The UAE government April this year announced a slew of reforms set to be in effect from 3 October 2022, easing most of the visa application process and extending the eligibility criteria for most residency visas. This has been a piece of welcoming news for both existing residents, both expats, and UAE residents, as well as new businesses and startups looking to invest in the country.
Let’s take a look at how the new UAE visa rules will affect startups and investors in the country.
Golden Visa residency for investors and entrepreneurs
Frequent business travellers and investors who had to earlier resort to staying in hotels or other means of accommodation without being able to get their residency visa no longer need to worry. Eligible investors and entrepreneurs can apply for the highly coveted 10-year-long Golden Visa. The eligibility criteria for startup investors and entrepreneurs are as follows:
Startup investors whose company
- is registered with the UAE
- falls under small and medium enterprises (SME)
- has annual revenues of AED 1 million (USD 272,249.59) or above
Entrepreneurs
- who is a founder or co-founder of an entrepreneurial project sold at not less than AED 7 million (USD 1,905,747.13)
- who have received approval from the Ministry of Economy or the competent local authorities for their project
Increase in the validity of Green Visa
The sponsor-free green visa system for investors, which was earlier valid only for 2 years, will now be valid for a period of 5 years. This will further the ease of investments in the country. In order to be eligible for the green visa, investors should:
- get the approval of investments
- submit proof of investing (if the investor has more than one license, the total invested capital will be calculated)
- get the approval of the competent local authority
Moreover, Green Visa holders can bring their first-degree relatives to the country, and the validity of their residence visa will also remain the same.
Entry visa for business
The newly introduced Business Entry Visa will permit interested investors and business owners to enter the country without any sponsor or host. As holders of the Business Entry Visa, applicants can
- stay for 60 days, and renew their visa or apply for a multiple-entry visa
- nominate a maximum of the business’ senior staff for residency
New company classification
Private company holders who commit themselves to laws and policies on diversifying their organisation will be awarded with incentives and will be classified into three separate tiers. The first-tier companies that fully comply with the government’s policy can avail a substantial reduction of fees related to the issuing of visas.
