DUBAI 2 May 2019: The Federal Authority for Identity and Citizenship announced the implementation of the cabinet’s decision to issue five-year residency visas for entrepreneurs as part of its aim of enhancing the ease of doing business in the country.
To be eligible for the visa, entrepreneurs should have a former business that is worth a minimum of Dh500,000 or has the approval of an accredited business incubator in the country. He should also have obtained insurance coverage for him and his family for the entire period of his residency.
The Federal Authority for Identity and Citizenship can also grant a five-year visa to three executive directors working for the entrepreneur, provided they commit to working exclusively for the entrepreneur during the period of the visa. Entrepreneurs will be allowed entry into the country on a six-month multi-entry visa as part of support provided to them to complete procedures to set up their business.
A number of collaboration agreements between the Federal Authority for Identity and Citizenship, the Business Incubator HUB71 in Abu Dhabi, and the Dubai Future Foundation, were signed to promote opportunities to attract entrepreneurs and creative professionals. The three entities will collaborate in the areas of training, sharing knowledge, enhancing ease of doing business and creating a conducive environment for investment and business.
The Federal Authority for Identity and Citizenship will be in charge of issuing the residency visas while HUB71 in Abu Dhabi and Dubai Future Foundation’s Area2071 in Dubai will nominate entrepreneurs for receiving the benefits of the initiative.
Dr. Mohammed Rashid Al Hamli, Secretary-General of the Abu Dhabi Executive Council, said that the UAE has become a destination of choice for professionals looking for exceptional opportunities. He said that he is committed to supporting close integration between various government entities and the private sector to promote pro-business government policies and development programmes. He further said the latest decision of the government will have a positive impact on the economy and cement its position as a global business hub.