15 Dec Getting a UAE Business Residence Visa
This article highlights how you can get a UAE business residence visa and its key benefits.
The United Arab Emirates is forecast to add four thousand new millionaires this year, more than any other country. Dubai is in a unique position of growth as a business hub, with many rivals struggling. Hong Kong has grown less attractive due to a range of recent factors. For the moment, London has lost some of its luster since Brexit. New York has a tough-to-navigate immigration system for residency. Dubai is the last significant business hub where any entrepreneur can quickly get residency and do business with anyone else from across the world.
When companies think of establishing a presence in the middle east or GCC, Dubai or Abu Dhabi is always at the top of the list. Banks like Bank of America and Goldman Sachs have moved employees from Russia to Dubai in the past year. Commodity firms of all sizes are considering a move from Switzerland to the UAE.
UAE’s currency, the dirham, is pegged to the US dollar and has not changed in value since 1997. UAE public debt is only thirty-two percent of the GDP. The local banking system is world-class and well-capitalized. Of course, it helps that the income-tax rate is zero percent. The infrastructure, quality of life, and year-round sunshine make it an attractive destination to live and thrive.
Benefits of a UAE Residence Visa
There are many benefits of obtaining a business residence visa in the UAE. These include:
- Business owners can sponsor residence visas for their direct family members, such as their spouse, children, and parents.
- Residency visas range from two to five years and can be renewed perpetually if conditions are met. UAE has one of the most liberal residency regimes of any major business hub, with very few restrictions based on the applicant’s nationality.
- State-of-the-art business offices at a range of price points.
- No income tax, low corporate tax, and low VAT.
- A UAE Tax Residency Certificate allows residents to benefit from the Double Taxation Agreements that the UAE has with 130+ countries.
- Access to a range of local, regional, and international banks. You can repatriate funds to your home country without any restrictions.
- A strong economy and a stable political climate with very low crime.
How to get a UAE Residence Visa?
Getting a UAE business residence visa is relatively straightforward. The first step is to set up a company. The company can be either a free zone or a local company via the local Department of Economic Development (DED). Depending on the jurisdiction, the incorporation process can take as little as one day or a few weeks.
After the company is incorporated, you can apply for a UAE business residence visa via the free zone or the local immigration department, depending on your business license. You will need a medical examination and submit your biometrics to get an Emirates ID. The ID will serve as your residency permit.
Once you’ve obtained your business residence visa, you can apply for your dependents and any domestic staff you may want to hire. Please note that there are minimum income requirements to sponsor dependents and domestic staff.
To keep your UAE residency, you cannot be away from the country for more than 180 days. You will also have to keep your business license valid. Failure to renew your business license can lead to fines and cancellation of your visa.
To renew your residency visa, you can either renew online or visit a local typing center, this largely depends on the business license type that you have.
Let our UAE Residence Visa experts help you
We have processed thousands of UAE residence visas from expats from across the world. Our experts stay on top of the latest changes in rules and regulations, which helps us give the best advice to our clients. For assistance in obtaining a UAE business residence visa, get in touch with our consultants today!
TIP: Use our Cost Calculator to get an estimate of how much business setup in Dubai will cost you.
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