ABU DHABI - The Federal Authority for Identity and Citizenship announced the issuance of five-year visas for entrepreneurs has entered into force.
The announcement was made during the agreement signing ceremony attended by H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, and H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
The authority signed an agreement with HUB71 in Abu Dhabi, and an agreement with Dubai Future Foundation, with aim to attract entrepreneurs and business professionals. The agreements also aim to enhance the cooperation between the three entities in the fields of training, exchange of experiences, and simplifying the procedures for initiating business in the UAE.
This collaboration comes within the framework of UAE Cabinet’s decision to grant long-term visas of entrepreneurs in line with UAE’s position as a business hub.
The Federal Authority for Identity and Citizenship will be the entity responsible for the issuance of visas, while HUB 71 in Abu Dhabi and the Dubai Future Foundation will nominate qualifying entrepreneurs.
Brigadier General Saeed Rakan Al-Rashdi, Director-General of the Foreign Affairs and Ports Department, said, "The agreements provides all the necessary incentives to reaffirm UAE’s position as the most attractive environment for businesses, which will create a growth environment for entrepreneurs." Dr. Mohamed Rashed Al Hameli, Chairman of the Abu Dhabi Executive Office, asserted that the UAE is a land of opportunities, adding, "We are keen on supporting joint initiatives with government and private entities to move forward in the right direction and attract entrepreneurs to ensure positioning the UAE on the global business map." The Cabinet’s decision, which was issued last year, outlines the terms to grant long-term visa to two categories of entrepreneurs; having a previous project with a minimum of AED500,000, or having the approval of an accredited business incubator in the country. Entrepreneurs will be granted a five-year visa with a possibility for upgrading to an investor’s visa provided they meet the requirements.
The benefits of the entrepreneurial visa include entrepreneurs, partners, three executive directors, spouse and children. The entrepreneur is allowed entry into the country for six months, multi-entry visa period, with renewal for another six months.
A number of officials attended the signing ceremony.
© Copyright Emirates News Agency (WAM) 2019.