Dubai is considered the land of opportunities with wide scope for developing your business and life. The emirate of Dubai is the most popular tourist destination in the region. Dubai is one among the seven emirates of the United Arab Emirates (UAE) and is home to many global attractions, including the world's tallest building, the Burj Khalifa.
So, why is Dubai one of the top destinations when it comes to investors? Why should you consider Dubai when thinking of investing or starting a business? What are the investor visa Dubai benefits? This article is going to give you some deep insight into the prospect of the Dubai investor visa and everything related to it.
Why is Dubai considered the commercial hub of the region?
Dubai is an emirate with a flourishing economy and has the most favorable business conditions. It is, in fact, one of the fastest-growing economies in the world and has remarkable market-friendly government policies. Here are some of the reasons why Dubai is undeniably positioned as the top commercial, financial and business hub of the Arab region.
- Dubai is well known for the high quality of life for its residents and tourists. It has the most pronounced standard of living for expatriates and focuses largely on developing amenities for the wellbeing of its residents and investors.
- Dubai follows a no direct personal taxes/ income tax policy and only charges a low tax (VAT of 5%) on commercial goods and services.
- Dubai has excellent investment opportunities, be it investing in your own startup/ company or in investing towards financial instruments or real estate. This emirate is sure of a high return on investment too.
- The business-friendly policies being implemented in Dubai are the result of strategic and resourceful decisions taken by strong leadership. The government focuses on establishing rapid economic development and long-term growth.
- Dubai has a warm and temperate climate almost throughout the year. Moreover, it is a safe and secure city with strict rules and regulations in place.
- These are also some of the investor visa Dubai benefits.
What is the Dubai investor visa?
Citizens from all over the world have lately been showing interest in being a part of the booming economy and world-class business infrastructure of Dubai. In 2019, The UAE government implemented the new system for a long-term residence visa. According to this policy, foreigners or expatriates can live, work and study in the country with the rights of 100 percent ownership of their business. There is no need for a national sponsor, and the visas are issued either for five or ten years.
The Dubai investor visa is also known as the Dubai partner visa. Any foreign national who intends to start a business or invest in an existing business in Dubai can apply for Dubai visa. The investor can invest in either the Dubai mainland or in Dubai's various free zones.
This investor visa Dubai benefits also include the privilege to reside in Dubai and to sponsor their spouse, children, and parents to enter the UAE.
What are the types of Dubai investor visas?
If you are wondering how to get investor visa in Dubai, here is a list of categories that you need to look into. The Dubai investor visa can be procured under the following four categories:
- Investment in residential property
- Investment in a company
- Long term residence
Investment in residential property
Individuals who wish to invest in residential property that is worth AED 1 million or more with a maximum of 50% of the property value is under a mortgage can apply for this investor visa. The property must be that of residential nature and not commercial properties. This Dubai investor visa is normally issued for three years. However, you can also apply for a five-year or even ten-year investor visa if you have ownership of property worth at least AED 5 million or AED 10 million.
Basic three years Dubai investor visa requirements include:
- Property that is worth AED 1 million or more
- Residential property that is mortgage free and off-plan
- An active income of AED 10,000 per month
- One can not spend consecutive six months outside the country.
Investment in a company
Earlier, you had to have a partner of UAE nationality, basically the major shareholder, to start a business in the Dubai mainland. Or else, you had to have an agent who is responsible for liaising with the government departments. However, recent changes in the visa regulations enable foreign nationals to have complete ownership of the company in the Dubai mainland. This annuls the need to have an Emirati partner or an agent.
In short, This Dubai investor visa is granted to people who own shares worth AED 72,000 in an existing company or establishing a company with the same capital investment. The visa application process can vary depending on many variables, such as the free zone where the company is located and the nature of the business.
Long term residence
This is a recently introduced visa scheme where a 5- or 10-year residency investor visa is issued as per eligibility criteria and investment size of the applicant.
- The long-term residence visa of 10 years is applicable to investors with a minimum of 10 million dirhams. They can deposit in the country's investment fund or establish a company with a capital of at least 10 million dirhams in the UAE, or they can be a partner of an existing or new company with a share of not less than 10 million dirhams or having a total investment of 10 million dirhams in all the above mentioned.
- The 5-year visa is applicable to property investors with a gross value of not less than AED 5 million or entrepreneurs with a minimum capital of AED 500,000 in existing projects, subject to extra jurisdictions.
Long-term visas are only issued to people who meet an additional set of standards set by the General Directorate of Residency and Foreign Affairs - Dubai.
Any foreign national who is above the age of 55 years can continue to live in the emirate after retirement. However, there are some requirements for this 5-year visa. It is applicable only to individuals who fulfill one of the below mentioned financial criteria:
- Have an active monthly income of AED 20,000
- Have at least AED 1 million as cash savings or accumulated savings
- Have invested in a property worth at least AED 2 million with no mortgage.
- What are the Dubai investor visa requirements in terms of documents?
- When investing in a company or establishing a new one in mainland Dubai, you can apply for a Dubai investor visa. You will need the following documents:
- Copy of the passport
- Photograph with white background
- MOA (Memorandum of Association) showing the worth of shares or capital investment worth 72,000 dirhams
- Trade license
- Partnership contract (local sponsor and partner)
- Bank statement (last 3 months)
- Immigration establishment card
How to get investor visa in Dubai?
Foreign nationals or expatriates who wish to apply for a Dubai investor visa or convert their residence visa into an investor visa can apply at several Amer centers across Dubai.
You have to pay for the cost of a Dubai investor visa when applying at the Amer centers. Alternatively, you can also apply for Dubai visa online through the eDNRD portal (the E-government Directorate of Naturalisation and Residency Department).
The process and the costs incurred for each step is as follows:
- Applying for an Entry permit
For individuals living in the UAE, this process costs around AED 1035 to AED 1070. For individuals outside the UAE, an entry permit costs AED 365.
- Change of status
This step is valid only for individuals currently staying in the UAE, and it costs AED 580.
- Visa stamping
This step costs around AED 600 TO AED 800.
Extra charges will be incurred for medical testing and issuing the Emirates ID. Also, additional charges will account for the immigration establishment card.
How long does it take to get a Dubai investor visa?
This time includes the time taken to register the new business, getting the trade license, the visa application, and finally getting your Dubai investor visa stamped in the passport.
And it can be vary depending on your situation.