Month: April 2022
UAE Golden Visa: Reduction in Property Investment to Boost Dubai Realty Sector and Entrepreneurs
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The UAE’s golden visa programme was an immediate success, particularly among expats looking to establish a foothold in Dubai. And now, with the latest modifications, it is far more appealing, offering the opportunity to permit several more individuals to realize their goal of living in Dubai.
For property investors, the Golden Residence is ideal
The major important adjustment is a drop in property investment volume, which has been cut to AED 2 million from AED 5 million previously, but the visa period has been increased to 10 years.
The modification might indicate that the developers and realty brokers do not have to put out the entire Dh2 million plus on the property investment right now. Here is where direct-from-developer programmes come in handy, as they encourage prospective investors to proceed with an instalment plan while also ensuring they have the required Dh2 million equity to be eligible for a Golden Visa. There might be an initial instalment and subsequent payments spread over a period of time. The buyer is qualified if the equity portion of the transaction totals Dh2 million or more.
The new visa eligibility requirements will also place the Dh1 million plus barrier for a property investment in Dubai, which previously permitted a buyer to obtain a 5-year visa. The investor will now have more payment flexibility in order to be eligible for a Golden Visa. This change has the ability to significantly boost the off-plan property industry in Dubai. The amendments allowing off-plan investors to become residents will have the greatest impact, and we should expect an increase in demand for off-plan properties.
This declaration is another step in the process of opening up Dubai to international investors, and it is expected to result in a large rush of purchasers, supporting an already flourishing market. The UAE government is attempting to make the new visas friendlier in nature, allowing applications to efficiently manage their future in the country. The projected change of the UAE’s visa residency system will significantly propel the country’s real estate sector, bringing a major surge in purchasers and giving Dubai’s property market a boost.
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Submissions deadlines for Licensee under ESR - Economic Substance Regulations Deadline 2022
April 20, 2022
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UAE Reforms Its Visa Policy For Both Residents And Visitors
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One of the most significant changes to the UAE visa system in years has been adopted by the UAE Cabinet. The new visa system falls under a variety of visa types including residence permits, new entry and golden visas. The executive regulations on foreigners’ arrival and citizenship have been approved by the UAE Cabinet. Following ninety days from the date of publication in the Official Gazette, the executive regulations will take effect.
The proposed system provides UAE travellers with a variety of visa options for various visits. This visa policy eliminates the necessity for arrivals to get sponsorship. All entry visas can be used for single or multiple entries and can be updated for comparable periods of time, in addition to being valid for 60 days from the date of issue.
Golden Visas
The eligibility requirements and beneficiary sectors have been modified. The modifications enable the bearer of a golden residence to endorse his or her family irrespective of age. Additionally, there are no time limits on how long you can remain outside the UAE in addition to keeping your Golden Visa active. In the case that the actual owner of the Golden Residence passes away, family members are permitted to remain in the UAE until the expiration of their license.
- For scientists – On the advice of the Emirates Scientists Council, this residency is offered to scientists and researchers with major accomplishments and impacts in their fields. The candidate must hold a PhD or master’s degree in engineering, technology, biological sciences, or natural sciences from one of the world’s top institutions, and also have significant research breakthroughs.
- For professionals – The aspirants must have a credible UAE contract of employment and be classified in the first or second occupational level. The candidate must have a bachelor’s degree or its equivalent in education and a monthly income of at least Dhs30,000.
- For outstanding talents – This type of visa is only given to top performers in critical fields. It is given solely on the basis of skill, independent of a person’s educational background, work situation, a monthly wage, or professional level. It necessitates the permission or endorsement of a federal or local government authority.
- For Entrepreneurs – The executive regulations provide for a wide range of conditions for entrepreneurs seeking a Golden Visa. An entrepreneur must own or be a partner in a startup that is registered in the nation as an SME and has annual revenues of at least Dhs1 million.
- For real estate people – When acquiring a property valued at least Dhs2 million, real estate investors can apply for Golden Visas. According to the new modifications, investors can also get a Golden Visa if they buy a home with a mortgage from a specified local bank.
New residence visas
To lure talented professionals, freelancers, investors, and entrepreneurs, a new 5-year resident visa has been established. More advantages are available to help family members remain in the nation, and lengthier customizable notice periods of up to six months are now available to stay in the country when a residence visa is revoked or expires.
Green Visas
Skilled professionals, talented individuals, investors, and entrepreneurs can apply for these which are valid for five years without a sponsor or employer. It provides lengthier grace periods, up to six months, for staying in the nation after a residence permit has been revoked or terminated. A bachelor’s degree or equivalent is required, and the salary must not be below Dh15,000.
- Employees with specialised skills – This 5-year residency visa does not need a sponsor or an employer. Candidates must have a current job contract and be categorised in the first, second, or third occupational levels.
- Individuals that work as freelancers or are self-employed – This 5-year residency visa does not need a sponsor or an employer. A bachelor’s degree or specialized certificate is required as a minimum educational level. In addition, the individual’s yearly self-employment revenue for the preceding two years must be at least Dhs360, 000.
- For potential investors or business partners – This residency visa permits investors who are creating or engaging in business ventures to stay for five years. It takes the place of the prior residency, which was only for two years. Permission and evidence of investment are among the requirements.
- Family members now have new perks – The sponsorship age for children has been raised from 18 to 25 years, with no age restriction for unmarried daughters. Irrespective of age, children of determination are awarded a residence visa. Recipients of green residence visas are permitted to give residence permits to first-degree relatives, with the residency of family members having the same validity as the primary resident visa holder.
Business entry visa
This visa, which does not need a sponsor or host, is designed to attract investors and entrepreneurs to explore trade and development possibilities in the United Arab Emirates.
Tourist visas
A five-year multi-entry tourist visa has been offered in addition to the regular tourist visa provided by the tourism sector. This visa does not need a sponsor and permits the holder to remain for up to 90 days in the country. It can be prolonged for a good length of time as long as the total stay duration does not surpass 180 days in a year. The candidate must provide evidence of a bank balance of $4,000 or it’s similar in foreign currencies for the previous 6 months prior to the filing of the visa application.
Conclusion
The new visa scheme intends to bolster the UAE’s reputation as a desirable place to recruit international talent and highly trained individuals and would improve the employment market’s viability and versatility, as well as develop a strong feeling of consistency among UAE citizens and their dependents.
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The National Olympic Committee of the UAE honored Hisham Al Taher
HLB HAMT News Team
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The National Olympic Committee of the UAE honoured Asian Chess Federation head Sheikh Sultan bin Khalifah Al Nahyan and General Secretary Hisham Al Taher, as well as 34 other Emirati sportsmen who occupy prominent positions at the Asian continental and International levels, at ceremonies held last week.
Hisham Al Taher receives the award from Minister Dr. Ahmed Belhoul Al Falasi (left)
HE Dr Ahmad Belhoul Al Falasi appointed as Minister of State for Entrepreneurship and SMEs
Under the new UAE Government structure established in July 2020, HE Dr Ahmad Belhoul Al Falasi has been designated as Minister of State for Entrepreneurship and SMEs. HE Dr Al Falasi is in charge of developing national initiatives to boost the UAE’s Small and Medium Enterprise (SME) sector, which is one of the country’s economic drivers, and to foster entrepreneurship in a multitude of sectors. He’s also in charge of setting the country’s strategic direction and developing a broad national policy for the tourist sector.
Partner’s Forum Organized
The Olympic committee also organized a Strategic Partners forum in the presence of Dr. Ahmed Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises, President of the General Sports Authority, and First Vice President Head of the Executive Office, Saeed Abdul Ghaffar Hussein, Secretary-General of the General Sports Authority and Azza bint Suleiman, Assistant Secretary-General for Administrative and Financial Affairs of the Olympic Committee.
In his remarks, Dr. Ahmed Belhoul Al Falasi, expressed his delight in the participation of the nation’s citizens in continental and International sports federations, citing them as a source of influence and sports diplomacy.
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Innovation to Boost Business Leaders’ Confidence at Rapid Pace
HLB Conducted ‘Survey of Business Leaders 2022’ - Powering your innovation engine
HLB HAMT News Team
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The advent of new COVID 19 variations coupled with global economic considerations and inflation have posed challenges to the advancement of the corporate environment. Considering all these concerns, but investors and entrepreneurs are optimistic. According to the survey, 95 percent of firm executives believe that faster and more effective talent management innovations, as well as long-term investments in advancing technology, are critical elements in paving the way for future success.
HLB Survey of Business Leaders 2022
HLB surveyed 586 clients and senior executives from 46 countries to acquire a deeper understanding of the challenges and objectives of business leaders in 2022. Regardless of the fact that the virus outbreak has been a pretty awful and hard moment for the industry, executives have emerged more competent and confident in their ability to combat and address difficulties via innovation. These topics are covered in depth in the research, which also provides advice for business executives on how to better analyse their companies’ methodologies in the long run.
- In 2022, 54% predicted the global economy would accelerate, while 30% forecast it to remain unchanged.
- Inflation is identified as a worry by 61% of respondents.
- In comparison to pre-pandemic, 86% are more confident in their ability to innovate.
- Market instability inspires people to innovate, according to 69 per cent of respondents.
Exposure to evolving technology and innovation may be a driving element for firms, according to the great majority of company executives with AI, Cloud, and RPA being the most significant.
A copy of the full report can be viewed here: www.hlb.global/surveyofbusinessleaders
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HLB Global Expands and Welcomes New Members
“The future is HLB” stated the newly included prestigious US accounting firms
HLB HAMT News Team
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As the accounting industry is evolving in this demanding business climate, HLB, the global advisory and accounting network, has prioritized addressing the diverse requirements. As a result, HLB continues to develop and expand, as seen by the recent induction of its newest member firms.
Rehmann, Whitley Penn, and Miller Cooper, three top US companies, have joined the member list of HLB to deliver a unique insight to increase collective knowledge and unlock new business prospects.
Choosing HLB over other alternate possibilities
HLB has a wealth of technical resources and support, global accessibility, and a commitment to customer service which gives them significant emphasis on technical advancements, such as the use of artificial intelligence (AI) in service delivery, and is continually growing its member intranet to better fulfill the demands of clients.
HLB CEO Marco Donzelli says, “We were happy to hear our new members remark, ‘the future is HLB,’ as it is fairly unusual to have three top 100 US corporations make a move like this at the same time. The depth of service, experience and geographic coverage these enterprises provide to the network considerably improves our market position and takes us closer to achieving our worldwide growth ambitions.”
HLB is currently the world’s 11th largest network, and it was named Network of the Year at the 2020 Digital Accountancy Awards.
Let’s take a glimpse at HLB’s newest members
- Rehmann
Leadership: Randy Rupp, CEO; Stacie Kwaiser, COO
Location: Headquarters in Troy, Michigan with 17 offices in Michigan, Ohio, and Florida
Ranking: #33 on the Accounting Today’s Top 100
- Miller Cooper
Leadership: Kristen Fitzpatrick, Managing Principal; Ross Pearlstein, Chairman
Location: Chicago, Illinois (3 offices)
Ranking: Top 50 US Firm and 10th largest accounting firm on Crain’s Chicago List
- Whitley Penn
Leadership: Larry Autrey, Managing Partner
Location: Headquarters in Fort Worth, Texas with a total of 8 offices in Texas.
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The new labor law in UAE has been implemented
HLB HAMT News Team
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The UAE has issued Federal Labor Law No. 33 of 2021, which replaces Federal Labor Law No. 8 of 1980. The new law will enter into force on February 2, 2022, and will bring about a variety of reforms, some of which will have a considerable influence on current employment conditions.
The labor law reforms are significant, necessitating adjustments to current employment contracts as well as rules and processes related to long-term contracts with new hires. The New Law governs all current and prospective work relationships in the UAE’s private sector. Since the Dubai International Financial Centre and the Abu Dhabi Global Market have their own labor laws, the new law will not pertain to work interactions there.
The essential elements of the new labor law, some of the most significant changes are discussed below.
A. Contracts of Employment
The new law makes it mandatory to establish employment contracts with fixed periods that cannot run longer than three years and can be extended for the same duration or shorter with both parties’ approval. Existing labour law allows unlimited contracts to remain, but they must be converted to limited contracts inside one year of the new legislation’s adoption, or by February 2, 2023.
B. Period of Probation
Under the new labour legislation, the maximum probationary term stays at six months. Employers must offer a minimum of fourteen days’ written notice of their intention to terminate an employee’s employment contract if the individual is on probation, according to new legislation.
If an employee wishes to quit during their probationary term, they must comply with the following requirements:
- If resigning to work for another employer in the UAE, offer one month’s notice; or
- If the employee intends to depart the UAE, offer fourteen days’ notice.
C. End of Service Gratuity
The legislation lays out in detail how an employee’s gratuity will be calculated based on their duration of service. According to the new legislation, an ex-pat who has worked full-time for a company for a year or longer will be eligible for end-of-service bonuses based on basic salary. Each of the first five years of service will be compensated with a salary of 21 days, with each subsequent year being compensated with a compensation of 30 days.
D. Termination during the probationary period
- The employee may cancel the contract during the probationary period by presenting at least one month’s written notice.
- An employer may terminate an employee’s contract during the probationary period by giving the employee 14 days’ written notice.
E. Discrimination and harassment are prohibited
It is unlawful for an employer, coworkers, or superiors to engage in sexual harassment, bullying, or any other form of behavioural, emotional, physical, or mental hostility towards an employee. Discrimination based on sex, race, colour, religion, national or social origin, or disability is prohibited under the new regulation.
F. Parental Leave
Employees will be entitled to five days of paid leave in the six months following the birth of their child.
G. Leave of Compassion
The legislation provides for five days of paid leave in the case of the death of an employee’s husband or wife. The law provides for three days of paid leave in the case of the death of an employee’s parent, child, sibling, or grandparent.
H. Study leave
Employees are entitled to 10 days of study leave per year if they are enrolled in a reputable institution, and such leave will be granted only if the university issues a certificate.
I. Notice Periods
The minimum notice time for terminating an employment contract is still thirty days, but the maximum is now ninety days.
- Termination Criteria
Under the new law, redundancy termination is a legal reason for terminating an employment contract. Redundancy was not recognised under the previous legislation. - Job-Search Leave
During the notice period, employees are now eligible to one day of unpaid absence every week to search for new work.
The UAE Cabinet is scheduled to release executive regulations, which would presumably offer much-needed clarification on the execution of the new law’s several new sections and amendments. Once the Executive Regulations are released, the modifications made by the new law must be carefully studied and reconsidered. The Ministry of Human Resources and Emiratization will continue to provide advice on a set of critical issues.
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Why did UAE Introduce the Economic Substance Regulation - ESR?
April 14, 2022
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The purpose of the ESR is to ensure that UAE entities that undertake certain activities do not artificially attract profits.
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UAE: Best place to start business in 2022
HLB HAMT News Team
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The UAE has topped the list of best countries for entrepreneurs, as per the Global Entrepreneurship Monitor’s (GEM) 2022 report. The country has been successful in outperforming other leading nations such as Netherlands and Finland.
The Global Entrepreneurship Monitor analyzes the business environment for entrepreneurs across 50 countries, every year and prepares an assessment report. The reports intends to rank nations on the basis of the encouragement they provide to new businesses, which are of interest to not just entrepreneurs, but policymakers as well. The research also throws light on the significance of the rule of law and education systems in encouraging entrepreneurship.
The UAE bagged the title of best place to start a business in 2022, by obtaining an NECI core of 6.8. The other countries that closely followed are Netherlands, Finland, Saudi Arabia, and Lithuania. The UAE has shown immense improvement in 11 of the 13 framework conditions. “This could be due to a combination of reasons, including the country hosting high-profile entrepreneurship promotion events such as Expo 2020,” the GEM report stated.
There are numerous methods a country can adopt to enhance entrepreneurship and some of the major ones are supporting new business during hard times and providing required help to women entrepreneurs. UAE has helped new businesses via various initiatives during Covid-19 pandemic and they have come up with different business packages for women entrepreneurs as well. This, along with many other business strategies, has helped the country emerge as the best destination to do business in 2022.
While the country provides all the required assistance to new businesses, the role of business consultancy firms in UAE in ensuring smooth company formation should not go unnoticed. There are numerous business consultancy firms in UAE, but finding a reliable one is a challenging process. HLB HAMT is equipped with a team of business consultants who have helped thousands of entities form their base in the country. Contact us if you are planning to set up your business in UAE.
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