\u00a0<\/p>\n
The United Arab Emirates’ (UAE) economic growth has been remarkable in recent decades.<\/span><\/strong> The country has transformed itself into a global business hub. Recognizing the significance of entrepreneurship and foreign investment, the UAE government has continuously adapted its rules and regulations to foster a business-friendly environment and make the country attractive to foreign investment.<\/p>\n Foreign Ownership Reforms:<\/span><\/strong><\/span><\/p>\n The country has in recent years removed several restrictions on ownership of businesses in the mainland. Because of the FDI law of 2018, the UAE now allows foreign investors to own 100% of their businesses in certain sectors on the mainland. The law also removes the necessity of a local partner, which was earlier a cause of concern for their investors.<\/p>\n Talent attraction measures:<\/span><\/span><\/strong><\/p>\n To attract skilled professionals and entrepreneurs, the UAE has introduced long-term visa programs like the Golden Visa program, which grants eligible individuals and their families the opportunity to reside in the UAE for extended periods. Further, zero income tax for individuals and the exceptional law and order make the country an attractive workplace for professionals across the world.<\/p>\n Establishment of Free Zones:<\/span><\/span><\/strong><\/p>\n The UAE is renowned for its numerous free zones, offering 100% foreign ownership, tax exemptions and a regulatory framework which offers distinct advantages to businesses, such as 100% foreign ownership, tax exemptions, and streamlined processes. Numerous free zones include Dubai Internet City, Abu Dhabi Global Market (ADGM), Dubai International Financial Centre (DIFC) and Sharjah Media City (Shams).<\/p>\n Ease of Doing Business:<\/span><\/span><\/strong><\/p>\n The country has set up online portals that make the process of applying for and obtaining licenses efficient. For instance, Basher provides a unified online platform that allows the investor to set up their business in 15 minutes.<\/p>\n Focus on Innovation and Entrepreneurship:<\/span><\/span><\/strong><\/p>\n The UAE has actively fostered a culture of innovation and entrepreneurship by providing support to startups, attracting top talent and having a philosophy of imposing minimal but effective regulations on newer technology avenues. For instance, the country has been liberal with newer technological changes involving cryptocurrency and blockchain and has only imposed minimal and required regulations. This is contrary to several governments across the world that have acted in a technologically averse manner.<\/p>\n Conclusion:<\/span><\/span><\/strong><\/p>\n Investors across the world are lauding the efforts undertaken by the UAE to make it convenient for foreign investors to set up their businesses. The ease of doing business will be fuelled further because of the UAE\u2019s commitment to become less dependent on energy revenues.<\/p>\n \u00a0<\/p>\n For further information, please contact:<\/em><\/strong><\/p>\n Thomas Paoletti<\/span>, Managing Partner<\/p>\n Paoletti Legal Consultants, UAE<\/p>\n e: t.paoletti@paoletti.com<\/span><\/p>\n t: +971529113255<\/p>\n \u00a0<\/p>\n #WLNadvocate #UAE #Dubai #AbuDhabi #business #law #legalnews #innovation #corporatelaw #investment #foreigninvestment<\/p>\n","protected":false},"excerpt":{"rendered":" \u00a0 The United Arab Emirates’ (UAE) economic growth has been remarkable in recent decades. The country has transformed itself into a global business hub. Recognizing the significance of entrepreneurship and foreign investment, the UAE government has continuously adapted its rules and regulations to foster a business-friendly environment and make the country attractive to foreign investment….<\/p>\n","protected":false},"author":3,"featured_media":16498,"comment_status":"close","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_ppma_block_editor_authors":""},"categories":[48],"tags":[],"ppma_author":[68],"class_list":["post-16496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-warwick-legal-network-2"],"acf":[],"yoast_head":"\n