With great infrastructure, top safety, an excellent economy, and an atmosphere that is favorable for starting a business in almost any field, this is Dubai for you. Not just Dubai, but the entire UAE region, promises great opportunities for people wanting to set up business in the country.
One of the primary reasons why the Dubai Golden Visa program was launched was to attract willing expats to the country and get their investment along with it. Since the launch of the Golden Visa program, the UAE government has made several positive changes to it, facilitating more people from across the world to invest and get long-term residency in the country. In this blog, Infolinks Business Consultants, which is one of the top business setup consultants in Dubai, will take you through the recent trends and developments of the UAE Golden Visa Program and how the future of this program can be. We urge everyone who is planning for long-term settlement and investment in Dubai to read this blog carefully till the end.
You may also be interested in reading our blog titled “Why Hire Infolinks to Set Up Your Business in Dubai?”
Let Us Look at Some Recent Trends and Possible Changes in the Dubai Golden Visa Program
Increase in Duration of the Dubai Golden Visa
When you consider a business setup in Dubai, a golden visa is one of the most prominent things you must consider. It offers long-term residency in one go, removing the necessity for frequent visa renewals. However, the long-term residency was only extended for 5–10 years in the UAE. Looking at the feedback from expats and seeing the large pool of investment drawn up in the country, the government is in talks to increase the duration of the golden visa. When this happens, it is expected that many expats will choose to settle in Dubai, bringing with them another large pool of investment.
Expansion of Eligibility Criteria
Initially, the Dubai Golden Visa was designed to attract high-net-worth individuals, investors, entrepreneurs, and skilled professionals. There were indications that the eligibility criteria might expand to include more categories of individuals, such as outstanding students, researchers, and others who could contribute to the country’s growth. Business setup consultants in Dubai suggest that if this happens, the country will witness a lot of young individuals coming in, resulting in the availability of skilled labor and professionals willing to work in various domains. This result will contribute greatly towards the overall economic development of the country as well as the region.
Don’t forget to read our blog titled “Business License Dubai: Choosing the Right Setup for Your Company.”
Attracting Investments in Various Segments
Initially, the golden visa program was linked to various types of investments, including real estate, business, and certain industries. However, recent research shows that there is scope for attracting more investment in areas other than this. Business setup consultants in Dubai look at the possibility that the range of eligible investments could diversify further to attract a broader spectrum of investors. The more people who come and settle in Dubai, the stronger the economy gets. This brings us to the next point in our discussion:
Positive Economic Impact
The Golden Visa Program was seen as a key driver of economic growth and diversification in the UAE. As a result, the government was likely to continue evaluating its impact on various sectors and making adjustments accordingly. As we read above, the more people who come and settle in Dubai, the better its economy gets. Business setup companies in Dubai hope that the higher turnout of people in the country will likely have a further positive impact on the country.
Also, read our blog titled “Top 5 Booming Industries for Business Set-Up in Dubai.”
Streamlining Application Processes
By partnering with business setup consultants in Dubai, such as Infolinks Business Consultants, the application for the golden visa program is seamless and easy. However, despite business consultants being in the picture, there was a longer duration for the Dubai golden visa application to get accepted. Looking at the situation, to facilitate people and make the process easy for them, active efforts are being made to streamline the application processes and make it easier for eligible individuals to apply for and obtain the Golden Visa.
Global Competitiveness
When people think of business setup in the UAE, we are sure at least once or twice they come across thoughts of setting up business in other countries that offer similar programs. The UAE, including Dubai, has competed with other countries offering similar golden visa programs. Continuous adjustments to the Golden Visa Program are expected to enhance its competitiveness on the global stage.
Also, read our blog titled “Investing in Dubai’s Thriving Startup Ecosystem for a Golden Visa.”
Concluding Lines
The future of the Dubai Golden Visa program looks even brighter. As the government actively makes positive changes to the program, more investors and eligible expats will likely apply for it and set up their businesses in the wonderful city that offers opportunities to everyone.
If you wish to set up your business in Dubai too, then get in touch with Team Infolinks, and we will help you with every aspect associated with your business setup in Dubai.
