UAE has taken numerous steps recently for ease of business, by reducing visa requirements for businesses hiring expatriate employees.
This not only cuts down on any additional expenses to hire an employee for a business but also increases bureaucratic efficiency.
The most significant of the visa requirement changes were dropping the AED 3,000 that firms have to pay as a bank guarantee for each expatriate employee. This has been replaced by a simple annual insurance payment of AED 60 by the firm instead.
This change by the government can help business from both ends; not only does it inject over AED 14 million to private sector companies but would also primarily help SME’s and start-up firms. The move cuts cost for business and allows business to spend more where immediately required for growth, while also incentivizing hiring more employees to support the business’ growth.
Apart from this internal support, the steps to ease of business sends strong signals to foreign investors encouraging a solid flow of investment with more investor confidence.
Financial Management Consultancy services would be advised to growing business in Dubai, as they would be undergoing several changes through these policies, in order to ensure a stable growth. The same would be advised to foreign investors interested in setting up a business in UAE.