New UAE Laws Mean a Big Boost for Business
The UAE Cabinet on Wednesday adopted a number of strategic decisions with regards to foreign workers’ insurance in the private sector, as well as a legislative package of visa facilitations which will release AED 14 billion back to the private sector companies and will further lower the cost of doing business in the UAE.
8 strategies to enhance the UAE’s economic competitiveness
- A new system in place to replace the bank guarantees required for private sector employees’ visas
- Release the current bank guarantees totaling AED 14 billion back to private sector companies
- Implement a new insurance system for private sector employees valued at AED 60 per year to replace the AED 3,000 bank guarantee per employee
- Facilitate the process for job seekers in the UAE and grant a six-month temporary visa without fees
- Exempt transit tourists from entry visa fees for the first 48 hours of their stay
- Grant a two-year visa for talented and outstanding students
- Allow visa status adjustment without having to leave and re-enter the country
- Facilitate the voluntary departure of people overstaying their visa without incurring a ban
To find out more, visit www.uaebiz.ae or call +971 4 387 3401 today.