What types of Residency Visas are available for Entrepreneurs in Dubai?
Live the Dream – Dubai Start-Up Advice Series by Alpha Pro Partners
To be able to live and work in Dubai, you will need a specific permit or visa. Without a relevant visa, you won’t be able to open bank accounts, get a driving license or, apply for a tenancy contract, etc. Although through a visit visa, you may be able to get a temporary mobile phone SIM card and even open a non-resident bank account, in the long term, it is more appropriate to apply for a residency visa when doing business in Dubai rather than operating from a temporary visa. Also, bear in mind that if you are on an employment visa and you also run a business, there may be restrictions on what you can do when running a side business. In this guide, you will find plenty of information on which types of visas are open to you and how you can apply for them. Business visas and employee visas for the UAE are split into various types and categories. These are as follows:
Investor Visas
An investor visa lasts for three years and offers temporary residency. An Investor Visa is recommended for foreign business people looking to invest in the UAE or who wish to set up their own businesses. To be able to trade and relocate to the UAE, you will need to deposit at least AED 10,000 into a UAE bank account.
Employment Visa
If you decide to work for a company or wish to be an “employee” of your business, then you can apply for an employment visa. Keep in mind that many additional steps are required for this application. One example is the requirement to get various documents legalized and attested in your home country and present them during the application process. Examples of documents can include certain education certificates. When applying for an employment visa, you are, in essence, being sponsored by the company applying for your visa; therefore, they may be required to ensure that you follow certain rules and restrictions. Any breach of these rules may result in their canceling your visa. Therefore, ensure that if you decide to get a visa through employment, there is no restriction from your employers if you decide to run a side business.
Long term Visas
The UAE government announced sweeping changes to long-term visas for entrepreneurs and investors in May 2019. As of that date, would-be residents became entitled to 5-year, 10-year, and permanent stay visas, all of which are designed to help encourage long-term residency and inspire investors. The 10-year scheme was launched earlier in January of the same year. Two of the first businesspeople to benefit from the new scheme included Khushi Khatwani (Khushi Group, Al Nisar Cinema Film) and Vasu Shroff (Regal Group). Both Indian entrepreneurs claimed 10-year visas for their long-term contribution to the UAE.
5-Year Visas
A 5-year visa is a long-term residency permit you can obtain if you intend to stay in the country for an extended time. Unlike some other types of visas, you may be able to claim a 5-year stay without the need for a sponsor. If you are an entrepreneur overseeing a project worth more than AED 500,000, for example, there will be minimal paperwork. The same applies if you have invested in property worth at least AED 5,000,000. Fees for the 5-year visa will cost only AED 650.
10-Year Visas
Ten-year visa types, as with the above, may be subject to you obtaining a sponsor. A sponsor is someone who will support your application so that you can apply to live and work here. Are you publicly investing more than AED 10,000,000, or are you specialized as a doctor, scientist, inventor, or creative talent? You may also be able to apply for and receive a visa without the need for sponsorship. Fees for the 10-year visa will cost only AED 1,150.
Permanent Residency or ‘Gold Card’ Visas
As with the above, these types of visas will enable you to stay in the UAE permanently. It is often referred to as a ‘gold card’ in some cases. These are ideal if your business is set to be permanently based in the UAE and/or you want to settle with your family permanently. When this was announced, the UAE identified 6,800 expats from over 70 countries with a combined investment of AED 100 billion. Eligible persons include investors, entrepreneurs, specialized talents, researchers, and outstanding students.
Tourist Visas
Tourist visas are required if you are visiting the UAE for certain nationalities. If you are not eligible for visa-free travel, or if you cannot apply for a visa after arriving, you will need to obtain a tourist permit. They can be valid for either 30 or 90 days. To apply, you must contact a UAE hotel, airline, or touring company and they will apply on your behalf for a fee.
Student Visas
If you wish to study in the UAE or have children or relatives who wish to study in the UAE, you can also apply for a student visa. However, you must first be accepted by a UAE university. Be sure to provide passport data, recent photographs, and proof of your funding. You are also required to fill out a form supplied by the institution which has offered you a place.
Dependent Visas for Spouses and Children
Dependent visas, or family visas, can be offered to spouses and children of people with resident visas in the UAE. Residents may be able to sponsor their spouses, children, and other relatives to stay in the UAE. Thanks to changes in the law, you can now sponsor your family to stay with you in the UAE regardless of your profession. However, you will need to meet a minimum wage requirement.
Visa Deposits
Visa deposits for overseas workers have changed dramatically in the UAE. Previously, you were required to pay a deposit of at least AED 3,000 per employee. Now, however, a yearly scheme covered by insurance means you will pay a nominal insurance fee per employee of AED 60. These changes were made to help simplify the work application and funding process for employees and employers alike.
General Documentation You May Need
To apply for any visas or long stays in the UAE, you will need to provide specific documentation and information. While the documents you need may vary depending on the visa you apply for, there is common documentation expected of you when you apply for most visas. These can and often will include:
- A valid passport (for at least six months)
- A round-trip airline ticket
- Proof of birth and nationality
- Proof of marital status (e.g., a marriage certificate)
- Proof of education or evidence of acceptance to a UAE college or university
- Signed confirmation of a job offer from a UAE employer
- Proof of investments in UAE
- Proof of health insurance (required for ID applications and employment visas)
- Proof of fingerprints and biometrics (required for ID application; supplied by you at a Registration Centre in UAE)
- Full-color photographs of applicants (passport-sized)
- Full payment for visas / IDs applied for
- Proof of approval from a relevant bank or financial institution (required for investor visas, for example)
- You may also need details and documents from a sponsor
Note that some of the documents stated above may originate from your home country and therefore may need to be legalized and attested in your home country first. Always keep plenty of photocopies of your documents as well as passport-sized photos. To apply for an Emirates ID card, you must complete an online application and clear fees upfront. You must then attend a Registration Centre in UAE to confirm your documents and set up your biometrics.
DISCLAIMER
This article is written in general terms and, therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved, and we recommend that you obtain professional advice before acting or refraining from acting on any of its contents.
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