Dubai – Mubasher: The UAE cabinet revealed that it has started implanting the 100% foreign ownership and 10-year residency visas for expats in a bid to attract further investments to the GCC country.

Under the new law, foreign investors will be given five-year to ten-year visas according to the size of their investments in the UAE.

Entrepreneurs with a former business of AED 500,000 ($136,000), who are seeking the approval of an accredited business incubator in the UAE, will be given a five-year visa, and they will be able to upgrade the investor visa compatible with certain conditions, Arabian Business reported.

The ten-year visa will be offered for doctors, scientists, inventors, specialists in culture and art and researchers working in science and knowledge, and they are allowed to include their spouses and children under their visa.

In May 2018, the cabinet has approved a 100% foreign ownership of companies that previously had been limited to companies based in free zones in order to acquire local firms in the GCC nation.  

It also agreed upon a long-term visa system to attract international investors and high-qualified professional workers.