The Gulf Cooperating Council is, economically, one of the most promising unions in the world. Six states comprise the GCC, and together, they take the record for the countries with the fastest economic growth. Considering the tight organization, the union has, having health care in the GCC is a requirement for all businesses to get healthcare in the GCC.
In this article, we will show you every relevant detail about getting health care in the GCC. Besides, getting a healthcare plan can be somewhat tricky, so it is important that you learn about it. For that reason, we will provide you with all the important insights you need to know about the process. Let’s take a look:
- Why is the healthcare industry in the GCC becoming so important?
- Why is it important to know about health care in the GCC?
- What are the differences in the healthcare industry in each of the GCC countries?
- What is medical tourism in the GCC?
- How has the pandemic affected the healthcare industry in the GCC?
- What are the requirements to get health care in the GCC?
- How can PEO Middle East help your business?
Why is the healthcare industry in the GCC becoming so important?
Thanks to the efficient air and sea connections as well as a diversified economic paradigm, the GCC’s governments have created many industries that have started to settle in the GCC, including the healthcare industry. Furthermore, considering the tidy legislative organization the GCC has in place, having health care in the GCC is a requirement.
All the GCC countries require healthcare as a part of the documentation for registration procedures. This is because, in the GCC, where most medical materials are foreign, investing in healthcare for foreigners is a requirement. Most GCC countries would have different requirements when it comes to getting healthcare, for instance, to get a business license. However, it is more than likely that this will be included as a part of some registration process.
Furthermore, this offers a big advantage for this industry, as the majority of people investing in this industry are foreigners. Additionally, as the GCC countries are a common destination for entrepreneurs, the influx of investors is a guarantee. For that matter, the GCC healthcare market is a rapidly growing one, as entrepreneurs are spending on it very frequently.
Furthermore, as the GCC continues to establish business-friendly legislative policies, it has also established economically beneficent policies in its legislation. In the same way, the GCC healthcare market has many great things to offer to its investors as well. For instance, being able to apply for Freelance licenses and Freelance Work permits in the GCC countries, additionally bank and visa registration benefits.
Why is it important to know about health care in the GCC?
There are excellent benefits for businesses looking forward to settling in the GCC. However, to get these benefits, there can be many different requirements you have to meet. Regardless of the documentation, or what you need to get it, there are conditions you need to comply with if you want to establish your business in the GCC.
Not all GCC countries have the same policies and conditions. Therefore, making sure you know what you are signing up for when establishing your business in the GCC is imperative. The first condition you will encounter in the process will be getting health care in the GCC. Additionally, there are many different implications that come with getting health care in the GCC.
The GCC healthcare market is rapidly growing every year. However, this wasn’t the case a few years ago when the GCC wasn’t commonplace for entrepreneurship. This is because the GCC healthcare market strongly relies on new coming businesses to sustain itself since governments do not finance it generously. Furthermore, these conditions regarding health care in the GCC also depend on the country you choose for your business.
Moreover, all GCC countries have either express desire to apply healthcare legislation or already have implanted them. For instance, in specific regions of Dubai, it is necessary to pay for healthcare depending on the monthly payment of each employee. Additionally, there are healthcare plans that target specifically Dubai’s foreign employees.
What are the differences in the healthcare industry in each of the GCC countries?
Regarding the previous idea, there are in fact many differences when it comes to getting healthcare in the GCC. The GCC healthcare market is different in every country of the Gulf Cooperating Council, and therefore, they can affect your business in different aspects. Therefore, choosing the right jurisdiction for your business is crucial.
That’s why here at PEO Middle East, we want to offer you the best assistance services you can get. With many years of experience in different business areas, we are capacitated to provide you with the solutions your business needs. Our team of business professionals is specialized in different areas to meet the specific needs your company has.
The differences in different GCC countries rely mainly on how much you have to pay for each employee or yourself. As we know, getting health care in the GCC is important because you need it for many registration processes. However, depending on your business scale, you will need to pay for healthcare for your employees as well. Here are some things to take into consideration when getting health care in the GCC:
The healthcare market is in part, a huge benefactor of the entrepreneurship happening in the GCC. For that matter, some companies, especially foreign or bigger companies, have to pay more for healthcare than smaller national companies. This is to say that depending on your company’s profits, the number of employees, and branches, you will have to pay more on health insurance.
However, this does not count if you have acquired a branch of another company or if someone buys a branch of your company. Furthermore, it does not matter whether or not your employees are nationals or foreigners, as health insurance is a requirement for both.
The number of employees:
If you decide to bring in more employees or workers, you will have to pay for your worker’s healthcare insurance. Additionally, on some occasions, you will have to pay for special healthcare insurance plans. Moreover, if your company has employees in a different sector, let’s say, for transportation, communication, or other jobs of that kind but your company requires heavy physical work, all employees will have the same health insurance.
Depending on the industry your company belongs to, you will need to get special permits for both the company and its employees. If your company operates in areas such as steelwork, carpentry, or mining, you will need to get special insurances. That is to say, that if your workers are at risk of being injured, you are responsible for their healthcare.
What is medical tourism in the GCC?
A recently implanted market in the GCC is medical tourism. Besides, it would be better to call it Asia medical tourism. However, this is not because the clients are Asians, as the GCC is located in Asia, besides, it is because of the tourist going to other Asian countries.
The GCC health market has started to grow a lot over the past few years thanks to the GCC’s investment in businesses. However, it still has a long way to go. Besides, health care in the GCC is rather weak and nascent. This is because, as the GCC has surely invested in medical resources, it lacks medical professionals and specialists.
Subsequently, that has made residents of the GCC seek medical treatment in other Asian countries. Furthermore, that relationship between Asian countries close to the GCC and GCC nationals has benefited both the economy of those countries and the GCC residents. This is because health care in the GCC is considerably more expensive than that in other countries.
Moreover, the GCC healthcare industry report 2020 has shown the deficit of health care in the GCC. Just like many countries that have been affected by the COVID pandemic, we have seen a surge of worry about the medical field. In addition, the GCC countries are not an exception to this. For that reason, the pandemic has affected medical tourism in the GCC because of travel restrictions and borders closing.
How has the pandemic affected the healthcare industry in the GCC?
Since the health care in the GCC strongly relies on both foreign medical resources and professionals, the closing of borders and travel restrictions have been detrimental for the healthcare industry in the GCC. Furthermore, because of the GCC healthcare industry report 2020, there has been a surge of worry among residents and nationals regarding the healthcare system.
The GCC healthcare industry report 2020 has unveiled many truths hidden to the public. Considering the huge influx of businesses investing in the GCC’s market, it would be logical for the health care in the GCC to be just as advanced. However, the GCC healthcare industry report 2020 shows a different reality.
Besides, the governments of the GCC invest annually around 4% of their revenue on foreign businesses in the healthcare area. However, for a growing industry, this is not enough. The GCC healthcare industry report 2020 has shown how the market was actually growing until the pandemic, and it would have continued like that if it wasn’t for the COVID-19 quarantine.
However, as businesses have not been able to settle in the GCC this influx of revenue because of the business market decreased a lot. For that matter, they had to share the revenue between different markets, thus, affecting the health care in the GCC. Additionally, because of travel restrictions, many healthcare professionals had to return home or were not able to come back.
What are the requirements to get health care in the GCC?
Depending on your needs, the requirements for getting health care in the GCC can vary. For instance, if you are a solo traveler looking forward to getting travel or resident Visa, basic healthcare insurance is enough for you. However, if you want to start a company and hire employees, you need to buy a different type of insurance.
Additionally, depending on the company type, you will need to get health care in the GCC to get additional work permits. This is because some jobs are more physically demanding and are more prone to injuries. For that matter, getting health care in the GCC can be a bit tedious, and your choice can affect your company’s revenue.
For that reason, here at PEO Middle East, we want to make sure you make the best decision for your company. Our team has exactly the professionals you are looking for. Our knowledgeable professionals have the experience to know exactly what you are looking for.
How can PEO Middle East help your business?
It is understandable for foreigners wanting to establish their businesses in Dubai to find the process a bit scary. As foreigners are not familiar with the process or the documentation, it is understandable why many of them fail and go home empty-handed. Additionally, acquiring health care in the GCC can be tedious, because of the many jurisdictions, conditions, and requirements to get it, it is imperative for newcomers to hire assistance services.
PEO Middle East is exactly the company you are looking for. Our company has many years of experience in many different fields of business. Therefore, we can help you overcome every possible hurdle that might come your way. Our team of distinguished professionals is capacitated to solve any problem your company might need.
If you are interested to know more about our services, you can send us an email at [email protected]. However, if you desire to get more personal assistance, you can schedule a call with us. You can reach us at + (971) 43316688, and one of our representatives will answer all of your questions.