
The UAE started issuing Golden Visas to eminent personalities, artists, health care professionals, doctors, investors and top students in 2021. Obtaining a UAE Golden Visa enables the visa holders to enjoy a 10-years residency. Recently, the government expanded the scope of the UAE Golden Visa to include managers, CEOs, specialists in science, engineering, health, education, business management and technology.
100% Foreign Ownership in Real Estate Sector
The real estate sector in Dubai witnessed a drastic change in 2021 with the introduction of 100% foreign ownership. The real estate brokerage firms in Dubai were previously 100% owned by UAE nationals. Zero foreign ownership was implemented to prevent expatriate partners from absconding from the country or misusing the trade licenses. The introduction of 100% foreign ownership will enhance the appeal of business setup in Dubai and bolster FDIs. Business setup consultants in Dubai can help you open a real estate brokerage form quickly.
Start 2022 on a Positive Note with Jitendra Business Consultants
Pathbreaking reforms introduced in 2021 have drastically transformed the landscape of business setup in Dubai. Setting up a business in Dubai has become more flexible on account of such reforms. However, foreign investors need to think of new strategies to leverage the benefits of these new reforms. Business setup consultants in Dubai such as Jitendra Business Consultants (JBC) can help you devise new company formation strategies.
JBC has a team of highly qualified business setup advisers who can guide you on key requirements such as visa processing, document drafting, company registration etc. JBC offers a one-stop solution, for all your requirements such as accounting, audit, trademark registration, Economic Substance Regulations compliance, Ultimate Beneficial Ownership compliance etc. We can help you set up your dream business in Dubai without any hassle.