UAE offers 5-yr entrepreneur visa

dubai — Entrepreneurs in the UAE can now obtain five-year visa under the latest initiative announced by the UAE government to ensure ease of doing business in the country, it was officially announced on Wednesday.

The Federal Authority for Identity and Citizenship will be the entity responsible for the issuance of visas, while HUB71 and the Dubai Future Foundation (DFF) will nominate qualifying entrepreneurs.

The three entities will collaborate in the areas of training, sharing knowledge, enhancing ease of doing business and creating a conducive environment for investment and business.

Major General Saeed Rakan Al Rashidi, director-general for Foreigners Affairs and Ports at the Federal Authority for Identity and Citizenship, said the move is part of the Cabinet resolution that aims to regulate the issuance of residency visas to investors and entrepreneurs.

In May 2018, the UAE Cabinet had approved long-term visas for investors and professionals for up to 10 years to make the Emirates a global incubator for exceptional

talents and a permanent destination for international investors.

The Cabinet’s decision outlined the terms to grant long-term visa to two categories of entrepreneurs; having a previous project with a minimum of Dh500,000, or having the approval of an accredited business incubator in the country. He should also have obtained insurance coverage for him and his family for the entire period of his residency.

Khalfan Juma Belhoul, CEO of the DFF, said that the foundation aims to enhance collaboration between various government and private entities and unify efforts to make the UAE a model for innovation in the business sector.

“Entrepreneurs and their families will be provided with a five-year renewable residency visa. This will be a personal visa, which will help ensure the independence of the entrepreneur and promote a pro-business environment,” he said.

The benefits of the entrepreneurial visa include entrepreneurs, partners, three executive directors, spouse and children. The entrepreneur is allowed entry into the country for six months, multientry visa period, with renewal for another six months.

In April, the UAE Government had announced granting long-term visas for the top 100 startups shaping the fourth industrial revolution. The 100 Arab startups were selected at the World Economic Forum on the Middle East and North Africa, held in Jordan on April 6-7.

Sarra Alsamarrai, associate, Fichte & Co, said the UAE has become a hub for startups and 5-year visa will certainly entice more entrepreneurs to set up their businesses in the UAE.

“Five-year visa will allow further flexibility for the entrepreneurs and a sense of certainty within these five years,” she said.

Nirav Shah, director of Fame Advisory, also hailed awarding five-year visa to entrepreneurs.

The agreement between the three UAE entities will enhance cooperation between the three entities in the fields of training, exchange of experiences, and simplifying the procedures for initiating business in the UAE.

Five-year visa will allow further flexibility for the entrepreneurs and a sense of certainty within these five years Sarra Alsamarrai, associate, Fichte & Co