If you are an entrepreneur looking to establish a business in the United Arab Emirates (UAE) and obtain a residence visa, here is a step-by-step guide on how to obtain a residence visa as an entrepreneur in the UAE:
1. Decide on the type of business entity you wish to establish, such as a mainland company or a free zone company. Consult with a business setup or company service provider to guide you through the process.
2. Obtain the necessary business licenses and approvals from the relevant authorities in the UAE.
3. Depending on the type of business and the location, you may need to fulfill minimum capital requirements.
4. Secure a physical office space that complies with the requirements of the regulatory authorities.
5. Prepare a comprehensive business plan that outlines your business objectives, market analysis, financial projections, and other relevant details.
6. Once your business is set up and operational, you can proceed with the visa application. Here are the general steps involved:
a. Health Check: Undergo a medical fitness test at an approved medical center in the UAE to obtain a health certificate.
b. Typing Center: Visit a registered typing center to fill out the visa application form and submit the required documents.
c. Required Documents:
– Completed visa application form
– Passport copies and passport-sized photographs
– Proof of business establishment and licenses
– Business plan
– Health certificate
– Proof of accommodation
– Bank statements or financial documents
d. Visa Fees: Pay the applicable visa fees as per the requirements of the relevant authorities.
e. Submission: Submit the visa application along with the required documents to the General Directorate of Residency and Foreigners Affairs (GDRFA) or the relevant visa processing center.
7. Once your visa application is approved, you will receive an entry permit or visa.
8. Upon arrival in the UAE, you need to apply for an Emirates ID card.
9. Obtain a valid medical insurance policy that meets the requirements of the UAE authorities. This is mandatory for visa issuance and renewal.
10. After completing the necessary medical tests and obtaining medical insurance, visit the GDRFA or the visa processing center to have your visa stamped on your passport.
How to Open a Bank Account in the UAE
Opening a bank account in the UAE is a straightforward process, but it requires compliance with certain requirements and procedures. If you are looking to open a bank account in the UAE, here is a step-by-step guide:
1. Research and choose a bank that suits your financial needs and preferences.
2. Prepare the necessary documents for the account opening process. The specific requirements may vary slightly from bank to bank, but generally, you will need the following:
- Valid passport with a residency visa (for expatriates)
- Emirates ID card (for UAE residents)
- Proof of residence address (utility bill, tenancy agreement, etc.)
- Salary certificate or employment contract (if applicable)
- Company documents (for business accounts)
- Personal identification documents of authorized signatories (for corporate accounts)
3. Bring all the required documents and any additional documents specified by the bank.
4. Fill out the bank’s application form, providing accurate personal or company details as requested.
5. Present your original passport, Emirates ID card, and any other identification documents requested by the bank.
6. Submit the completed application form along with the required documents to the bank representative.
- Deposit the initial amount required by the bank to open the account.
- Read and sign the account agreement provided by the bank.
- If applicable, the bank will issue a debit card and provide a cheque book for your account.
- Set up online and mobile banking services offered by the bank.
How CBD Can Assist
Navigating company formation in Dubai can be challenging, but CBD Corporate Services is here to simplify the process. From choosing the right company structure to handling legal requirements and ongoing compliance, we ensure your company’s successful incorporation in the UAE. Contact us through: enquiries@cbdcorporateservices.com or WhatsApp +971 56 218 4695 to discover how we can help you with company formation in Dubai.
