Recently, the UAE Government has declared it will offer a 10-year resident visa. By the end of the year, the new visa rules will be implemented. But how will this affect business owners and the UAE economy?
FOUR BENEFITS OF A 10-YEAR VISA:
- Attracts foreign investors: As UAE’s Foreign Direct Investment (FDI) had dropped from $14.2bn in 2007 to $8.9bn in 2016, UAE must come up with ways to improve the rates of investment. According to the International Institute of Finance, in 2017, the UAE’s FDI had improved to $11bn.
The introduction of 10-year visas will surely impact positively on the country’s FDI and create an economy that is less dependent on oil and gas. A 10-year visa will open doors for new investors and entrepreneurs from overseas, leading to FDI growth.
- Offer more business openings: The visa change will attract more business owners who are planning to restructure their companies in UAE.
With tighter competition, this will inspire businesses to develop innovative ideas in their specific sectors. This will lead to new business hubs that will result in UAE becoming a global leader in technology and innovation.
- Allows the nurturing of talents: The long-term visa will drive career growth within businesses and will lead them to invest more in training among their employees.
- Provides improved security for employees: Longer residency visas provide longer tenure for employees in businesses, allowing them to improve long-term plans. The 10-year visa also encourages greater staff retention rates. Businesses in the UAE will have more time to make successful projects and develop better business strategies.