These are the requirements for investors to obtain UAE Green Residency for a period of 5 years

Emadeddin Khalil, Staff Reporter

The UAE’s Green visa is a kind of residency visa, that lets its holder sponsor himself/herself for five years, doing away with the want for an Emirati or UAE employer to sponsor the concerned person’s visa.

Who can apply for a Green visa?

Freelancers, self-employed and skilled employees can apply for a Green visa.

How investors can apply?

This residence permit is introduced to encourage investment, providing 5-year residency for investors establishing or participating in commercial activities.

It replaces the previous residence that was valid for 2 years only. Requirements include approval of the investment and proof of investment. If the investor (partner) has more than one licence, the total invested capital will be calculated. Approval of the competent local authorities is mandatory.

The Federal Authority for Identity, Nationality, Customs and Ports Security said that to grant a green residence to a foreign investor for a period of five years, the following must be met:

* That the foreign investee company (whether an owner or a partner) take one of the legal forms mentioned in the Commercial Companies Law according to the following:

-A public shareholding company

-A private joint stock company

-A limited liability company

-Simple recommendation company

A partnership company, and in all cases, individual institutions are outside the scope of application of these requirements

* The investor's contribution to the company should not be less than Dhs1 million in paid cash or its equivalent in foreign currencies, whether at the time of the company's incorporation or when contributing to an existing company.

* If the investor's share in the company's capital is in-kind, or if it is tangible or intangible assets, the Ministry of Economy evaluates those shares.

* For the continuation and renewal of the green residency for the foreign investor, he must remain in compliance with the conditions, and he must notify the issuing authority in the event that only one or more of these conditions are fulfilled.

* The competent public administration may issue to a foreign investor who does not fulfill one or more of the conditions mentioned, residence for a period of two years outside the scope of the green residence, after coordination with the competent local authorities in accordance with the controls issued by a decision of the Director General of the Federal Authority for Identity, Nationality, Customs and Ports Security.