Grow your startup in UAE with the Golden Visa Program for Entrepreneurs

The United Arab Emirates (UAE) is in the centre of the modern global market and can be an attractive location for entrepreneurs. The UAE offers two categories of visas for entrepreneurs - the Golden Visa and the Green Visa. These visas allow you to work or set up business units in the Emirates and offer residency status. The benefit is that this visa allows you to reside in any of the seven Emirates of the UAE - Abu Dhabi, Sharjah, Dubai, Fujairah, Umm Al Quwain, Ajman, and Ras Al Khaimah.

What is the UAE Startup Visa?

The UAE offers two visas for entrepreneurs that let you establish or run business entities in the Emirates. First is the Green Visa which is available to investors, business partners, skilled employees, the self-employed and freelancers. Freelancers and the self-employed are required to show an existing annual income or enough financial reserves to fund the entire stay. This visa replaces the previous residence visa with a 2-year validity period. ¹

The second type of visa, the Golden Visa, is for investors and is a long-term visa allowing foreign talents to start businesses and live in the UAE. It is comprised of the following:²

• A 6-month entry visa allows for multiple entries and the opportunity to take up residency.
• A long-term renewable residency visa, typically valid for 5 or 10 years.
• Does not require a sponsor.
• Allows for the emigration of spouses and children.
• Allows for sponsorship of an unlimited number of domestic helpers.
• Ability to reside outside the UAE for more than six months to keep the residence visa valid.
• Permit family members to remain in the UAE until the end of their permits, even if the primary holder expires.

Benefits of the UAE Startup Visa for Entrepreneurs

Here are the benefits of the UAE Startup Visa for entrepreneurs.

• Business Investment Opportunities - The UAE offers business-friendly policies, world-class infrastructure, banking, and multinational networking opportunities to global entrepreneurs. The UAE is also a hub that is conducive for travel to Asia and Europe.
• Tax Benefits - One of the best benefits of the UAE Startup Visa is the tax advantages available to foreign startups, especially while operating within the Free Zones. Additionally, the special tax and customs regulations make it more attractive for investors.
• Path to Residency - The Golden Visa offers an extended residency facility for five to ten years. It allows individuals to focus on their work without worrying about frequent visa renewals.
• Family Inclusion - The UAE Startup Visa allows visa holders to bring their families to the Emirates. The UAE welcomes your families and offers them the same benefits and opportunities available to you, including high-quality educational opportunities. The UAE has various prestigious schools and universities offering extensive academic programs.

Requirements for UAE Startup Visa

The UAE Startup Visa for investors allows you to invest in the UAE market, establish business entities, and contribute to the UAE’s economy.

The Green Residence Visa is available for freelancers, self-employed including startup founders, skilled employees who work remotely and investors. Here are the requirements of the UAE Green Residence Visa:³

• The approval by the Federal Authority for Identity, Citizenship, Customs & Port Security (ICP)
• Proof of your work contracts, if applicable.
• Proof of your self-employment, if applicable.
• Evidence of your financial earnings for the last two years
• Provide evidence of a minimum education of at least a bachelor's degree or specialized diploma.
• Meet salary requirements, depending on the nature of your profession.
• Approval and proof of investment, if an investor.

The UAE Golden Visa is available for different types of investors, including investors in public investments, real estate investors and entrepreneurs. Here are additional professions that can qualify for a Golden Visa:

• Professionals that have outstanding specialised talents
• Doctors
• Scientists
• Creative people
• Athletes
• Engineering specialists
• Pioneers of humanitarian work.

Each category has specific requirements which you will need to meet to qualify.

For the five-year visa, the requirements of the UAE Golden Visa for entrepreneurs are as follows.⁴

• You own an economic project focusing on technical excellence and innovation.

• You must have an approval letter from the following authorities:

• An auditor in the UAE certifying the project value is at least 500,000 AED.

• The UAE authorities stating that the project is a technical or future nature

• A UAE-accredited business incubator to establish the proposed activity

• A valid passport.

• A valid health insurance card for at least one year, which can be extended.

• Proof of housing in the UAE (rental contract or ownership).

A UAE Golden Visa for entrepreneurs is available for a 10-year validity if you satisfy the following additional criteria.⁵

• You are an owner or partner of a business project with approval from an approved business incubator, ICP, the Ministry of Economy, or a local authority to start the proposed business in the Emirates OR
• You are an owner or partner of a pioneering business project with approval from the Ministry of Economy or ICP or a competent local authority. The business should be a small to medium enterprise achieving an annual revenue of at least 1,000,000 AED OR
• You are a founder of a pioneer business project sold with a total value of at least 7,000,000 AED, which is subject to obtaining approval from the Ministry of Economy, ICP, or a competent local authority.

The following documents are necessary for the Golden Investor Visa:

• Copy of the passport
• Colored photograph
• Copy of the health examination test result
• Copy of health insurance
• Copy of the entry permit

Here are the UAE Startup Visa fees.

Application process for UAE Startup Visa

You can apply for UAE visas on the official website or through the smart application. You must create your log in and check your eligibility before applying for the visa. The application procedure is as follows:⁶

• Log into the system using your credentials.
• Use the assessment tool to check your eligibility.
• Apply for the visa in one step. You will get a notification from the ICP.
• All applicants over 18 years old must undergo a medical examination. In addition, you must have a 2-year medical insurance.
• You get regular updates about your visa approval.
• You will get a link to book an appointment with the ICA centre to complete your biometric formalities.
• On completing these steps, you get your Emirates ID Card.

Usually, the UAE visas can take a few weeks to a month to process.

Moving to UAE from abroad

Getting approved for a visa is only the first step in the journey to move abroad. Here are other factors to consider when moving you, your family and your business to the UAE:

• Update bank and credit card accounts: Your bank may require you to notify it if you are moving abroad. This can also mean switching your regular bank accounts to a non-resident account or allowing for transactions abroad. Let your credit card know of your move to the UAE so your account is not inadvertently frozen if used abroad. Also, set up a system to make payments for recurring bills that may occur when you’re overseas.
• Staying connected to family and friends: Keeping in touch with your loved ones can help you adjust as you move to the UAE. Social media apps like Facebook or Instagram can help you stay updated on what's happening back home. Messaging apps like WhatsApp can keep you connected to family and friends through messages and voice or video calls. Consider getting a UAE number with a SIM card when you arrive to help connect locally.
• **Language: **English is known by many in the UAE, although Arabic is the official language. Try to learn basics in Arabic to help you meet new people and assimilate.
• Cultural changes: The UAE has a unique history and culture. While Islam is the official religion of the state, inclusion is also culturally relevant for global cities like Dubai. You can find people from all over the world in the UAE’s major cities. Ensure to be familiar with the laws and rules in the UAE and abide by them to avoid trouble. That being said, the UAE can often be easy to adapt to.
• Accommodation and logistics: One of the conditions of applying for residency is to have proper accommodation in the UAE. You can find and rent apartments and houses in the UAE online from your home country. Planning ahead can help you have a place to go as soon as you arrive, but there are also numerous hotels in the Emirates.
• Healthcare: The conditions for the Golden Investor Visa stipulate you take out a health insurance policy for two years. You must renew the policy promptly and keep it active to address any medical emergencies.

Banking in UAE

The UAE has a well-developed banking environment, with most international banks having branches in the Emirates. You can open a personal bank account locally for you and your family to make payments and receive earnings. Learn more about how to do so in Dubai with our complete guide to opening a bank account in Dubai.

Your business is likely going to need its own business account. You can manage it remotely if you have an existing business account or you can open up a new one in the UAE. A banking relationship can be fruitful by also providing options to open a credit line or additional financing.

If international transactions are part of your life, then you are going to want to check fees when you’re signing up for a new bank. Banks can have high fees on international transfers and mark up their exchange rate to take a hidden fee when you convert your funds. Want a fast, cheap and simple way to send money abroad? Check out Wise.

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