Jun 30, 2018 | Admin
The UAE is one of the most liberal trade regimes in the Gulf. This centralized economic hub is known to be thehome to numerous multi-million-dollar conglomerates and start-ups. Attracting companies from all over the world to shift bases or start offshore branches, the huge inflow of foreign capital into the UAE makes the land of Emirates, the perfect epitome of a thriving business territory.
With the buzz of a new notice in town last week, the government has hooked the attention of the competitive crowd by unleashing another wave of opportunities,
A new set of rules directed towards the relaxation of visa and employment for the UAE private sector has been widely in favor of the resilient business community of the UAE.
So what’s the scoop behind the business upbeat on new rules? Here, at a glance, is an overview briefing the new regulations announced last week
Striving towards betterment and expansion of this bustling core, the above strategy proposed and to be implemented eases, lightens and provides a game changer to the business world.
As expressed by His Highness Shaikh Mohammad bin Rashid al Maktoum, “It is in the national interest of our country to have the best economy to attract investors”
So what’s to be noted about this catchy replacement and modest new insurance system?
The new low-cost insurance scheme that has come into picture replaces a lump sum amount of AED 3,000 as bank guarantee per expatriate to a meager amount or minimal cost of Dh 60 as annual insurance, This new system offers a coverage of upto AED 20,000.
The generous benefits enjoyed by the private sector employees through this cover
As an effort to benefit the private sector, encourage and enhance better life quality and results in terms of development, this new system will commence soon.
This fresh and schematic guideline is surely protecting employee rights and yes, off course lightens the obligations on employers.
On releasing the current bank guarantees, a total of Dh 14 billion is said to flow into the private sector. This unanticipated injection of liquidity is an added boon to the private sector as they now retrieve this amount. This refund will increase the investments as well as improve comfort of doing business in the UAE
Diversity is an aspect that now comes into play as human resources will now pool in from a lot of countries as the recruitment process is much easier.
Another important sphere to be highlighted is the amendments made on the current visa regulations for transit tourists, residents and students, announced by the UAE cabinet
The new leisurely moves now comprise of
Liberal considerations on unwelcomed overstay,
The UAE Cabinet approved a decision to grant people overstaying, a chance to leave the county on voluntary basis without a “no entry” passport stamp, without incurring a ban. Also, for those individuals entering illegally will now be getting a chance to leave with a “no entry” stamp for two years on a condition that they show their valid return ticket.
To sum up it on how the government has loosened its grip,
Focused on the evolvement of a model based on flexibility and openness and striving towards maintaining its position as one among the 10 most competitive countries in the world, the above proposed is expected to come into effect by the 4th quarter of 2018.
So looking forward to the implementation of this seemingly well-crafted system prioritizing effective market prosperity and growth, let us hope to see several gist’s of development and betterment and a bright future ahead.
GSPU TAX CONSULTANCY is one of the leading Tax and Accounting consultancy firm in the UAE