Saudi Arabia’s new Premium Residency visa for Entrepreneurs: All you need to know

Among these categories, the Premium Residency initiative offers an opportunity for entrepreneurs to obtain long-term residency visas and enjoy a host of benefits while contributing to the development of the kingdom.

Here is all you need to know about the premium residency scheme as an entrepreneur:

The Entrepreneur Residency programme provides a range of benefits to entrepreneurs and their families. These benefits include:

• Residency for family members: Entrepreneurs can reside in Saudi Arabia along with their parents, spouses, and children under the age of 25.
• Flexibility of establishment: Entrepreneurs have the flexibility to move from one establishment to another.
• Exemption from expatriate fees: Premium residency holders and their dependents and companions are exempt from expat fees.
• Visa-free exit and return: Entrepreneurs and their family members can exit and return to Saudi Arabia without the need for a visa.
• Visit visa privileges: Premium residency holders are entitled to obtain visit visas for their relatives.
• Expedited airport procedures: Entrepreneurs and their families can utilise dedicated tracks for citizens at airports.
• Private sector employment: Premium residency holders, their spouses, and dependents have the right to work in the private sector and move between establishments.
• Business conduct under investment law: Entrepreneurs can conduct their business operations in accordance with the guidelines set forth by the Investment Law.
• Real estate ownership: Entrepreneurs have the privilege to own and rent real estate commitment to the Kingdom.

Special benefits of the premium residency visa

In addition to the general benefits, the Entrepreneur Residency programme offers special advantages including:

• Staff nomination: Entrepreneurs can nominate two staff members to obtain the “Special Talent” Residency, exempting them from the usual criteria. This provision is particularly beneficial for executives and key personnel critical to the success of the entrepreneur’s venture.
• Nitaqat exemption: During the first three operational years, entrepreneurs and their entities are exempt from the “Nitaqat” system.

Eligibility

To be eligible for the Entrepreneur Premium Residency programme, entrepreneurs must meet specific criteria based on two categories:

1. First category:

• Hold an entrepreneur license from the Ministry of Investment.
• Secure a minimum investment of SAR400,000 from an accredited entity.
• Obtain a recommendation letter from the investment entity.
• Possess a minimum 20 percent share in the company.

2. Second category:

• Hold an entrepreneur license from the Ministry of Investment.
• Secure a minimum investment of SAR15 million from an accredited entity.
• Obtain a recommendation letter from the investment entity.
• Possess a minimum 10 percent share in the startup.
• Create at least 10 jobs during the first year, and an additional 10 jobs during the second year.

Residency duration and fees

The duration of residency and associated fees vary based on the category:

1. First category: Entrepreneurs in this category are granted a fixed-term residency for five years, renewable for one additional term upon continued adherence to eligibility standards. They are also eligible for a residency of 30 months in a span of five years.
2. Second category: Entrepreneurs in this category are directly granted permanent residency, subject to the condition of creating at least 10 jobs in the first year and an additional 10 jobs in the second year.

To apply for the Entrepreneur Residency programme, entrepreneurs are required to pay a one-time fee of SAR4,000.

For those interested and eligible, applications can be done through the official premium residency website.