How to obtain residency visas for RAKEZ company owners?

The Ras Al Khaimah Economic Zone (RAKEZ) is a prominent free trade zone within the UAE that offers various benefits to companies, including the opportunity to obtain residency visas for company owners. This article aims to discuss the process of obtaining residency visas for RAKEZ company owners, highlighting the necessary requirements and steps involved.

I. Understanding RAKEZ Company Ownership:

Before diving into the process, it’s crucial to understand the key aspects of RAKEZ company ownership. In RAKEZ, there are two types of companies: Free Zone (FZ) Companies and Non-Free Zone (Non-FZ) Companies. FZ companies allow full ownership by foreign investors, while Non-FZ companies require local sponsors or Emirati partners. For the purpose of this article, we will focus on the process for obtaining residency visas for FZ company owners.

Investor Visa: Ideal for company owners who invest a minimum of AED 500,000 (around USD 136,000) in the share capital of a mainland company in the UAE. This visa allows you to sponsor your dependents (spouse and children) for residency.

Residence Visa for Entrepreneurs: Available for owners of businesses registered in RAKEZ free zones. The specific requirements may vary depending on the type of company license you hold, but generally involve minimum share capital investments or visa quotas. This visa also allows you to sponsor your dependents.

Innovation Visa: Designed for entrepreneurs in specific sectors deemed critical for the UAE’s economic development. This visa offers benefits like longer validity periods and simplified renewal processes. However, it requires meeting specific criteria set by the government, such as having a demonstrably innovative business idea.

Freelancer Visa: An option for freelancers and independent contractors who want to work in the UAE. It requires meeting specific income thresholds and having a valid freelance permit issued by the Department of Economic Development (DED).

II. Requirements for Obtaining Residency Visa:

To apply for a residency visa as a RAKEZ company owner, the following requirements must be fulfilled:

1.  Company Establishment: The first step is to establish a company in RAKEZ by registering it with the relevant authorities and obtaining a license.
2. Office Space: You must lease or own an office space within the RAKEZ free zone. This requirement ensures that the company has a physical presence within the designated area.
3. Investment Threshold: RAKEZ requires a minimum investment amount to issue residency visas. This threshold varies depending on the specific business activity and the number of visas requested.
4. Business Plan: A comprehensive business plan that outlines the company’s objectives, projected growth, and revenue forecasts is necessary to support the visa application.
5. Financial Requirements: A company bank account must be opened in either a UAE-based or an international bank. Sufficient funds must be maintained in the account to demonstrate the financial stability of the company.
6. Passport Validity: The passport of the company owner and any accompanying family members must have a validity of at least six months.
7. Medical Fitness: A medical fitness certificate is required for all applicants. This certificate can be obtained from an approved medical center after undergoing the necessary medical tests.

III. Steps Involved in Obtaining Residency Visas:

Once the requirements are in place, the following steps outline the process for obtaining residency visas for RAKEZ company owners:

1. Submitting the Application: The visa application, along with the necessary supporting documents, should be submitted to the RAKEZ authorities. The application should include a request for residency visas for company owners.
2. Initial Approval: RAKEZ will review the application and supporting documents. If everything is in order, they will issue an initial approval letter. This letter grants permission to continue with the visa application process.
3. Entry Permit and Status Change: Upon receiving the initial approval, the company owner can enter the UAE on a visit visa. Once in the country, an application for a status change and a residence permit can be made.
4. Medical Examination and Emirates ID: The company owner and all accompanying family members are required to undergo a medical examination at an approved center. Alongside this, the issuance of Emirates ID cards is also initiated during this stage.
5. Visa Stamping and Collection: Following the medical examination, the residence visa is stamped on the passport, and the Emirates ID cards are processed. The owner collects these documents from the appropriate authorities.
6. Visa Renewal: The residency visas are typically valid for a period of two to three years. However, it is important to monitor the visa expiration dates and ensure timely renewal to maintain legal status.

IV. Fees and Processing Time:

Residency visa fees vary depending on the visa type, chosen validity period, and any additional services availed. RAKEZ offers transparent fee structures, and their website provides estimated costs. Processing times can range from a few weeks to several months, depending on the complexity of your application and government approvals.

Additional Considerations:

• Health Insurance: Securing health insurance for yourself and sponsored dependents is mandatory for obtaining and renewing residency visas in the UAE.
• Bank Account: Opening a local bank account in the UAE can streamline financial transactions and may be required for certain visa applications.
• Professional Support: Consider seeking assistance from visa processing companies or legal professionals familiar with UAE immigration regulations to ensure a smooth application process.

Living and Working in the UAE:

Obtaining a residency visa unlocks a world of opportunities in the UAE. You’ll enjoy tax benefits, access to world-class healthcare and education systems, and the chance to live in a vibrant and multicultural environment. As a RAKEZ company owner, you’ll be part of a thriving business ecosystem with excellent infrastructure and support services.

Conclusion:

Obtaining residency visas for RAKEZ company owners involves a comprehensive process that requires careful planning and adherence to the outlined requirements. By establishing a company in RAKEZ and fulfilling the necessary criteria, successful applicants can enjoy the benefits of residency in the UAE. Keep in mind that the visa regulations and requirements may vary, and it is always advisable to consult with relevant authorities or legal professionals for accurate and up-to-date information regarding the specific circumstances. Need help regarding residence visa contact bizdaddy.