The UAE Golden Visa allows eligible people to gain permanent residency. With the UAE drawing in investors, entrepreneurs, and skilled professionals from around the globe, the Golden Visa was created to give these individuals a chance to live and work here long-term. This visa helps make the UAE one of the top choices worldwide for business and investment.
The Golden Visa provides residency for up to 10 years and can be renewed easily. There’s also a 5-year option for those with shorter-term plans. Plus, the visa is open to more than just businesspeople and investors, seven different categories of people qualify, so you may be eligible even if you’re not in business or investment.
Eligibility for UAE Golden Visa for Entrepreneurs
Entrepreneurs and business owners in UAE can qualify for the Golden Visa if they meet at least one of these conditions:
- Own or Partner in a Registered SME: Applicants must either own or be a partner in a Small or Medium Enterprise (SME) in the UAE. The business should be in a recognized sector, officially approved by the Ministry of Economy or relevant local authorities, and it needs to generate at least AED 1 million in revenue each year. This shows that the applicant is actively involved in a profitable business that contributes to the UAE’s economy.
- Approval for a Start-up Idea: Applicants can also qualify if they receive approval for a start-up idea from an official business incubator, the Ministry of Economy, or other local authorities like free zone authorities. This approval shows that the business idea aligns with the UAE’s goals for economic development and has the support of trusted organizations that back innovation and entrepreneurship.
- Successful Sale of a Business: You can also qualify if you’ve started and sold a business in the UAE. To be eligible, the business must have been sold for at least 7 million AED. The sale needs to be officially recognized by the Ministry of Economy or another relevant government authority. This option is for entrepreneurs who have already had a successful business and contributed to the UAE’s economy.
In addition to meeting one of these criteria, applicants must have health insurance that covers them and their family members, ensuring their health and safety while residing in the UAE.
Application Process for UAE Golden Visa for Entrepreneurs
If you’re an entrepreneur interested in obtaining the UAE Golden Visa, here’s a step-by-step guide to the process:
1. Eligibility Check
Begin with verifying if you are eligible according to the requirements put in place by the Federal Authority for Identity, Customs, and Port Security. This includes checking whether you fall under the qualification criteria such as ownership or partnership of a local business with a net worth revenue above a certain amount, having a business plan approved from the right channels, or having been able to sell a business for an amount above a certain limit.
2. Preparation of Documentation
Now you have to go ahead and prepare all the documents that you legally require to submit along with your form. This consists of:
- A passport that has not expired
- Health insurance for yourself and the dependants included in the application in case of an application
- Business ownership and share certificates such as trade certificates.
- Current accounts for registered businesses indicating sales revenue over the past years (if appropriate).
- Records of any such business transfer in the past (if applicable)
- Documents showing the sought business idea or letters approving it (if possible)
3. Application Submission
Having completed the above documentation, you are now in a position to apply. Our consultants can help review and verify all documentation in submission to ensure everything is in order. Applications are submitted on the Internet through the UAE official office or portals like the ICA or GDRFA. Authorized typing centers can also be used to present applications.
4. Fee Payment
Make the application fees required per the rules provided at the time of submission. There might be differences in the fee structure depending on the visa category applied to and the time frame selected during the submission.
5. Health and Background Checks
Medical examinations are a requirement for all applicants as they are mandatory to ascertain the health criteria for entry to the UAE. Security checks regarding the background of the applicant are also conducted to conform to the country’s security measures.
6. Visa Approval and Issuance
The UAE Golden Visa shall be issued to an applicant upon review and approval from the relevant authorities. The applicants and their family members, including domestic helpers, can obtain a visa and permanently reside in the UAE.
7. Residency Formalities
After receiving the visa, you may need to complete some additional residency procedures, such as obtaining an Emirates ID and finalizing any other formalities.
Also read: 10-Year UAE Golden Visa For Property Owners
Renewal Conditions for UAE Golden Visa for Entrepreneurs
- Validity Period:
The UAE Golden Visa for entrepreneurs is typically valid for 10 years, after which it can be renewed. - Continued Eligibility:
To renew the Golden Visa, entrepreneurs must demonstrate that they still meet the eligibility requirements they originally qualified under. This could include maintaining investments or business operations in the UAE. - Residency Requirements:
One of the benefits of the UAE Golden Visa is that holders are not bound by strict residency requirements. This flexibility allows entrepreneurs to manage their international business affairs without worrying about losing their residency status.
Secure Your UAE Golden Visa with Expert Guidance from Intellect Chartered Accountants
Are you looking to get a UAE Golden Visa? Intellect Chartered Accountants is here to help you navigate the process of securing this prestigious residency. Whether you’re a high-net-worth investor, a successful entrepreneur, or a skilled professional, we provide customized guidance based on your eligibility. With our in-depth knowledge of UAE immigration rules and regulations, we make the application process smooth and straightforward, helping you take advantage of the fantastic opportunities that come with a 10-year residency in one of the world’s most exciting and fast-growing regions.
Reach out to us today, and let’s start your journey toward obtaining the UAE Golden Visa!
