Foreign labour has always been integral to the journey of the UAE up to the point to where it is now, and the government has always acknowledged that. Because what the country lacked for in specialized manpower, they look for in expats and pay them well.
And in line with doing business in the country, the government is still looking for new ways to attract people of high economic and social value, which include businessmen, investors, as well as entrepreneurs.
UAE to Introduce 5-Year Residency Visas for Entrepreneurs
In line with this, the Federal Authority for Identity and Citizenship has laid out its plans to implement the UAE Cabinet’s decision to issue five-year residency visas for entrepreneurs, as shared in a report by Arabian Business.
The decision is still aligned with the national government’s vision to improve the conditions for ease of doing business in the GCC state.
For this initiative, the Federal Authority for Identity and Citizenship will be in charge of issuing the residency visas, while HUB71 in Abu Dhabi and Dubai Future Foundation’s Area 2071 in Dubai will scout eligible entrepreneurs to receive such benefits under the programme.
According to Dr. Mohammed Rashid Al Hamli, secretary-general of the Abu Dhabi Executive Council, the initiative comes at a time when the UAE has become a prime destination for professionals who are looking for exceptional opportunities outside their countries.
Al Hamli committed his support in establishing close integration between various government entities and the private sector to promote pro-business government policies and development programmes.
He added that the latest initiative set up by the government will create a positive effect on the economy and further solidify the country’s position as a global business hub.
Based on the standard guidelines for the initiative, the Federal Authority for Identity and Citizenship and HUB71 will develop strategies and plans to attract entrepreneurs into doing business in Abu Dhabi.
For his part, Khalfan Juma Belhoul, CEO of Dubai Future Foundation (DFF), explained that 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.
To become eligible for this special visa, the following requirements must be met by an entrepreneur:
- A former business that is worth a minimum of AED 500,000; or
- Has the approval of an accredited business incubator in the country
- Must have their own insurance coverage and for their entire family for the duration of their residency.
Furthermore, the Federal Authority for Identity and Citizenship can also grant a five-year visa to three executive directors working for the entrepreneur, on the condition that they commit to working exclusively for the entrepreneur during the period of the visa.
Likewise, entrepreneurs will be allowed entry into the country on a six-month multi-entry visa as part of support provided to them to complete procedures to set up their business.
ALSO READ: 12 Things to Know Before Working in UAE