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News

Blog  ·  News
New UAE Visa Arrangement for Expatriates in 2022

There will be some changes in the UAE’s entry permit and visa regime starting next month (September 2022) as part of the UAE reorganizing its visa and entry permits regime in the vision of attracting more expatriates to the country.

With these new permits, expatriates will have more options for applying for visas to visit the UAE as a tourist and international business destination.

The announcements made for the new UAE visa scheme will definitely impress you. UAE is continuously making efforts on listening to expatriates and welcome them. According to the population stats provided by Global Media, Insights shows that 88% of the total UAE population are non-locals in 2022.

For more details about the population, and stats Click Here.

Given below are the list of visa scheme that will come to effect in September 2022:

Visit Visa (Single Entry) – Instead of 30 days, the new minimum duration visa allows for 60 days of stay inside the UAE. Further, you do not require a sponsor.

Visit Visa (Multiple Entry) – The new visa scheme will allow a long five-years multi-entry visa option for expatriates. With this long-awaited entry permit, tourists will have the opportunity to further explore the UAE. This new visa will not require a sponsor. To be eligible for a visa, the applicant needs to have at least $4,000 in their bank account for the past 6 months. Only 180 consecutive days in a year can be spent in the UAE, and a single stay cannot exceed 90 consecutive days.

Job Exploration Entry Visa – Fresh graduates from the best 500 universities in the world with a minimum educational level of a Bachelor’s degree or equivalent are granted this visa, which is categorized as a first, second, or third skill level by the Ministry of Human Resources and Emiratisation. This visa would not require a sponsor.

Business Entry Visa – Investors and entrepreneurs are encouraged to explore business and investment opportunities in the UAE with this entry permit, which does not require a sponsor or host.

Entry permit for Visiting Relatives/Friends – Visitors who are relatives or friends of UAE citizens and residents are eligible to apply for this entry permit. Does not require a sponsor.

Entry Permit for Studying/Training – Students looking to participate in training or study courses and/or internship programs in the UAE are eligible to apply for this permit. Sponsors may be governments or private universities, and educational and research institutions licensed in the country.

Entry Permit for a Temporary Work Mission – A temporary work assignment, such as probation testing or a project-based mission, is the purpose of issuing this visa permit. This will be sponsored by the employer. The employer must provide a temporary work contract or a letter explaining the visit’s purpose and proof of health and fitness.

ubo
Business  ·  News
UPDATE JUNE 2021: UBO Registry – A New Compliance Request For UAE Companies

Fines of up to AED 100,000.

A UBO (Ultimate Beneficiary Owner) is the natural person who ultimately possess or control 25% or more as a business partner, whether directly as a shareholder or indirectly via having control of the organizations, other structures, systems or entities that control the business partner.

A Cabinet Resolution No. 58 of 2020 (the ‘Decision’) was published by the UAE’s Ministry of Economy (MOE) On 28th of August 2020.

The UAE’s Ministry of Economy has set a deadline for the submission of UBO (Ultimate Beneficiary Owner) update as June 30th 2021. UAE aims to create a national economic database to elevate the UAE’s ranking in the global economic and financial indicators and enhance international cooperation in tackling money laundering & fighting terrorism financing. Establishments owned by government and the Financial Free Zone Establishments are free from this implementation. All the Main land and Commercial Free Zone must submit their UBO’s data before the deadline.

Deadline for the submission is June 30th 2021 & the law will come into effect from July 1st 2021. The Establishments that fail to comply with the new rules set by the MOE (Ministry of Economy) of UAE will receive a warning note at first and a fine of AED 100,000 will be imposed after the warning. Further the Establishments may face a license Suspension of up to 1 Year.

Below mentioned are the details to be disclosed with the authority:

– Ownership Details
– Ultimate Beneficial Owner’s details (of all the partners)
– Business model of the company
– Financial records of the company

General information including the details of the company from lawyers, banks, and auditors. For more information on UBO submission, feel free to contact us.

goaml
News
GOAML Registration

As of 27 June 2019, all reporting entities in the United Arab Emirates are required to submit various types of informational reports, such as suspicious transaction reports (STRs), to the UAE Financial Intelligence Department using the “goAML” portal. This initiative was developed by the United Nations Office on Drugs and Crime (UNODC).

It is your obligatory duty under the Federal Decree Law 20 of 2018 and Article 20(2) of Cabinet Decision No. (10) of 2019, to have procedures in place to report Suspicious Transactions to manage anti-money laundering (“AML) and counter terrorist financing (“CFT”).

The financial intelligence units of UAE intend to use “goAML” as a means for gathering regulatory reporting information, and for allowing reporting entities and law enforcement authorities to quickly, securely and confidentially analyze and share information that can help identify criminal activity.

The introduction of such a system will enable the FID to:
• Ensure that the UAE’s financial system stays relevant and effective in the fight against money laundering and terrorism financing;
• Enable the FID to collaborate more effectively with various stakeholders such as reporting entities, supervisory bodies and law enforcement agencies
• It will be easier to manage a reporting entity’s registration information
• Failed reporting will be simplified by requiring the user to only re-submit the remediated failed report
• The ‘Message Board’ function gives the user the ability to communicate with the FID in a centralized manner
• Users will be able to track online all reporting related requests and responses between a reporting entity and the FID

The “GOAML” registration will be mandatory for a specific commercial activity
 Brokers and Real Estate Agents
 Dealers in Precious Metals and Precious Stones
 Independent Accountants
 Providers of Corporate services

Prepare the below documents before the registration
 Authorization letter from the institution you represent (download the form).
 A copy of the passport, resident VISA, Emirates ID.
 A copy of the commercial trade license (for companies).
 Download the “Google Authenticator” application on the phone. (This application contains the password for
the SACM protection system, which is a password that changes every minute)

There are two stages to successfully complete the goAML Registration:
 The first stage: the registration stage in the protection system (SACM) of goAML portal.
 The second stage is the registration stage in the goAML system.

Grace period for establishments’ compliance to these measures has been extended till March 31, 2021. Failure to register on goAML may result in severe penalties invoked by the ministry of Economy. We therefore urge you to treat this notice as a matter of priority and complete your application to ensure access to the goAML system.

For further clarifications you may contact us on +971 65 74 8665 and our team would be glad to assist.


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