Opportunity for Lankans to invest in UAE

Sri Lankans can obtain 3 year renewable UAE resident visas and employment visas:

Sri Lankan entrepre- neurs can set up a 100% Sri Lankan ownership business in the United Arab Emirates (UAE), which is still one of the safest places to anchor one’s business, Former Chief Executive Officer (CEO) Ananda Rajapakse said.

“This is very similar to foreigners coming to Sri Lanka and setting up BOI companies here.

It is time that we go out into the world and set up Sri Lankan companies so that we can provide employment to our people in foreign countries, Rajapakse told the Daily News Business.

He said Indian Companies have done well. Today Free Zone companies in UAE are offered 100% repatriation of capital and profits, corporate tax exemption for 50 years, no personal income tax, no customs duty on imports and no currency restrictions.

Rajapakse has set up an Export Consultancy in the United Arab Emirates called “Ozbiz Export Aid FZC” to assist Sri Lankan entrepreneurs to be more innovative and internationally competitive in exporting their products, services and marketing their companies to the UAE and Gulf Countries.

“Dubai, Abu Dhabi and Sharjah are only a 4 hour journey from Colombo with daily flights between the cities, which makes these markets easily accessible to Sri Lankan entrepreneurs” says Rajapakse who operates out of Abu Dhabi the Capital of United Arab Emirates and is the Treasurer of the Sri Lanka Business Council of Abu Dhabi, he said.

“This current financial global roller coaster is the first true test of how solid the UAE economic model is.

These are tough times the world over but all is not gloom in the UAE,” Rajapakse said. Many smart entrepreneurs are coming into UAE now, as it is the best time to set up once own 100% ownership company. What I have seen over the past year in UAE, is that in crisis or not UAE remains a land of opportunities for smart entrepre- neurs, he said.

“With these 100% ownership companies in UAE, Sri Lankan entrepreneurs with once Sri Lankan passports can obtain 3 year renewable UAE resident visas and employment visas for their staff to have a UAE presence,” he said.

This is a big advantage for the Sri Lankan entrepreneurs as, they can visit Dubai, Abu Dhabi or Sharjah any time they want without waiting for a local sponsor to send a visa. In addition all UAE resident visa holders can now visit most Gulf Corporation Countries (GCC) on a visa on arrival basis, Rajapakse said.