A 5-Year Residency Visa Will Now Be Given To Entrepreneurs As Approved By The UAE Cabinet
Federal Authority for Identity and Citizenship UAE (ICAUAE) announced on Wednesday that 5-year visas will be available for entrepreneurs, in line with the UAE Cabinet’s decision.
This is a MAJOR win for anyone looking to start up a business in Dubai.
His Highness Sheikh Mohammed bin Rashid Al Maktoum was present during the signing ceremony of this new directive, which aims to ease the method of doing business in the UAE.
This means setting up a business in the UAE will be that much easier
As announced by HH Sheikh Mohammed’s official website, the ICAUAE will be responsible for issuing residency visas to entrepreneurs, while HUB71 in Abu Dhabi and Dubai Future FOundation’s Area2071 will nominate entrepreneurs who will receive the lucky benefits of this new initiative.
INCREDIBLE!
How to be eligible for the visa:
- Entrepreneurs need to have a former business that is worth AED500,000 or one that has the approval of an accredited business incubator in the UAE.
- Insurance coverage for the entrepreneur and family for the duration of the residency
Even executive directors who work for the business-owner can be granted the 5-year visa (YUP!), as long as they’re committed to working exclusively for the entrepreneur during the entirety of the visa.
