The UAE has announced a 5-year Residence Visa for Entrepreneurs. This Visa is aimed at enhancing the ease of conducting business in the country.
The Federal Authority for Identity and Citizenship has been
charged with issuing the Residence Visas. The Dubai Future Foundation’s Area
2071 in Dubai and HUB71 in Abu Dhabi will be nominating entrepreneurs for this
Visa.
To be eligible to
apply for this Visa, you should already have a running business. The business
should be worth at least Dh 500,000 or your business should have been approved
by an accredited business incubator in UAE. You will also be required to obtain
insurance for yourself and your family for the entire Residency period.
The 5-year Visa can
also be granted to 3 Exec. Directors who work for the Entrepreneur, as per the
FAIC. However, these Directors should be working exclusively for the
Entrepreneur during this Visa term.
Entrepreneurs will also be eligible for a 6-month multiple
entry Visa. This is to support them to complete the formalities of setting up
their business in the UAE, as per The Khaleej Times.
The UAE Cabinet has approved the long-term Visa for
entrepreneurs, investors, specialized talents and meritorious students.
Below are the conditions and categories:
Entrepreneurs
- Eligible
entrepreneurs who have a former business worth at least Dh 500,000 or the
approval of an accredited business incubator can apply for this Visa - Entrepreneurs who meet the requirements can also
upgrade to an Investor’s Visa
Investors
- Investors who invest in a property worth at
least Dh 5 million are eligible for a 5-year Visa - A 10-year Renewable Visa will be available to
investors who: - Invest in public investments via a deposit
- Invest in an established company or business
partnership worth at least Dh 10 million - The amount being invested should belong wholly
to the investor. Loaned amounts are not accepted. - The retention period of the investment should be
a minimum of 3 years
Specialized Talents
- Doctors, Scientists, Inventors who meet certain
conditions would be eligible for a 10-year Visa - Creative individuals in the fields of art and
culture would also be eligible for a 10-year Visa - A valid offer of employment in their respective
fields in the UAE is mandatory for all categories
Meritorious Students
- Outstanding students scoring a minimum of 95% in
secondary school and a GPA of at least 3.75 during graduation will be eligible
for a 5 –year Visa. The students may have completed their Graduation from the
UAE or abroad.
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