Falling oil prices are having a cascading effect on the UAE and world economies.
Talking specifically about the UAE, the oil price dip has hit expatriate employment across all industries. In fact, recent surveys have estimated that the expat workforce in the country had plunged by 9 percent in the first quarter compared with the same time last year. However, the resilience of the country’s spending on major projects has meant that the adverse effect is nowhere near as severe as the oil and gas industry faces globally.
Not surprisingly then, a number of companies in the oil and gas industry have had to size down their local operations and let go of employees in a bid to reduce costs in the wake of surviving the decline in oil prices. Not just in the region but around the world, companies in the oil and gas industry have reduced their staff size. In fact, according to Forbes data, as of the first quarter, companies have shed at least 75,000 people worldwide.
Looking for UAE Residency Visa ?
If you’re looking to get a UAE residency visa without having to be sponsored by an employer, what are your options?
- Set up and register your own company in Dubai
Your business becomes your sponsor. However, remember that you will need to have a local partner, i.e., a UAE citizen, to avail this option.
- Buy a property
The property developer becomes your sponsor. However, keep in mind that this does not entitle you to work in the UAE. The advantage of this option – no requirement to register a company.
- Our recommended option: Set up a consultancy off of a UAE Free Zone
This will enable you to become eligible for both residency and work permits. A company registered in one of the UAE Free Zones grants you the right to apply documents for residency in the UAE as the company’s shareholder: not just for you but also for employees, if necessary. This is a very convenient and efficient way to obtain a UAE business visa. Getting a visa only takes a few weeks and the expenses incurred are relatively low. The added advantage is that it is not necessary for your company to perform real business activity to secure UAE residency status. The time needed for application, company registration and obtaining of residency status is approximately one month or slightly longer and the residency visa issued is for a period of three years.
At Business Setup Consultants, we provide complete support in helping clients get residency in the UAE.
Give us a call on +971 4 4301245 or email us at firstname.lastname@example.org to get started!