UAE approves 100% business ownership for foreign investors

The UAE has approved a new long-term visa system aimed at attracting international investors and high-skilled professional workers, state news agency WAM reported.

The cabinet also approved 100 percent foreign ownership of companies in the country.

The ten-year visa will be made available to investors in the UAE, as well as those who are specialists in medical, scientific, research and technical fields, as well as for all scientists and innovators.

A separate five-year residency visa will be made available to students studying in the UAE, and 10-year visas for exceptional students.

 This decision will be enforced by third quarter this year, it added.

The UAE will also review its current residency system to extend the time for the dependent students after completing their university studies which will give them opportunity to consider their practical options in the future.