101 Guide to Getting a Business Residence Visa in UAE

The UAE have recently taken steps to simplify and improve their business residence permits. But, there’s still important information you need to know to ensure you’re doing the right thing for you, your business, and your family.

What is Allowed on a UAE Business Residence Visa?

The UAE offers several Business Residence Visas tailored for investors and business professionals..

• Green Visa for Investors: Replacing the previous 2-year visa, this category provides a stable option for investors involved in commercial activities with a validity of 5 years. It requires approval from Integrated Commercial Planning (ICP) and local authorities. It's designed for those directly investing in the UAE's economy.
• Golden Visa: With renewable durations ranging from 5 to 10 years, this visa targets investors, entrepreneurs, specialized talents, and outstanding students. It allows for family sponsorship, offering stability with less stringent residency requirements. It’s aimed at boosting the knowledge economy within the UAE.

Both visas offer significant benefits, including flexibility, family sponsorship, no personal income tax, access to global markets, and renewability. Both are a natural extension of the UAE's commitment to supporting international business and investment.?.

Eligibility Requirements for a UAE Business Residence Visa

Let’s go over the general eligibility requirements that typically apply to all UAE residence visas:

• Applicants aged 18 and above must undergo a medical test to prove they are medically fit.
• Pass a security check.
• Apply for an Emirates ID card from the Federal Authority for Identity and Citizenship.
• Required Documents:Recent coloured personal photo with a white background for the dependent.Copy of the dependent's passport.Emirates ID Application receipt.Certified housing lease contract or proof of owning a residence.Copy of the sponsor's passport with a valid residence permit.Sponsor's job contract.Medical fitness certificate (for dependents above 18 years).Entry permit.Attested birth certificate (for children).Mother’s residence photo (for newborns).Medical insurance or health card.Divorce or death certificate (for divorced women and widows).Proof of housing (for divorced women and widows).Proof of the woman’s ability to earn a living (for divorced women and widows).Certificate from university or institute specifying the study duration (for students).

And, here are the eligibility requirements specific to the UAE’s business residence visas:

• For Green Visa for Investors:Approval of the investment by the Integrated Commercial Planning (ICP) and local authorities.Proof of investment.
• For Green Visa for Work (Skilled Employees, Freelancers, Self-Employed):Freelance/self-employment permit from the Ministry of Human Resources and Emiratisation.Bachelor’s degree or specialized diploma.Evidence of annual income from self-employment for the previous two years amounting to not less than AED 360,000, or proof of financial solvency.For skilled employees: Valid employment contract, classified in the first, second, or third occupational level, minimum of a bachelor's degree, and a salary of not less than AED 15,000 per month.

By its nature, eligibility requirements for the Golden Visa is not as clear cut. This visa is awarded to exceptional individuals, including investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers, and frontline heroes.?

Specific requirements vary by category, including investment thresholds for investors and real estate owners, project values for entrepreneurs, and professional achievements for specialized talents and students. For detailed eligibility criteria across various categories, visit the official UAE government portal.

However, for investors, the Golden Visa requirements are as follows:

• A deposit of AED two million in an accredited investment fund, or
• submission of a valid commercial licence or industrial licence and a memorandum of association stating that the investor’s capital is not less than AED two million
• submission of a letter from Federal Tax Authority stating that the investor pays the government no less than AED 250,000 (two hundred and fifty thousand) annually.
• For real estate investors, the requirement is owning a home with a value of no less than? 2 million dirhams or purchasing a property with a bank loan of the same value.

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Applying for a UAE Business Residence Visa

While every case might have exceptions, these are the general steps to appy for a UAE business residence visa:

• Identify Visa Type: Determine whether the Green Visa, Golden Visa, or another category suits your business needs.
• Document Preparation: Collect necessary documents, including passport copies, investment proof, job contract (if applicable), and medical insurance.
• Application Submission: Apply through the UAE's official portal or directly at the Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP).
• Medical Test & Security Check: Schedule and undergo a medical fitness test; complete the required security clearance.
• Emirates ID Registration: Apply for an Emirates ID at an ICP service center or via the online portal.
• Visa Fee Payment: Pay the visa application fee through the official payment channels provided.?
• Application Tracking: Track your application status via the online portal.
• Approval & Visa Stamping: Once approved, your passport will be stamped with the visa.

Some of these steps, such as the medical testing and visa stamping, need to be completed within the UAE.

Benefits of Obtaining a UAE Business Residence Visa

There are many benefits to holding a UAE business residence visa that make working or living in the country hassle-free:

• Open a bank account for personal and business financial management.
• Access financial facilities, such as loans, credit cards, and other banking services.
• Apply for a driving license
• Access government health services and health insurance
• Enroll children in both government and private educational institutions.
• Legal permission to engage in employment or business ventures within the UAE.
• Some countries offer visa-free entry to UAE residence visa holders; always check with foreign embassies in the UAE.

Resident holders may also enjoy a grace period of up to 6 months to legally remain in the UAE after their permit has expired without incurring fees or penalties. Typically, you’d have to pay AED 50 per day in overstay fees.

You are also allowed to stay outside the UAE for up to 6 months. However, keep in mind that, in most cases, your visa will automatically be nullified if you stay outside the UAE for more than 180 days. There are a few exceptions to this rule, such as if you’re the foreign wife of an Emirati citizen.

Book a call with YouReg right now and get a free consultation about opening a business in UAE, Cyprus? or Hong Kong today!