United Arab Emirates cuts red tape to attract businesses | Reuters
The United Arab Emirates is cutting red tape to make it easier and quicker for digital companies to incorporate, the latest economic policy announcement as the government seeks to further diversify the economy away from oil revenues.
Trade minister Thani Al Zeyoudi, flanked by executives from many state-linked entities, on Wednesday announced the changes that include better access to the financial and banking system.
"We want to show digitally enabled companies from Europe, Asia, the Americas, that the UAE is the world's best place to live, work, invest and scale," the minister told reporters, setting a target for 300 digital companies to incorporate within a year.
Those setting up in the UAE, home to financial centre Dubai and oil-rich Abu Dhabi, would have visas issued sooner and be offered attractive commercial and residential leases, he said.
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