The UAE has started issuing five-year residency visas for entrepreneurs as part of efforts to enhance the ease of doing business in the country.
In order to be eligible, entrepreneurs should have a venture worth at least AED 500,000 and the approval of an accredited business incubator in the country.
The Federal Authority for Identity and Citizenship is in charge of processing the applications, while Dubai Future Foundation's Area2071 and the HUB71 in Abu Dhabi will nominate entrepreneurs for the initiative.
The five-year residency can also be granted to three executive directors working for the entrepreneur, provided they don’t work for anyone else during the period of the visa.
Last year, the UAE announced that it would grant five or 10-year visas to investors, entrepreneurs, and specialised talents in the medical, scientific, research and technical fields, as well as outstanding students.
The visa benefits also extend to their spouses and children.