UAE launches ten-year visa program – Indian talents will get the benefit
UAE CHANGES AND IMPLICATIONS
Indians will benefit immensely as UAE makes radical changes, and decides to launch ten-year visa program to welcome outstanding talent. Through this it aims to attract investment as well as talented professionals to shift its thrust from oil to knowledge. Moreover, the Emirate will allow overseas companies to own 100 percent business. Presently they need to offer a local partner the stake of 51 percent. Additionally, the students can also get 5-year visas. Outstanding graduates are permitted to stay for ten years. These changes will have far-reaching consequences, especially in the time when several countries are blocking the visas and changing the immigration policies.
In case of implementation of these policies Indian people and businesses both will benefit. Indians have a large expatriate community with a presence of 2.8 million. The breakup is professionally qualified personnel (15 to 20 percent) white-collar non-professionals (20 percent) and the remaining are blue-collar workers.
REFLECTS MAJOR CHANGES
This measure expresses self-confidence of the UAE. It has a deep interest to become a major centre and facilitate technology, global business and education.
As per the new rules, the UAE has agreed to offer 10-years visas to the families of specialists who are working in science, medicine, technical fields and research sectors. It will appeal to Indian doctors and engineers.
The new rules will allow overseas investors to establish a business or invest money and get a visa of 10 years. Several Indian businesses and entrepreneurs, who are facing challenges today, can take this benefit.
Yusuffali MA, Chairman And MD UAE- Retail Giant Lulu Group International, hailed this announcement as a landmark and revolutionary step. It can boost the image of UAE as an investor friendly economy in the Gulf region.
Furthermore the 100 percent foreign ownership will generate substantial interest among investors across the world.
BENEFITS FOR ALL
The long term visa will attract and retain not only investors, but also top professionals who are major players in the highly competitive world today.
The UAE Cabinet states that this aims to attract international investors and top professionals. Indians played a big role in the overall economic development of the Emirates. In 2015, the annual remittances of Indians in the UAE were $13.75 billion.
The shift was prompted by the fluctuations in oil prices, and has created an impact on the UAE economy.
Experts studying the proposals inquire whether the visa for professionals will be a 10-year employment or a residency visa. Presently, these professionals work for their present employers and lack maneuverability. In case they have a residency visa, they will get job mobility and can work for any employer.
A GOOD SIGN FOR FUTURE
These changes are happening after a review of 50 years of the social contract between the government and the people of UAE. The UAE now has a position of a truly global market place. There are other features like an open society, freedom for all religions to co-exist, and the low level of anxiety or cultural sensitivity.