All about the Business Golden Visa in the UAE
The UAE has become a welcoming home away from home for people of various nationalities who have helped contribute to the country’s growth and development. The Gold Visa system was introduced to provide long-term residency in the UAE to selected individuals who have invested in and played an essential role in the UAE’s economic progress. The government introduced the UAE Golden Visa for entrepreneurs to propel this growth forward and facilitate leadership and investment in the country. Here’s everything you need to know about the Business Golden Visa in the UAE.
WHAT IS THE BUSINESS GOLDEN VISA IN THE UAE?
The Business Golden Visa in the UAE is another category of long-term UAE residency visas issued under the Gold Card Visa system. The Golden Visa program offers long-term UAE residency to holders (entrepreneurs, investors and special talents) for up to 5 or 10 years instead of the standard two-year visa.
This Business Gold Visa, in particular, provides permanent residency to non-national entrepreneurs who wish to set up business operations in the country while living in and even outside the UAE. This permanent residency is contingent on the applicant’s continued adherence to the terms and conditions on every visa renewal cycle (5 years).
BUSINESS GOLDEN VISA IN THE UAE BENEFITS: HOW DOES THE GOLDEN INVESTOR VISA HELP?
Besides increasing the ease of setting up your business in the UAE, some key UAE Golden Visa benefits include:
- Long-term residency visa for their dependents (parents, children and spouses), subject to certain conditions
- An initial 6-month multiple-entry visa to expedite business establishment procedures
- The facility to nominate up to 3 senior business personnel for residency
- No restriction on staying outside the UAE to keep the validity of the Golden Residency.
- No requirement for an employer or sponsor to apply for this visa.
- A stay for family members in the UAE until their permit expires, in the event of death of visa holder.
UAE BUSINESS GOLDEN VISA ELIGIBILITY
Entrepreneurs from anywhere in the world can apply for the UAE Business Golden Visa scheme as long as they have set up their own business at least once in their professional careers.
To get a UAE Gold Business Visa, the eligible entrepreneur must:
- Authenticate their entrepreneurial experience
- Hold/have held the majority shares in a startup and/or a senior leadership position with a minimum value of AED 500,000
- Be ready to set up a business and relocate to UAE legally
- Have a business plan or ideas for their entrepreneurial venture in the UAE
- Own a company or be a partner in the UAE-based start-ups [small and medium enterprises (SME)] that can yield an annual revenue of up to AED 1 million
- Have obtained approval for their start-up idea from the Ministry of Economy, an official business incubator and other competent authorities to develop their business idea
- Is/has been a sole proprietor or one of the founding members of a previous project sold with a minimum value of AED 7 million
SPECIFIC CRITERIA FOR A 10-YEAR GOLDEN RESIDENCY VISA IN THE UAE
Use the UAE government eligibility tool to see if you match the 10-year Golden Residency Visa criteria. With this tool, you can evaluate your candidacy against the UAE Golden Visa requirements.
Generally, the people falling in the following categories are eligible for a Golden Visa:
- Investors (Public/Real Estate)
- Entrepreneurs
- Executive Directors
- Humanitarian Pioneers
- Exceptional talents in art, culture, sports, digital technology and other vital fields
- Holders of doctorate degrees
- Scientists as well as professionals in health, business administration, information technological, legal, cultural and social fields
- Engineers in the fields of computer engineering, electronics, programming, electricity and biotechnology
- Specialists in Priority Educational Fields, including Early Childhood
- Outstanding students and graduates
- Experts in the field of Big Data, Artificial Intelligence, Virology and Epidemiology
- Frontier workers who channelised extraordinary efforts during the COVID-19 pandemic
- Distinguished members, sponsors and volunteers of regional and international humanitarian organisations
Besides the above-mentioned UAE Golden Visa requirements, the candidate must also fulfil the Federal Authority for Identity and Citizenship’s requirements, including a health assessment and a thorough background check.
It is important to point out at this stage that you may be able to qualify for the Golden Residence Permit UAE, but that is not a guarantee of receiving one. Specialised committees have been assigned to evaluate your application, profile and attached documents.
HOW TO APPLY FOR THE GOLDEN VISA IN THE UAE
Wonder how to apply for a Golden Visa in the UAE? Here’s what you need to do:
- Visit the Federal Authority for Identity and Citizenship (ICA) website
- Click ”Golden Services” from the category section at the top
- Scroll down to generate a request for ”Visa- Golden Visa – Nomination Request For Golden Residence”
- Click ”Start Service”
- Complete your application, which requires the following information:
- Personal profile (name, visa category, nationality, gender, origin, date of birth and more)
- Passport details (passport type, number and expiry, etc.)
- Contact details (phone number, permanent address, country of residence, etc.)
- Professional and entrepreneurial experience
- Upload attachments
- Pay application fees
- Submit the application
Once the application is submitted, it can take up to 30 days to review your application for the Golden residence permit programme. If successful, a link will be emailed to you where you need to upload the documents required to complete your visa application. This could take another 30 days of scrutiny, but once it’s approved, you will get an email outlining the details on how to receive the UAE Business Visa.
If your nomination is not approved within 30 days, you can always apply again after a 90-day period has lapsed.
HOW TO FOLLOW UP ON THE GOLD BUSINESS VISA APPLICATION
To track your UAE Business Golden Visa nomination, use the following contact points:
- Applications for Dubai Residency: visa@area2071.ae
- Applications for Abu Dhabi Residency: goldenvisa@hub71.com
Once your initial application is approved and the visa is in process, you should contact the Federal Authority for Identity and Citizenship:
- ICA Email: contactus@ica.gov.ae
- ICA Contact: +971-2-495-5555
INSURANCE PACKAGES FOR GOLDEN VISA HOLDERS
Insurance packages were announced recently for Golden Visa holders:
- Annual premium of AED 2,393 for a coverage limit of up to AED 300,000.
- Enhanced Gold Package: Annual premium of AED 4,985 for coverage of AED 2.5M.
- Premier Package: Premium of AED 39,857 per year for a coverage limit of AED 20M.
ESSAD CARD
Golden Visa holders in Dubai will also be given Essad Cards. Members will enjoy exciting offers and discounts on various brands in UAE and 92 countries worldwide.
FAQS ABOUT UAE BUSINESS GOLDEN VISA REQUIREMENTS AND MORE
WHAT IS THE GOLDEN VISA IN THE UAE?
The long term UAE Golden Visa system offers foreigners 5 or 10-year long-term residency visas to live, work or study in the UAE.
CAN GOLDEN VISA HOLDERS STAY OUTSIDE THE UAE?
Yes, visa holders can remain outside the UAE for any amount of time without the status of their visas being nullified.
WHAT TO DO IF MY NOMINATION IS NOT APPROVED?
If your visa nomination is not approved, apply again after a 90-day period has lapsed.
The Business Golden Visa aims to attract independent entrepreneurs and business visionaries to strengthen and boost the local economy. Till the last week of July 2022, over 65,000 people had been awarded the Golden Visa.
The move will improve the UAE’s standing as a global incubator for innovation and talent. Besides the business visa for entrepreneurs in the UAE, one can also apply for the investor visa in Dubai to pursue their dreams as burgeoning investors in a growing economy.
Regardless of your visa, you must not stay in the UAE beyond its validity. If you already live in the UAE and wish to apply for a business visa, check your visa status online for the existing one before applying.
If you want to opt for UAE visa cancellation, make sure you know the process and fee. On the contrary, if you’re wondering, “how can I check my visa status in UAE” – you can access the service on the ICA Smart Services portal.
For more visa-related posts and updates, stay tuned to MyBayut.
Leave a Reply
Has the UAE reintroduced background checks / Good Conduct Certificates as a visa requirement? This requirement was suspended in April 2018.
Hi Matt,
Thanks for writing to us. Since its suspension in 2018, there have been no further announcements by the UAE government of reintroducing background checks / Good Conduct Certificates as visa requirement.
We hope you this helps. Let us know if we can be of any further assistance to you. Do stay tuned to MyBayut!
Thanks for coming back to me.
In this article, it states that a thorough background check is required by the Federal Authority for ID & Citizenship to obtain the new Golden Visa. Is this background check different to the Good Conduct certificate?
Hi Matt,
Hi Matt,
Thanks for writing to us. These requirements are only applicable on those who apply for the Business Gold Visa. You do not need it for visit or tourist visas to the UAE.
We hope you this helps. Let us know if we can be of any further assistance to you. Do stay tuned to MyBayut!