A business visa is part of the Golden Visa system under which foreigners can obtain a long-term visa for themselves and their dependents. It aims to create an attractive environment for businesses and the UAE’s economic growth.
WHO CAN APPLY?
Professionals from any country with entrepreneurial experience are eligible to apply for the business visa. An eligible entrepreneur is anyone who has set up a business of his own at some point in his career, and wishes to do so again in the UAE.
A UAE Golden Visa holder can sponsor their spouse, children regardless of age and an unlimited number of domestic labourers like babysitters, housekeepers, drivers, etc. for them to get residence too.
To obtain the business visa, applicants must:
• be able to substantiate your experience as an entrepreneur,
• have been a majority shareholder of a start-up or a member of its senior leadership,
• be willing to relocate to the UAE and legally establish a business in one of the seven emirates, and
• applicants must have a business idea or a business plan that they are planning to start in the UAE.
Qualifying for the business visa does not guarantee that the applicant will receive the visa. Applicants must get their business visa application, other legal documents and business plan reviewed and approved by government officials.
Specialized committees review the application and the attached documents, and grant an approval accordingly. Once approved, the applicant will be required to follow the requirements of the Federal Authority for Identity, Citizenship, Customs & Ports Security in order to be issued the visa.
WHAT ONE CAN DO WITH THIS VISA?
Once the visa is issued, the applicant is allowed to:
• enter the country for a period of six months with a multiple-entry visa, to facilitate the procedures of establishing the business. You must convert it to a residency permit before it expires, and
• nominate up to three of his business’s senior staff to obtain residency.
The application fee is AED 2,790 ($760), and the Emirates ID fee is AED 1,070 ($290).
BENEFITS OF HAVING THE UAE GOLDEN VISA
Favourable business and tax climate
There are no income, corporate, or property taxes for residents of the UAE. The country has double taxation avoidance agreements with more than 100 countries. The list includes Canada, China, France, the United Kingdom, Russia, and India.
Residence for employees
The business visa allows nominating up to three of a company’s senior staff to get residence permit.
The ability to live outside the UAE
If you run a business in different countries, you can get a business visa to Dubai but live outside the UAE. Before the conditions were updated, the resident visa holder had to stay in the UAE for atleast six months per year to maintain the status.
UAE residents receive special discounts for medical care, insurance, cars, real estate, and entertainment.
BUSINESS PLAN FOR UAE BUSINESS VISA
It is essential for any new Dubai company, business and entrepreneur to commit time to create a sound business plan. Business plans and market research play an important role in the success of any new venture, especially if you are looking to start a business in Dubai or the UAE, seeking investment, entering a new market or planning to role a new franchise out to different countries.
WHAT NEEDS TO BE INCLUDED IN THE BUSINESS PLAN?
Drafting a business plan in an easy to comprehend manner is vital if you are looking to seek investment for your new Dubai company. The main sections of the business visa plan are mentioned below:
- Description of the Company
- Description about Product or Service Offering
- Mission and Vision Statement
- Market Analysis
- Competitive Analysis
- Management Team
- Marketing Strategy
- SWOT Analysis
- Financial Performance
- Exit Strategy
We, at Infocrest, will help you in planning your business to get a business visa in UAE.