2019 Key Government  Announcements

2019 Key Government Announcements

In 2019 the UAE introduced a number of new rules and regulations to help support the ease of doing business in the UAE, these new regulations will be effective and beneficial for foreign investors and companies already in the UAE and those looking to set up in the near term. We reflect back on some of the key announcements by the government of Dubai, Abu Dhabi and the wider UAE in 2019:

100% foreign ownership within certain industries

Following the release of the UAE Federal Law No. 19 of 2018 on Foreign Direct Investment, the UAE Cabinet has now announced the Positive List of activities covered by the FDI Law. The cabinet has approved 122 economic activities across 13 sectors that will be eligible for up to 100% foreign ownership. Read More >>

Introduction of long-term visas

To further boost the UAE’s position as a primary destination for both local and international investors, a new system of entry visas for investors and professionals was announced in late 2018. Doctors, among other specialists in medical, scientific, research, technical fields, as well as top students studying in the UAE and investors/entrepreneurs, will now be granted with a long-term visa for 5 or 10 years. Read More >>

Implementation of Instant Licences

Virtual Licences have recently been announced in the UAE. These licences allow foreign investors, who are not residents of the UAE, to set up an online business in Dubai and Abu Dhabi. This will enable foreign companies to operate a business digitally, however international legal standards must be maintained and E-signatures will be legally binding in the United Arab Emirates. Read More >>

Introduction of Dual Licences

Dual Licensing enables Freezone companies to extend their business to the UAE mainland market while operating from their freezone office, without the need to rent a second office in the mainland. In addition to their freezone licence, the company only needs to obtain a mainland dual licence to be eligible to do this, which significantly reduces costs and timeline to set up the company. Restrictions do apply Read More >>

Reduced visa costs across multiple government departments

In the effort to ease cost of doing business in the UAE and to enhance interest by foreign investors, the UAE has reduced fees from 50% to 94% in certain ministries, specifically employment related costs. As of 1st July 2019 the UAE cabinet issued a decision to lower or cancel fees on 1,500 federal services. This measure is aimed at ensuring fees are comparable to international best practices. Read More >>

Introduction of Economic Substance Regulations

In March 2019, the European Union (EU) published an updated blacklist of non-cooperative tax jurisdictions, which included the UAE for not delivering on its commitment to comply with the EU’s good governance criteria. Since then the UAE has issued new legislation under Cabinet Resolution No. 31 of 2019 which specifies the requirements for companies to have economic substance and an actual presence in the UAE. Read More >>

PRO Partner Group always release important announcements within the industry via our news portal, our Social Media channels and we go in-depth with the answers to all potential questions in our blog articles. Sign up for our newsletter to receive consistent news in your inbox, updates on announcements and future events, alternatively please do check our events page (link to events main page) to see what our upcoming seminars cover.

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