The new regulations relating to visas and work permits issued by the UAE government are instrumental in the UAE’s attempts to make the living environment in the nation more accessible to expats and will drive foreign investment into the country, an expert said.
The UAE Golden Visa residency programme, which was first implemented in 2019, enabled expats to live, work, and study in the UAE without the need of a national sponsor and with 100 percent ownership of their business on the UAE’s mainland.
The new executive regulations have eased the eligibility requirements for this 10-year visa with flexible requirements for entrepreneurs to obtain the Golden Residence.
Additionally the UAE Cabinet has also instituted a special entry permit, which will be offered to those who have a temporary work assignment such as a project-based mission.
A senior associate at global law firm Reed Smith, Marize Coetzer, said: “From a business perspective, this encourages foreign investment in the country and ensures that foreign and local companies established in the UAE have more options relating to their workforce.
“For example, the temporary work mission visa is in line with the changes in the newly introduced Federal Labour Law (33 of 2021) which came into force in February this year, to enable companies to employ workers on a temporary or project-specific basis.”
In order for startup owners or entrepreneurs to be eligible to apply for a UAE Golden visa, they must meet the below 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.
In addition, people from around the world who plan to visit the UAE – either for business, jobs, or pleasure – can now avail of a variety of visa options.
For the first time, the UAE Cabinet has approved a number of new entry permits and visas that do not need a host or sponsor – including new job exploration visas, five-year tourist visas, and temporary business work permits.
Reacting to the UAE Cabinet’s new rules, Coetzer added: “These changes, such as introducing new categories for the golden visa, removing the sponsorship requirement for certain types of visas, new system for entry visas, including tourist, family visitors, for job exploration purposes etc emphasise the UAE’s efforts to encourage tourism and is a welcome change for many nationalities who previously struggled to enter the country.”
In recent years, the UAE’s foreign resident landscape has changed from the position where expats came to the UAE on an assignment basis and only stayed in the country for a few years, to expatriates living here for longer periods.
“The norm is now for people to stay in the UAE at least 5 to 10 years, if not longer. The expansion of the Golden Visa and Green Residence visa categories now increases the longevity and opportunities for people to settle down here and raise their families in this beautiful country,” Coetzer concludes.
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