The Federal Authority for Identity and Citizenship has announced the implementation of the UAE Cabinet’s decision to issue five-year residency visas for entrepreneurs, Arabian Business reports.
The move is part of the UAE’s aim to enhance the ease of doing business in the country.
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 Area 2071 in Dubai will nominate entrepreneurs for receiving the benefits of the initiative, a statement said.
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 added the latest decision of the government will have a positive impact on the economy and cement its position as a global business hub.
As per the agreement, the Federal Authority for Identity and Citizenship and HUB71 will develop strategies and plans to attract entrepreneurs to Abu Dhabi.
Khalfan Juma Belhoul, CEO of Dubai Future Foundation (DFF), said: “Entrepreneurs and their families will be provided with a five-year renewable residency visa. This will be a personal visa, which will help ensure the independence of the entrepreneur and promote a pro-business environment.”
To be eligible for the visa, entrepreneurs should have a former business that is worth a minimum of AED500,000 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.