Legislation Details
- Full Title: Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents
- Law Type: Cabinet Resolution
- Law Number: [no number] of 2018
- Issued Date: 04 Dec 2018
- Effective Date: 03 Feb 2019
- Official Gazette: No. 643
- Sector: Labour, Residency and Professions
- Status: Active
- Number of Articles: 24
- Chapters/Parts: 0
- Amendments: 1
Summary
This Cabinet Resolution regulates the issuance of residence permits for three categories of foreigners in the UAE: investors, entrepreneurs, and specialized talents or researchers in various fields of science and knowledge. The resolution aims to attract and retain these categories of foreigners by providing them with long-term residence permits without the need for a local sponsor, as well as granting certain privileges and benefits. This legislation is significant for businesses and individuals seeking to establish or expand their presence in the UAE through investment, entrepreneurship, or specialized expertise. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018)
What is the scope and purpose of this law?
The scope of this Cabinet Resolution is to regulate the issuance of residence permits for three categories of foreigners in the UAE: investors, entrepreneurs, and specialized talents or researchers in various fields of science and knowledge. The purpose is to attract and retain these categories of foreigners by providing them with long-term residence permits without the need for a local sponsor, as well as granting certain privileges and benefits. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Art. 1-2)
What are the key definitions under this law?
The key definitions under this law are:
- State: The United Arab Emirates
- Authority: The Federal Authority for Identity and Citizenship
- Competent Entity: Any federal or local body in the State
- Foreigner: Any natural person who does not hold the nationality of the State
- Investor: A foreigner who spends his capital to realize profits and financial returns, in accordance with the controls mentioned herein
- Entrepreneur: A foreigner who owns an economic project of a technical or future nature, based on risk and innovation, in accordance with the controls mentioned herein
- The Specialized Talent: A foreigner who has excellence, skills, leadership or outstanding performance and talent in the fields of science and knowledge, in accordance with the controls mentioned herein
(Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Art. 1)
What are the main obligations and requirements?
The main obligations and requirements under this law are: 1. Investors must have a deposit of at least AED 10 million in an investment fund, establish a company with a capital of at least AED 10 million, or hold a share of at least AED 10 million in an existing or newly incorporated company. Investors in real estate projects must have a real estate project or projects worth at least AED 5 million. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Art. 4) 2. Entrepreneurs must have a previous and successful project of at least AED 500,000 in a field approved by the Committee, and obtain approval from a business incubator approved by the Authority. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Art. 6) 3. Specialized talents and researchers must meet specific criteria based on their field, such as holding an academic degree from a top 500 university, having awards or scientific publications, or being accredited by relevant authorities. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Art. 8)
What licensing, registration, or approval requirements exist?
The law requires the following approvals and registrations: 1. Investors must obtain approval from the Investor Committee formed by the Authority. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Art. 10) 2. Entrepreneurs must obtain approval from a business incubator approved by the Authority. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Art. 6) 3. Specialized talents and researchers must obtain approval from the Entrepreneurs and Specialized Talents Committee formed by the Authority. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Art. 10)
What rights and protections does this law provide?
This law provides the following rights and protections: 1. Investors, entrepreneurs, and specialized talents are granted long-term residence permits of up to 10 years, renewable, without the need for a local sponsor. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Art. 3, 6, 7) 2. Investors and entrepreneurs can obtain visas for domestic servants. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Art. 5, 6) 3. Specialized talents and researchers can obtain multi-entry permits to facilitate the completion of their registration procedures. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Art. 8)
Which authorities or bodies are responsible for enforcement?
The key authorities and bodies responsible for the enforcement of this law are: 1. The Federal Authority for Identity and Citizenship, which is responsible for granting residence permits and overseeing the implementation of the resolution. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Art. 1, 3, 6, 7, 10) 2. The Investor Committee, which is responsible for examining applications for investor residence permits. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Art. 10) 3. The Entrepreneurs and Specialized Talents Committee, which is responsible for examining and providing recommendations on applications for entrepreneur and specialized talent residence permits. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Art. 10)
What are the penalties for non-compliance?
The legislation does not specify any penalties for non-compliance with the provisions of this Cabinet Resolution.
What fees, charges, or financial provisions are specified?
The legislation does not specify any fees, charges, or financial provisions related to the residence permits covered by this Cabinet Resolution.
What exemptions or exceptions apply?
The legislation does not provide any exemptions or exceptions to the requirements and provisions of this Cabinet Resolution.
How are disputes resolved under this law?
The legislation does not specify any dispute resolution mechanisms under this Cabinet Resolution.
What are the key deadlines and time limits?
The key deadlines and time limits specified in this legislation are: 1. Investors must retain their investment for at least 3 years from the date of issuance of the residence permit. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Art. 4) 2. Residence permits for investors, entrepreneurs, and specialized talents are granted for renewable periods of 5 or 10 years. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Art. 3, 6, 7) 3. Investors, entrepreneurs, and specialized talents are granted a multi-entry permit for a period of 6 months to facilitate the completion of their project establishment procedures. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Art. 4, 6, 8)
How does this law interact with other UAE legislation?
This Cabinet Resolution is related to the following UAE legislation: 1. Federal Law No. (6) of 1973 Concerning the Entry and Residence of Foreigners, as Amended. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Art. 10) 2. Federal Decree-Law No. (2) of 2004 Establishing the Federal Authority for Identity and Citizenship, as Amended. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018, Preamble)
When did this law come into effect?
This Cabinet Resolution came into effect on 03 February 2019, as stated in the "Effective Date" section. (Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents, 2018)
Source Documents
This article analyses Cabinet Resolution Regulating the Residence Permits for Investors, Entrepreneurs and Specialized Talents for legal research and educational purposes. For the purpose of interpretation and application, reference must be made to the original Arabic text. In case of conflict, the Arabic text prevails. This does not constitute legal advice.