Conditions for Obtaining a Golden Five-Year Business Visa for Entrepreneurs
Thanks to the provisions of Cabinet Resolution No. 56 of 2018 on Regulating the Residence Permits for Investors, Entrepreneurs and Specialised Talents, entrepreneurs from around the world may be eligible to apply for the renewable five-year Business Visa.
Criteria for Eligibility
Firstly, as a general requirement set by the Federal Authority for Identity and Citizenship, all visa applicants must submit themselves for a background check and health assessment.
Secondly, the particular requirements which must be met by applicants for the Business Visa are as follows:
- The applicant must have an existing project with a startup capital of at least AED 500,000.
- The applicant must have been vetted and approved by an authorized business incubator within the UAE (presently these are HUB71 in Abu Dhabi and Area 2071 in Dubai).
- The applicant must be in a position to provide evidence of their skill and experience as an entrepreneur.
- The applicant must have been a majority shareholder of a company or a member of its senior management.
- The applicant must have the intention to relocate to the UAE with the intention of establishing a business here.
- The applicant must have a concept or business plan which they wish to bring to fruition in the UAE.
The Business Visa can sponsor the holder’s spouse, children, partner and up to Three executives or senior employees.
Term of the Business Visa
The Business Visa is renewable every 5 years, on the proviso that the holder continues to meet the requirements.
International entrepreneurs may apply for a multiple-entry permit for a period of 6 months.
Process of applying for a Business Visa
The first step is for the applicant to submit and have his or her nomination approved by an authorized incubator in the UAE (currently, AREA 2071 in Dubai and HUB71 in Abu Dhabi).
The review of the nomination process will take roughly 30 days.
Once the nomination has been approved, the applicant must follow the usual visa application procedure through the channels provided by the Federal Authority for Identity and Citizenship, which can take an additional 30 days.
If the applicant’s nomination is declined, they will have another opportunity to re-apply after 90 days.