15 Dec Getting a UAE Business Residence Visa
This article highlights how you can get a UAE business residence visa and its key benefits.
The United Arab Emirates is forecast to add four thousand new millionaires this year, more than any other country. Dubai is in a unique position of growth as a business hub, with many rivals struggling. Hong Kong has grown less attractive due to a range of recent factors. For the moment, London has lost some of its luster since Brexit. New York has a tough-to-navigate immigration system for permanent residency. Dubai is the last significant business hub where any entrepreneur can quickly get residency and do business with anyone else from across the world.
When companies think of establishing a presence in the middle east or GCC, Dubai or Abu Dhabi is always at the top of the list. Banks like Bank of America and Goldman Sachs have moved employees from Russia to Dubai in the past year. Commodity firms of all sizes are considering a move from Switzerland to the UAE.
UAE’s currency, the dirham, is pegged to the US dollar and has not changed in value since 1997. UAE public debt is only thirty-two percent of the GDP. The local banking system is world-class and well-capitalized. Of course, it helps that the income-tax rate is zero percent. The infrastructure, quality of life, and year-round sunshine make it an attractive destination to live and thrive.
Types of UAE Residence Visas
The United Arab Emirates (UAE) offers various types of residence visas (uae golden visa, green visa, investor visa) to accommodate the needs of expatriates seeking to live and work in the country. The primary categories of residence visas include:
A. Employment Residence Visa (uae work visa, employment visa)
The Employment Residence Visa is issued to foreign nationals who have secured employment with a company licensed in the UAE. To be eligible, candidates must meet the following requirements:
- Possess the necessary qualifications and skills for the job.
- Obtain a valid employment contract from a UAE-based company willing to sponsor their visa.
- Fulfill the minimum salary threshold set by the relevant authorities.
The Employment Residence Visa is typically valid for two to three years and can be renewed upon meeting the renewal criteria.
B. Investor Visa
The Investment Residence Visa is designed for entrepreneurs and investors seeking to establish or invest in a business in the UAE. Applicants can choose from various investment options, including:
- Establishing a company in the UAE with a minimum investment specified by the relevant authority.
- Investing in real estate properties above a certain value.
- Participating in other investment schemes approved by the government.
The Investment Residence Visa’s validity period varies based on the investment type and amount, typically ranging from two to ten years.
C. Retirement Visa
The Retirement Residence Visa caters to individuals who wish to retire in the UAE. To be eligible, applicants must:
- Be at least 55 years of age.
- Have a monthly income of AED 20,000 (approximately $5,500) or more from investments or a pension.
- Provide proof of ownership of a residential property in the UAE worth at least AED 2 million (approximately $545,000).
The Retirement Residence Visa is valid for five years and can be renewed upon meeting the renewal criteria.
D. UAE Family Visa
The Family Residence Visa allows UAE residents to sponsor their immediate family members, such as spouses and children, to live with them in the UAE. The sponsoring resident must:
- Provide evidence of sufficient income to support their family members.
- Submit the required personal and family documents.
- Meet the minimum accommodation requirements set by the authorities.
The validity of the Family Residence Visa is typically linked to the sponsor’s residence visa and must be renewed accordingly.
The UAE’s visa policies and regulations are administered by the Federal Authority for Identity, Citizenship, Customs and Port Security for foreigners affairs, general directorate, visa requirement etc. Companies and individuals are advised to consult with the relevant authorities or seek assistance from professional visa services providers i.e. human resources to ensure a smooth and compliant visa application process for foreign nationals and uae citizens seeking the entry permit or work permit to the UAE. Additionally, the UAE’s privacy notice outlines the data protection guidelines for visa applicants.
Benefits of Obtaining Residence Visa Services in UAE
There are many benefits of obtaining a business residence visa in the UAE. These include:
- Business owners can sponsor residence visas for their direct family members , such as their spouse, children, and parents.
- Residency visas range from two to five years and can be renewed perpetually if conditions are met. UAE has one of the most liberal residency regimes of any major business hub, with very few restrictions based on the applicant’s nationality.
- State-of-the-art business offices at a range of price points.
- No income tax, low corporate tax, and low VAT.
- A UAE Tax Residency Certificate allows residents to benefit from the Double Taxation Agreements that the UAE has with 130+ countries.
- Access to a range of local, regional, and international banks . You can repatriate funds to your home country without any restrictions.
- A strong economy and a stable political climate with very low crime.
How to get UAE Residence Visa?
Getting a UAE resident visa is relatively straightforward. The first step is to set up a company . The company can be either a free zone or a local company via the local Department of Economic Development (DED) . Depending on the jurisdiction, the incorporation process can take as little as one day or a few weeks.
After the company is incorporated, you can apply for a UAE business residence visa via the free zone or the local immigration department, depending on your business license. You will need a medical examination and submit your biometrics to get an Emirates ID card. The ID will serve as your residency permit.
Once you’ve obtained your Dubai residence visa, you can apply for your dependents and any domestic staff you may want to hire. Please note that there are minimum income requirements to sponsor dependents and domestic staff.
To keep your UAE residency, you cannot be away from the country for more than 180 days. You will also have to keep your business license valid. Failure to renew your business license can lead to fines and cancellation of your UAE visa.
To renew your UAE residency visa, you can either renew online or visit a local typing center, this largely depends on the business license type that you have.
Let our UAE Residence Visa experts help you
We have processed thousands of UAE residence visas from expats from across the world. Our experts stay on top of the latest changes in rules and regulations, which helps us give the best advice to our clients. For assistance in obtaining a UAE business residence visa, get in touch with our consultants today!
TIP: Use our Cost Calculator to get an estimate of how much business setup in Dubai will cost you.
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