The recent visa amendments in the UAE have made it simpler for businesses, start-ups, and SMEs to hire specialists and other workers. Recently, the UAE cabinet has approved fundamental changes to its residence system and introduced new five-year green visas with an aim to make the UAE a preferred place to live, work, and visit as per its national agendas and goals.
According to experts, the new visa policy will make the UAE more appealing to both short-term and long-term immigrants, travellers, and workers. The approved rules will take effect starting September of 2022 and the changes are being deemed as one of the biggest overhauls of the visa residency system in years.
The Golden Visa system, which has been lauded by industries and communities around the world, will see an expansion under the new rules, wherein job seekers, particularly graduates, will be welcomed to come and visit the country and seek new employment opportunities. Skilled professionals on salaries of more than $8,100 a month will be able to apply for the Golden Visa.
“The new system of entry and residence is aimed at attracting and retaining global talents and skilled workers. More flexible visas will boost competitiveness and flexibility of the job market and foster a high sense of stability among UAE residents and families,” said a UAE official in a media statement, as per the national news agency WAM.
Expectations for the New Visa
Experts feel the new regulations are a boon for the entrepreneurial ecosystem of the country, which is fast growing. The new amends will make it easier for amateurs and SMEs to employ specialists from overseas, broadening the pool of expertise, while also offering incentives for owners and entrepreneurs to relocate to the UAE. The overall aim is to strengthen the country's investment industry, boosting the funding ideas and opportunities for newcomers and professionals looking for funding.
There are also visa changes that aim to bring in more of the entrepreneurial talent pool to the country. Golden Residence for Entrepreneurs, for example, is the executive regulation that sets flexible requirements for entrepreneurs eligible to obtain the Golden Residence. For this, an entrepreneur should own a business or be a partner in a start-up registered in the UAE in the small and medium-sized enterprises (SMEs) category. The annual expected revenues for such companies should not be less than AED 1 million.
All these changes have created an upbeat environment, placing the UAE at the top of the charts when it comes to being a facilitator for SMEs and entrepreneurs.
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