HOW IS THE UAE GOLDEN VISA RESHAPING BUSINESS DYNAMICS IN THE UAE?

This article was updated on July 7th, 2023

This article has been researched and written by Nageen Abidi and the team at Creation Business Consultants and has not used AI in generating this article.

The UAE Government declared a 10-year resident visa, now known as the Golden Visa, in 2018.  With an emphasis on investors, entrepreneurs, and individuals with specialised talent, such as top students, medical professionals, medical researchers, doctors, lawyers, and artists, this visa offers residents long-term residency of either 5 or 10 years.

All highly skilled foreigners and investors who regularly support and contribute to the social and economic development and expansion of the UAE are protected as a main objective of the golden visa.

THE DIFFERENT CATEGORIES OF UAE GOLDEN VISA

CATEGORY I: Golden visa for professionals

VALIDITY: 10 years

REQUIREMENTS:

• For highly qualified personnel with academic credentials and job experience across all areas.
• Standard paperwork for visa applications.
• Candidates should be in possession of a current UAE work contract.

CATEGORY 2: Golden visa for exceptional talent

VALIDITY: 10 years

REQUIREMENTS:

• The consent of a national or regional government body (such as Dubai Culture and Arts Authority).
• It covers talented people in digital technology, sports, entertainment, the arts, and other important disciplines, as well as innovators and inventors.
• Required papers for visa applications.

CATEGORY 3: Golden visa for entrepreneurs and startup owners

VALIDITY: 10 years

REQUIREMENTS:

• Required papers for visa applications.
• Entrepreneurs must own or be partners in a company that is registered in the UAE and that generates yearly revenues of at least $272,250 (AED 1 million) in order to qualify for a visa.

CATEGORY 4: Golden visa for Spouse / Dependent Golden visa

VALIDITY: 10 years

REQUIREMENTS:

• Required papers for visa applications.
• Attested marriage and birth certificates.

CATEGORY 5: Golden visa real estate

VALIDITY: 5 years

REQUIREMENTS:

• Real estate investors who buy a home valued at least $544,500 (AED 2 million) are eligible for the Golden visa.
• Required papers for visa applications.
• The Certificate of Property Title Deed.

For foreign nationals seeking to settle in Dubai or the UAE, the Golden Visa offers great advantages if you meet certain prerequisites. Some of the key needs are stated below, including:

• No renewals while you reside, work, or study in the UAE for up to ten years.
• Since the visa allows for 100% ownership of firms on the mainland, company owners do not need to worry about getting a national sponsor.
• The simplicity of applying for family visas, a UAE driver’s license, and the freedom to apply for and accept employment with any employer.

FOUR BENEFITS OF  THE GOLDEN VISA FOR THE UAE ECONOMY:

1. Attract foreign investors:

The introduction of  the Golden Visa surely impacted positively to the country’s FDI and created an economy that is less dependent on oil and gas It also opened doors for new investors and entrepreneurs from overseas that lead to FDI growth.

2. Offer more business openings:

The visa change  attracted more business owners who were planning to restructure their companies in the UAE.

3. Allow the nurturing of talents:

The long-term visa improved career growth within businesses and lead them to invest more in training among their employees.

4. Provide improved security for employees:

The 10-year visa also encouraged greater staff retention rates.

A PHENOMENAL POSITIVE CHANGE

The visa amendments proved to be a game changer for business owners who are expats, especially for those who want to stay in the UAE for a longer time. This resulted in attracting more business, which in turn  was beneficial for the country. Additional entrepreneurs started exploring the option of establishing businesses in Dubai and in the other Emirates.

In addition to this, the UAE Golden visa will also generated more property sales which was good news for those in the real estate sector.

As businesses flourish in UAE, there will be a growing need for experienced consultants in establishing successful companies. We at Creation Business Consultants provide complete company formation and business setup services for multinational corporations, small to medium enterprises,  and entrepreneurs and that are looking to register their business in Abu Dhabi, Ajman, Fujairah, Sharjah, Dubai, Ras al-Khaimah Umm al-Qaiwain, and the wider-GCC.

Creation Business Consultants team have combined experience of more than 20 years in the industry, and with a team of highly-skilled and experienced executives, it would be our pleasure to support you with your UAE Long-Term Visa so that you too, can continue living life in the UAE. Feel free to contact our corporate structuring team for a complimentary, no-obligation call at +971 4 878 6240 or email [email protected] to find out more about our visa processing and corporate structuring services.

Sam Thomas,
Human Resources Manager