The efforts and strategies by the UAE to make itself a business hub are no surprise. Every person, from a layperson to a professional, is well aware of the incentives, projects, and initiatives that UAE has taken to attract ex-pats and provide them an opportunity to establish their businesses in the UAE. Dubai stands on top of these initiatives under its visionary leadership. Today, Dubai is known as the world’s most favorite business destination. While Dubai has made business incorporation easy by the introduction of free zones, attractive infrastructures, flexible laws, and exemptions, it does not rest just here. Dubai has announced a package that has both literally and figuratively swept people off their feet: the Golden Visa for Entrepreneurs.
The Golden Visa is a residential opportunity for all extraordinary individuals to call UAE home. It allows holders to reside in Dubai along with their families without worrying about renewals or other legalities. Dubai has especially attracted business people and entrepreneurs to avail of this golden opportunity.
This article discusses the visa and its criteria in a bird’s-eye view.
Golden Visa for Entrepreneurs
Although the UAE welcomes businesses, it maintains certain conditions for that. To be eligible to operate. Their businesses in the UAE, every entrepreneur or businessperson must appoint a local Emirati sponsor. However, the Golden Visa allows entrepreneurs or businesspersons to establish their businesses in the UAE without the compulsion of nominating a local sponsor.
The UAE government allows applicants to explore their opportunities in UAE through a six-month temporary residence permit. This permit is then made permanent for either a period of five or ten years, as per the applicant or type of application.
Eligibility
Any enthusiastic entrepreneur with prior experience in successfully running, or being associated with any business in the past, is eligible to apply for the Golden Visa. The golden visa for entrepreneurs does not hold any age limit or limitations of nationality, business type, etc. Any aspiring individual can apply for this opportunity. What is important, however, is a well-thought out, laid-out plan, and an idea as to how he or she intends to execute that idea.
Additionally, the UAE conducts its checks to see if a candidate can apply in the first place. The applicant is required to pass security and health checks, and clear all procedures of the Federal Authority for Identity, Citizenship, Customs & Ports Security.
Visa Application
Applicants can either apply for a five-year or ten-year visa. Both visa types have different requirements:
Visa Issued for Five Years: the entrepreneur must have an established project with AED 500,000 as the minimum capital. Alternatively, he or she must have the permission of an approved business incubator in the added. This visa type covers the applicant, their families, and three business executives.
- Visa Issued for Ten Years: this visa has certain requirements need fulfillment. They are:
- The applicant must deposit at least AED 22million in a domestic investment fund.
- The applicant must establish a company in Dubai with at least AED 2million as capital investment.
- The applicant must invest and amount of at least AED 2million in either an existing, or a new setup.
- The applicant must have a cumulative investment of at least AED 2million. Among these investments, the investment made in industries other than real estate must account for 60% of the total investment.
- A visa is granted if the money invested is not borrowed by the applicant, and he withholds the investment for at least three years.
Interested entrepreneurs apply for the golden visa through the Federal Authority for Identity, Citizenship, Customs & Ports Security. Once the authorities approve the initial applications, Applicants proceed with the process. In otherwise cases, they can re-apply after 90 days by addressing the concerns outlined.
Following the nomination approval, applicants apply for a visa through the Federal Authority for Identity, Citizenship, Customs, and Ports Security’s website. After completing the form, they receive an email with details on guidelines about obtaining the visa. Expats are granted a six-month visa to visit, explore opportunities, and settle. However, applicants must change their temporary visa to a residence permit before it expires. If they are already in the UAE, they are awarded a temporary one-month visa that must be converted into a residence permit before it expires. In all circumstances, applicants have the facility to swiftly and easily change their visas into residence at SERVICES1 in Emirates Towers, Dubai, or directly through the Federal Authority for Identity, Citizenship, Customs, and Ports Security.
Conclusion
The Golden Visa for entrepreneurs is undoubtedly a golden opportunity to explore the limitless business opportunities in Dubai and enjoy the lively life of the UAE. This initiative allows investors and entrepreneurs to invest their assets in a place where it benefits them and allows them to reap the full benefits of their efforts.
Having said that, the procedure requires certain eligibility criteria to be met and extensive documentation as proof of asset and investment. This is where several individuals experience hitches and glitches. Organizations with a team of skilled professionals can effectively assist applicants and aspirants in not only understanding the process but also completing it.
BS Auditing of Accounts has a team of skilled professionals who keep all Emiratis up to date with all VAT laws and clarifications and provide the best consultancy services in all matters.
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