Take a Year-Long Leave and Start Your UAE Business Venture

Are you a government employee in the UAE? Are you willing to start your own business in the nation?

Well, then, this is your chance to make it happen. Read the blog to get more details on the same.

The UAE will now grant government employees a full year of paid leave to encourage more residents to launch their own enterprises.

Just days after the Gulf state unveiled a revamped social assistance programme for its native populace, Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai and Vice President and Prime Minister of the United Arab Emirates, stated that the country's cabinet had authorized the move.

According to him, those who take the leave would receive half of their income for the entire year.

In addition, a housing loan provision for 500 Emiratis totalling AED 2.4 billion over the following six months was approved during the cabinet meeting in Abu Dhabi.

In the following years, the Sheikh Zayed Housing Programme is expected to finish building 13,000 homes, according to Sheikh Mohammed.

Dubai is one of the most promising places to start your business venture. First, learn more about the business centres in Dubai. Then, choose your suitable business destination for company formation in Dubai. 

One paid vacation available to Emiratis in the public sector is a one-year sabbatical. It will be given to persons who want to launch or run their own private enterprises. The employee's leave will be authorized by the head of the government agency they work for.

The Cabinet assessed the nation's economic outcomes compared to pre-pandemic levels, according to the vice president of the UAE. He claimed that non-oil exports increased by 47%, foreign investments rose by 16%, and the number of new businesses increased by 126%.

The Nafis initiative set a goal to hire 75,000 Emiratis in the private sector in September. Within the following five years, it is intended to have 10% of the private sector employees be citizens.

Sheikh Mohammed announced the beginning of a new initiative in February to increase the number of Emirati workers in the private sector.

The government will offer "extra incentives" as part of the strategy for businesses that promote hiring residents.

The Cabinet mandated in May that businesses with more than 50 workers must employ 2% Emiratis by the end of the current year and 10% by the end of 2026.

So to open a business, you must first obtain a commercial license to perform any business activities; learn more about commercial licenses in Dubai.

According to the Central Bank, the UAE economy is anticipated to grow by 5.4% this year due to the nation's progress in reducing the coronavirus pandemic's adverse health and economic effects.

According to the IMF, the UAE economy is expected to expand by 4.2% this year, while it is likely to grow by 4.9%, according to MUFG, the largest lender in Japan.

The Cabinet agreed upon several changes to tax laws that would improve the business and investment climate.

To approximate and coordinate with corporate tax legislation, it authorized a change to the Federal Decree on Tax Procedures.

Our Role

Business Setup Worldwide can help you at any point in the procedure. We can assist our clients in obtaining licenses. Contact us if you require help finishing your business. Get in touch for your business setup in Dubai.

FAQs

1. How many free zones are there in the UAE?

More than 30.

2. What are the advantages of opening a company in the UAE free zones?

100% foreign ownership
Tax exemptions
Full repatriation benefits

3. Which is the cheapest free zone in the UAE?

SRTIP
SPC
Ajman Free Zone

4. How long does it take for a business setup in the UAE?

6-7 working days.

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