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New UAE Laws Mean a Big Boost for Business

New UAE Laws Mean a Big Boost for Business

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.

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