Friday 14 June 2019
ICA resumes the Communication Program with the Internal and External Investors to introduce the System
Vayalil: This initiative supports the investment in the state and increases its economic and social attractiveness
ICA honored Dr. Shamsheer Vayalil, the Managing Director of Burjeel Hospital, Founder and Managing Director of VBS Healthcare Group, and Dr. Ziad Amir Saleh, CEO of Al Ain Pharmaceutical Group, and handed them the Residency Golden Card. They applied to get it by virtue of the privileges stipulated in the Cabinet’s Resolution No. 56 for 2018, concerning the provision of residency facilities for investors, entrepreneurs, creative individuals, professional talents and their family members.
ICA said that the Residency Gold Card to Dr. Vayalil and Dr. Saleh was issued after they were contacted, in the context of ICA’s program aiming at introducing investors residing in the State to the benefits of the new facilities system approved by the Cabinet in the field of residency and foreign affairs. The program also aims at informing them of the significant and unprecedented benefits which provide them with broader prospects and more diversified options to manage and develop their investments efficiently and minimizing related procedures.
ICA added that the program of introducing the residency golden card will progressively include all the investors residing in UAE (almost 7.000 investors), who are eligible for it. It also includes the path of communication with investors and major businessmen outside the State for promoting these facilities. This path effectively contributes to enhance UAE attractiveness as a distinct investment environment and supports its economic and social competitiveness as well as enhancing its regional leadership and its advanced global position in providing the suitable climate and better environment for investors and capitalists who are primarily looking for the ease of procedures and freedom of movement and possible stability for them and for their families to serve their interests and enable them to achieve their aspirations and ambitions.
ICA explained that the benefits granted to the holders of the “Golden Residency” include residency without sponsor inside the State for its holder and his/her family members, i.e. spouse and children. It also guarantees the possibility of sponsoring no more than three domestic workers and obtaining a residency permit for its senior employees (advisor or executive director) with their family members.
On their parts, Dr. Vayalil and Dr. Saleh expressed their gratitude and appreciation to ICA for its initiative to communicate with them and introduce the golden residency system and provide them with the opportunity to benefit from the system. They described it as an excellent initiative because it supports the investment prospects in the state, increases their economic, social attractiveness and promotes family stability and provides psychological peace for investors and their families. This in turn promotes what distinguishes the UAE community, in terms of cultural diversity, tolerance and acceptance of others.
It worth noting that the “Golden Residency” targets expatriate investors and entrepreneurs in order to attract the capitals, investments and the owners of leading companies with global experience as well as competencies in all vital sectors of the national economy. It also aims at attracting researchers in the scientific fields and outstanding students, thus enabling them to participate in UAE renaissance and progress in the various fields.
The requirements to be fulfilled by each beneficiary category and the privileges provided to them include:
Investors divided into two categories:
– Investors in a property of a gross value of not less than AED 5 million. These investors are granted a five-year visa.
– Investors in public investments through a deposit, establishing a company or parenting in a company with an investment value not less than AED 10 million, or with a total investment of not less than AED 10 million in all areas mentioned, on condition that the investment in sectors other than real estate is not less than 60 per cent of the total investment. These investors are granted a ten-year renewable visa.
There are general controls for both categories. (1) The invested amount shall be 100 percentage ownership of the investor, and not be loaned, and investors shall provide documents supporting that. (2) Investors shall retain the investment for at least 3 years. (3) There shall be a financial solvency up to AED 10 million. The investors’ visa privileges can be extended to business partners, on the condition that each partner contributes AED 10 million, as well as the spouse and children. It can also be extended to one executive director and one advisor. The Resolution provides investors with a multiple entry permit for six-month period, which is the period of providing the visa requirements.
Entrepreneurs. They are divided into two categories:
This category includes those having a previously implemented successful project with a minimum capital of AED 500,000, or those who have the approval of an accredited business incubator in the State. Entrepreneurs are granted a five-year visa, with possible eligibility for obtaining the investors’ permanent visa in case of fulfilling the investors’ category conditions.
Entrepreneurs are allowed a multi-entry visa for six months, which is the period of providing the visa requirements, renewable for another six months.
Specialized talents and researchers in the fields of science and knowledge: They are granted a 10-year visa. They include doctors, specialists, scientists, inventors, as well as creative individuals in the fields of culture and art. The visa advantage extends to the spouse and children. All categories are required to have a valid employment contract in a specialized field of a priority in the UAE. The conditions for each category are:
Doctors and specialists shall meet at least two of the following conditions: (1) obtaining a Ph. D. degree from one of the top 500 universities in the world, (2) obtaining an award or certificates of appreciation in the field of the applicant’s work contribution to a major scientific research in the respective field of work published articles or scientific books in distinguished publications in the respective field of work. (3) having a membership in an organization related to the field of applicant’s work, provided preparing a distinguished work to accept membership. (4) obtaining a Ph. D. degree, in addition to 10-year professional experience in the field of specialization in areas of priority to the UAE. An additional condition for doctors and scientists: Doctors and scientists shall be accredited by Emirates Scientists Council or holders of the Mohammed Bin Rashid Medal for Scientific Excellence.
Creative individuals in the field of culture and art: They shall be accredited by the Ministry of Culture and Knowledge Development.
Inventors: They shall obtain a patent of added value, which adds to the UAE’s economy. Patents must be approved by Ministry of Economy.
Exceptional talents shall be documented by patents or a scientific research published in a world-class journal.
Executives shall be owners of a leading and internationally recognized company or holders of a high academic achievement and position, practical experience, including an engineer in a rare specialization with a university degree and works in a private company in UAE. This is to keep the current competencies and attract new ones.
Outstanding Students: A five-year visa is granted to the outstanding students with a minimum grade of 95 per cent in public and private secondary schools and university students within and outside the country having a distinction GPA of at least 3.75 upon graduation. These benefits extend to the outstanding students’ families.