UAE’s current campaign to attract expats is receiving international notice, and the city’s idea of combining financial success with recreational connections has proven to be a winning combination for its residents.
As part of its attempts to attract new investments to the emirate, the UAE Department of Economic Development (ADDED) announced a virtual license for non-resident international investors. The new license allows non-resident foreign investors to do business in the emirate while waiting for their residency permits to be processed, as well as do operations from outside the UAE.
The virtual license permits applicants to receive a permit in any of the 13 economic sectors that the UAE government considers to be the top priority industries for attracting foreign direct investment. Agriculture, manufacturing, repair, contracting, maintenance, installations, retail, transportation, services, leasing, healthcare, and entertainment are among these industries.
By choosing one of two permitted legal forms – a limited liability company or a sole proprietorship LLC – foreign investors can obtain a license in any of these economic areas and control the firm fully. Local costs of up to Dh1,000 apply to the license if all extra federal fees have been paid after the remaining procedures have been completed.
This is an “unprecedented proactive initiative” targeting foreign direct investments. It will facilitate the “economic activity licensing procedures and requirements, regardless of the location of the investor” said Added chairman Mohamed Ali Al Shorafa.
