Introduction to the Different Residence Forms for Entrepreneurs in Dubai
Dubai, a global economic hub, has quickly become a popular destination for entrepreneurs who want to set up their businesses there and enjoy the advantages such as the strategically important location, the excellent infrastructure, and the business-friendly environment. A key factor for starting a business in Dubai is the residency permit, which allows the entrepreneur to live and work in the emirate. In this easy-to-understand guide, we explain the different types of residence permits for entrepreneurs and provide you with essential information to help you make the right decision.
Overview of the Different Types of Residence Permits
There are Three Main Types of Dubai Entrepreneur Residence Permit:
a. Employee Visa: This type of residence permit is issued to people who have obtained employment through a Dubai-based company. The employer is the sponsor of this residence permit.
b. Investor Visa: This residence permit is specially designed for entrepreneurs who wish to invest in new or existing businesses in Dubai. In this case, the entrepreneur is the sponsor of the residence permit.
c . Partner Visa: This visa is for people who are partners in a Dubai-based company. The company acts as a visa sponsor here.
Dubai Residence Permit Benefits
Some of the advantages of getting a residency permit in Dubai are:
1. The opportunity to live and work in Dubai
2. Access to world-class healthcare services
3. Possibility of opening a bank account and get a loan
4. Possibility of owning property in designated areas
Employee Visa for Entrepreneurs
a. Requirements:
- A valid job offer from a Dubai-registered company
- An employment contract confirmed by the Ministry of Human Resources and Emirates (MOHRE).
- A passport with at least six months of validity
- A medical health check
b. Process:
- Receive a job offer and sign an employment contract.
- The employer applies for an entry permit.
- Arrive in Dubai for medical health check.
- Employer applies for a residence permit.
Investor Visas for Entrepreneurs
a. Requirements:
- Minimum investment of AED 70000 in a new or existing business in Dubai
- Participation in a Dubai-registered company
- A valid corporate license for the company
- A passport with at least six months of validity
- A medical health check
b. Process:
1. Registration of your company and issuance of the company license
2. Opening a bank account and depositing the necessary investment amount
3. Apply for an entry visa and enter Dubai.
4. A medical health check
5. Applying for an investor visa at the General Directorate of Residency and Foreigners Affairs (GDRFA)
Partner Visa for Entrepreneurs
a. Requirements:
- Participation in a Dubai-registered company
- Valid corporate license for the company
- A valid passport with at least six months of validity
- Medical health check
b. Process:
1. Registration of the company and issuance of the company license
2. Apply for an entry visa and enter Dubai
3. Medical health check
4. Application for the partner visa at the GDXRF
Golden Visa: The Best Residence Permit
a. Requirements:
- Entrepreneur with a successful business history
- Individuals who have invested at least AED 5 million in real estate
- Executives in senior positions in prestigious companies
b. Advantages:
- Renewable 10-year visa
- The possibility of sponsoring family members for a residence permit
- There is no need for an Emirati sponsor.
Freelancer Visa: A Flexible Residence Permit for Sole Traders
a. Requirements:
- Media, technology, or education professionals
- Proof of sufficient experience and qualifications
- Clean driving record
b. Process:
1. Application for a freelancer license at a relevant Free zone authority
2. Application for a NOC from the current sponsor (if possible)
3. Application for entry permit and entry into Dubai
4. Medical examination
5. Application for a freelancer visa through the GDRFA
Residence Permit in Free zones in Dubai
a. Advantages:
- 100% Ownership
- Tax Exemption
- Simplified Registration and Approval Process
b. Well-known Free zones for Entrepreneurs
- Dubai Multi Commodities Center (DMCC)
- IFZA Free zone
- Dubai Media City
- Dubai Internet City
Long-term Residency Opportunities for Entrepreneurs
a. 5-year Visa
- For entrepreneurs who have incorporated a company in Dubai with a minimum annual turnover of AED 500,000.
b. 10-year Visa
- For entrepreneurs who have incorporated a company in Dubai with a minimum annual turnover of AED 10 million.
Residence Permit Extension Process
1. Make sure your company license and other documentation are current.
2. Medical examination
3. Application for visa extension at GDXRFA
Cost of a Residence Permit in Dubai
The cost of a residence permit in Dubai depends on the type of visa, length, and additional services required. Fees vary from 3,000 AED to 15,000 or more.
Challenges for Entrepreneurs When Applying for a Residence Permit
1. Fulfillment of the requirements
2. Carrying out the application process for the residence permit
3. Ensuring that the company meets the necessary criteria for the renewal of the residence permit.
Advice for a Successful Visa Application
1. Make sure your records are accurate and up-to-date
2. Get professional help with the application process.
3. Keep track of residence permit expiration and renewal dates.
Conclusion
The Free zones in Dubai offer a range of advantages and benefits for companies interested in doing business in the UAE.
showcase. By understanding the different Free zones, their facilities, and the associated costs, entrepreneurs can make the right decisions and get the most benefit from the competitive environment in Dubai. With the right planning and execution, starting a business in a free zone in Dubai can have tremendous potential for growth and success.
Frequently Asked Questions
1. What types of Residency Permits are there for Entrepreneurs in Dubai?
For entrepreneurs in Dubai, there is the partner visa, the investor visa and the entrepreneur visa. Every residence permit has its own specific requirements and conditions.
2. Does an Investor Visa for Dubai Entrepreneurs only Require a Minimum Investment of AED 70,000?
No, this investment is only one of the requirements for an investor visa. Other requirements are a valid passport, a medical examination, health insurance, and more. Specific requirements may vary depending on the type of business, location, and personal circumstances.
3. Are the Requirements for a Partner Visa Comparable to those for an Investor Visa in Dubai?
The requirements for a Partner Visa and an Entrepreneur Investor Visa in Dubai are similar except for the minimum investment of AED 70,000 in a new or existing business in Dubai for the Investor Visa. It is imperative to work with a local company incorporation expert to ensure that the requirements for an appropriate visa are met.
4 . How Long is the Processing Process for the Dubai Entrepreneur Residence Permit?
The processing time for an entrepreneurial residence permit in Dubai depends on the type of visa, the special requirements, and the efficiency of the authorities involved. Normally, the process to get a residence permit for entrepreneurs can take anywhere from a few days to a few weeks.
5. Can I bring my family to Dubai if I have a Business Residence Permit?
Yes, once they have received their Entrepreneur Residence Permit, they can apply for Spouse Residence Permits, Parents Permits, and in some cases, Parents or In-Laws Permits. Certain rules and requirements apply here, so it is necessary to go through the process with experienced local authorities or a company formation consultancy to ensure that all necessary criteria are met.
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