Entrepreneurs must meet certain requirements to obtain a Golden Five-Year Business Visa.
Entrepreneurs from all over the world may be eligible to apply for a renewable five-year Business Visa under the requirements of Cabinet Resolution No. 56 of 2018 on Regulating the Residence Permits for Investors, Entrepreneurs, and Specialized Talents.
Eligibility Requirements for the Golden Five-Year Business Visa for Entrepreneurs
To begin, all visa applicants must submit to a background check and a health assessment, as mandated by the Federal Authority for Identity and Citizenship.
Second, the following are the specific requirements that candidates for a Business Visa must meet:
- The candidate must have a completed project with a minimum initial capital of AED 500,000.
- An authorized business incubator in the UAE must have vetted and approved the application (presently these are HUB71 in Abu Dhabi and Area 2071 in Dubai).
- The applicant must be able to demonstrate their ability and expertise as an entrepreneur.
- The candidate must have been a majority stakeholder or a senior executive of a company.
- The applicant must plan to migrate to the UAE to start a business there.
- The applicant must have a business idea or plan that they want to develop in the UAE.
The holder of a Business Visa can sponsor his or her dependents.
Duration of a Business Visa
- The Business Visa can be renewed every five years if the bearer continues to meet the conditions.
- For six months, international enterprises can apply for a multiple-entry permit.
The procedure for obtaining a business visa is as follows:
The applicant must first submit and have his or her nomination approved by an authorized incubator in the United Arab Emirates (currently, AREA 2071 in Dubai and HUB71 in Abu Dhabi).
The nomination procedure will be reviewed in around 30 days.
After the nomination is granted, the applicant must complete the standard visa application process through the Federal Authority for Identity and Citizenship channels, which can take up to 30 days.
If the applicant’s nomination is rejected, they will have another 90-day window to reapply.