Entrepreneurs and startup owners in the UAE will be able to more easily obtain the UAE Golden Residence visa – a long-term 10-year UAE residency visa – under the set of new executive regulations revealed by the UAE Cabinet.
The UAE Cabinet, headed by Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, approved the executive regulations of the Federal Decree-Law on Entry and Residence of Foreigners to strengthening the UAE’s position as an ideal destination to live, work, and invest.
The executive regulations set flexible requirements for entrepreneurs and startup owners to obtain the Golden Visa, the state-run news agency, Wam, reported.
UAE Golden Visa eligibility criteria
– Entrepreneurs should own or be a partner in a startup registered in the UAE under the small and medium enterprises (SMEs) category, and the registered startup must generate annual revenues of not less than $272,250 (AED 1 million).
– Entrepreneurs or startup owners who obtain approval for a startup idea from an official business incubator, from the Ministry of Economy, or from a competent local authority will be deemed eligible to obtain the Golden Residence in this category.
– Entrepreneurs who are founders – or one of the founders – of a previous entrepreneurial project(s) that was sold for a total of not less than $1.9 million (AED 7 million) will be entitled to the UAE Golden visa. For this category, the approval of the Ministry of Economy or competent local authorities will be required for projects or ideas.
UAE Green Residence eligibility criteria
The UAE Green Residence visa permit for investors and partners has been introduced to encourage investments in the UAE.
Unlike the 10-year Golden Visa, the Green Residence permit provides five-year residency for investors establishing or participating in commercial activities.
It replaces the previous residence that was valid for 2 years only.
Requirements include approval of the investment and proof of investment. If the investor or partner has more than one licence, the total invested capital will be calculated.
Approval of the competent local authorities is mandatory for the UAE Green Residence permit to be issued.
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