The Cabinet approved a Decree on the Long-term Visa Provisions for Investors, Entrepreneurs, and Talents

HE Ali Mohammed Al Shamsi, Chairman of the Board of Directors of “ICA” confirmed that the Cabinet Decree on the executive regulations and conditions for the integrated system of entry visas, which the Cabinet launched during last May aiming at attracting competencies and talents in all the vital sectors of the national economy, constitutes a comprehensive and clear mechanism for the implementation of the Decree and a roadmap that facilitates, for the concerned executive entities, authorities and “ICA”  itself, the ways of handling the Decree in a manner that ensures efficient implementation and adequate outcomes.

He said that the Cabinet, by issuing such Decree today, has saved time and effort for all the relevant authorities that will implement the Decree, by setting all the details and defining all the advantages granted to the beneficiaries of the system, as well as illustrating the consequent obligations and rights upon fulfilling the terms and conditions. This will enable the authorities to handle their requests easily, effortlessly, and readily; besides allowing them to undertake the execution of the approved time schedules, and providing its services to the persons involved according to the best quality and efficiency standards.

He added that the Decree contributes actively to the promotion of the competitive level of UAE and its economic and social attraction. It also maintains its regional lead and the globally advanced position in creating the adequate condition and the best environment for the investors and capital owners, who seek a secure resort for their investments and pursue the facilitation of procedures, and the right of residency and movement in favor of their interest and towards achieving their ambitions and aspirations.

He appraises the keenness of the wise leadership and the prudent government to make UAE as an open space for legal investments without constrains that impedes its dynamics or limits its growth potentials through providing a comprehensive developed system of legislations that protect rights and ensure transparency, and an incubator of innovative minds, competencies, and excellent talents in various fields. It comes eventually towards the support of the progressive march and contributes to maintaining the position of the UAE as a resort for daydreamers to provide all the good deeds for themselves and the whole of humanity.

He confirmed the absolute readiness of all the general directorates of residency and foreigners affairs in UAE to undertake the implementation of the Cabinet Decree in accordance with the approved regulations and conditions in a manner that facilitates the investors and entrepreneurs to run their business and spread their investments without slackening, and easies for the specialized talents, scientist, scholars, and outstanding students to settle in UAE, provide their innovations and experiences, and develop their talents and skills within an environment that maintains excellence, innovation, and appreciates objective efforts.

He said that the Decree is characterized by clear standards and approved conditions for each category included. It enables ICA to start developing executive plans and programs thereof immediately and easily, providing services for the included categories in accordance with the highest levels and inconsistency with the Decree provisions and objectives, and maintaining the UAE reputation and position as a destination for excellent people, and a beloved place for daydreamers to dedicate their success and excel.

He added that ICA keens to provide the highest levels of services to the beneficiaries of the Decree which grants them satisfaction and happiness, and encourage their peers to follow them, the matter which eventually supports the national economy and maintain social relations through attracting investments, minds, and competencies, and creating the adequate condition for their growth and prosperity, meanwhile maintaining the family community and environment, which support them and enhance their ability to achieve their goals. He confirmed that the ICA will be an effective partner and contributor in enhancing the UAE’s security and the economy at all times.

The Cabinet adopted a Decree on the approval of the provisions pertaining to long-term visas for the investor, entrepreneurs, specialized talents, researchers in scientific and knowledge fields, and outstanding students today; in a step towards easing the conduct of business activities, and creating an attractive environment for investors, businessmen, and talented people.

The Cabinet issued a Decree last May to grant the investors, specialized competencies at medical, scientific, researching, and technical fields, scientists and innovators of culture and art, and their family members, residency visas up to 10 years, aiming at attracting foreign investments, upgrading local production, and enhancing the business environment to become more efficient and attractive and rooting the UAE competitive ability worldwide.

The Cabinet’s Decree issued today included the terms and conditions for obtaining long-term visas for investors, entrepreneurs, specialized talents, scholars in science and knowledge fields, and outstanding students aiming at attracting competencies and talents in all the vital sectors of the national economy including the spouse and children to ensure an environment strongly tied on the family and social levels, as well as encouraging business and innovation in the meantime.

Investors:

The Decree defines two categories of investors inside/outside the State: Investors in property of the gross value of the real estate asset of AED 5 million minimally to be granted a 5-year residency visa, and investors in public investments through a deposit, an established company, business partnership of AED10 million or more, or a total investment of not less than AED10 million in all areas mentioned as long as non-real estate investments not less than 60 percent of the total investment will be granted a renewable residency visa every 10 years.

The Decree outlines general conditions for both categories; that is the amount invested shall be wholly owned by the investor and not loaned, and should be proven by supporting documents, investment retention for at least three years, a standard financial liability with financial solvency not exceeding AED10 million, the long-term visa could also be extended to include business partners, provided that each partner contributes AED10 million, the spouse and the children, as well as one executive director and one advisor, however, the Decree allows investors to enter the country for a six-month period, multiple entries, to apply for the long-term visa requirements.

Entrepreneurs:

The Decree further included the provisions of the facilitations granted to entrepreneurs that include two categories: having a previous project with a minimum of AED 500,000 or having the approval of an accredited business incubator in the country.

 Entrepreneurs will be granted a 5-year visa with a possibility for upgrading to an investor’s visa provided they meet the category requirements.

The benefits of the entrepreneurial visa include entrepreneurs, partners, three executive directors, spouses, and children. The entrepreneur is allowed entry into the country for six months, multi-entry visa period, with renewal for another six months.

Specialized Talents:

The Decree also includes provisions for granting a 10-year visa for specialized talents and researchers in the fields of science and knowledge for doctors, specialists, scientists, inventors. As well as creative individuals in the field of culture and art. The visa’s advantages include the spouse and the children.

All categories are required to have a valid employment contract in a specialized in fields of priority for the UAE, and the conditions for each category are defined as follows:

Doctors and specialists are required to meet at least 2 of the following conditions:

–        Holder of a Ph.D. degree from one of the top 500 universities in the world.

–        Holder of an award or certificates of appreciation for the work in the applicant’s jurisdiction

–        Contribution to major scientific research related to the work of the applicant

–        Published articles or scientific books in distinguished publications in the field of work of the applicant

–        Membership in an organization related to the work of the applicant, which requires excellent work to accept membership.

–        A Ph.D. degree in addition to 10-year professional experience in the applicant’s field of work.

–        Specialization in areas of priority to the UAE (additional requirement for the doctor): to be certified by Emirates Scientists Council or winners of Mohammed Bin Rashid Medal for scientific excellence.

Creative individuals in culture and art:

Accredited by the Ministry of Culture and Knowledge Development.

Inventors:

Obtain a patent of value-added to the UAE’s economy with the approval of the Ministry of Economy.

Exceptional Talents:

Those who have exceptional talents that are documented by patents or scientific research published in world-class journals.

Executives:

Owners of leading, well-known, and internationally recognized companies; holders of high academic achievement, professional experience, and position (Example, an engineer in a rare specialty with a university degree and working in a private company in the UAE) which aims at maintaining current competencies and attract new competencies.

Outstanding Students:

The Decree also includes provisions for granting a 5-year visa to outstanding students with a grade of at least 95 percent in public secondary schools in public and private schools, and a distinction of at least 3.75 GPA upon graduation from universities within and outside the country. Benefits include families of outstanding students.