Entrepreneurs and innovators who are looking to obtain a long-term residency in the UAE can now apply online for the Golden Visa, it has been announced.
The new portal, https://business.goldenvisa.ae/, states that interested individuals can now submit their applications for a business visa, which is part of the UAE’s Golden Visa programme “for permanent residents and foreigners to establish a home in the United Arab Emirates.”
The UAE government announced earlier this year the launch of a permanent residency scheme to boost foreign investments. So far, at least 2,500 scientists, investors, doctors, researchers and innovators have availed themselves of the Golden Visa scheme.
The launch of the portal is a welcome development for the private sector or expatriate community, as it is seen to make it more convenient for entrepreneurs and innovators to secure permanent residency in the UAE.
“[This is a great initiative by the UAE government,” said one UAE businessman on Twitter.
Ali Mohammed Al Shamsi, chairman of the Federal Authority for Identity and Citizenship, had earlier confirmed the launch of the portal
“[It] is the starting point for more benefits and unprecedented features that will enable business owners to have wider prospects and broader options to run and develop their investments most efficiently,” he was quoted as saying.
Those who think they are eligible for the programme are advised to first obtain a nomination through the portal. Once the nomination is approved, they will then be able to upload their documents online and these will be verified by the Federal Authority for Identity and Citizenship (FAIC).
To be eligible, applicants must be able to prove that they have a business experience, have been a majority shareholder of a start-up and have a business idea or business plan.
Applicants, however, are advised that aside from meeting the criteria, they will have to go through a background check and health assessment and fulfil the requirements of the FAIC.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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© ZAWYA 2019