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:
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