The United Arab Emirates (UAE), renowned for its towering skyscrapers, luxurious lifestyle, and world-class infrastructure, attracts millions of visitors annually on a UAE tourist visa. Yet, for many entrepreneurs, the UAE's appeal goes beyond its attractions. The nation’s rapidly growing economy and business-friendly environment present a unique opportunity to transform from a tourist to an entrepreneur by securing a Golden Visa or entrepreneur visa. Understanding the visa types and eligibility criteria for a Golden Visa or start-up visa is crucial for those looking to set up a business in the UAE. The application process of the Golden Visa for entrepreneurs is streamlined, allowing eligible individuals to capitalize on the myriad opportunities the UAE offers.
Moving to another country to set up a business is a significant decision, one that comes with its own set of challenges and uncertainties. Transforming from a tourist to an entrepreneur in the UAE is a significant decision, demanding careful planning and understanding of the local market, regulations and business environment. The UAE’s dynamic economy and supportive business ecosystem offer various visa types for entrepreneurs, including the start-up visa. Start with a visit visa to explore business opportunities and understand the market. For those looking to set up a business, the Golden Visa or entrepreneur visa provides a clear pathway, including detailed eligibility criteria and a streamlined application process. This visa supports your transition from a visitor to an entrepreneur, ensuring you can effectively set up your business in the UAE. The visit visa to explore investment opportunities enables easy entry of foreigners without requiring a sponsor or a host. One can apply for a single-entry visa with a validity of either 60, 90 or 120 days.
To apply for the visit visa to explore investment opportunities, the foreigner must be: • financially solvent, talent or a holder of a high qualification • a professional in the prospective business in his/her home country • fulfil the prescribed financial guarantee
• A coloured photo • A copy of the applicant’s passport • Qualification certificate (attested)
If the UAE proves to be the ideal location for you to establish your business, you can then apply for a Golden Visa or an entrepreneur visa. The UAE provides two categories of visas for entrepreneurs: the start-up visa and the Golden Visa. These visas enable individuals to work or establish business units within the emirates while also offering residency status. A key advantage of these visas is that they allow residence in any of the seven Emirates of the UAE. Understanding the eligibility criteria and the application process for an entrepreneur visa is essential for successfully setting up a business in the UAE.
The Green Visa is available for investors, business partners, skilled employees, freelancers and the self-employed. Freelancers and the self-employed must demonstrate an existing annual income or sufficient financial reserves to cover their stay. This visa allows for a five-year residency in the UAE, providing an ideal pathway for those looking to transform their status from a tourist to an entrepreneur in the UAE.
Proof of capital investment amounting to AED 1m (if the investor or partner holds multiple licenses, the total invested capital will be calculated) Bank statements from the past six months for both personal and corporate accounts
The second category is a Golden Visa, designed to attract foreign talent looking to set up businesses and reside in the UAE. This visa is valid for ten years.
● A six-month entry visa, allowing for multiple entries and the opportunity to secure residency ● A Golden Visa, typically valid for five or ten years ● No requirement for a sponsor ● Sponsorship for an unlimited number of domestic helpers ● The ability to reside outside the UAE for more than six months while retaining the residence visa ● The provision for family members to remain in the UAE until the end of their permits, even if the primary holder's visa expires
● AED 2m share capital ● AED 2m deposit in investment funds ● Annual tax payment of AED 250,000
● Applicant’s passport with a validity of at least 6 months ● A recent passport-size colour photograph with a white background ● A copy of health insurance issued by an approved health insurance provider or obtain health insurance through RAKEZ for a better rate when submitting the request ● If the applicant is from Iraq, Iran, Afghanistan or Pakistan, a copy of the applicant’s home country national identity card is required
● Proof of deposit in investment funds (a letter from the bank addressed to the Federal Authority for Identity, Citizenship, Customs and Port Security confirming the deposit value) ● Proof of capital investment of AED 2m, along with the past six months’ bank statements for both personal and corporate accounts ● Proof of tax payment (a letter from the Federal Tax Authority addressed to the ICP confirming the total tax payment)
Ras Al Khaimah Economic Zone (RAKEZ) is poised to support startups and small and medium-sized enterprises (SMEs) in transforming from tourists to entrepreneurs in the UAE. Strategically located in the emirate of Ras Al Khaimah, RAKEZ is known for its cost-effective solutions, offering a range of services including licensing, leasing, renting and visa services. RAKEZ also guides entrepreneurs through the eligibility criteria and application process for an entrepreneur visa or start-up visa, facilitating seamless business set-up in the UAE. If you are considering starting your business in the UAE, get in touch with the expert consultants at RAKEZ. Contact: Phone: +971 7 2041111 Email: info@rakez.com
Don't forget to share this article!