The UAE has introduced a new visa to attract talented start-ups from outside of the country. This measure could potentially boost the economy, creating more jobs and contribute towards faster recovery from the financial crisis.
The new visa system, EntrePass, will encourage start-ups to set their business in Dubai and exchange knowledge as well as intellectual rights with the UAE.
The visa application process will be fast and entrepreneurs will also be guided by professionals at Mohammed bin Rashid Establishment (MBRE) in terms of setting up a new business in the UAE.
In some cases entrepreneurs will also be able to receive financial help from the UAE’s venture capital fund.
Alexandar Williams, the director of strategy and policy division at MBRE, said that the new visa is an attempt to make Dubai the “centre for innovative SMEs”. MBRE also stated that Dubai will be open for entrepreneurs as a “test bed” for their innovative ideas.
The scheme will be launched in the fourth quarter as a “pilot programme” before becoming available to everyone.
Singapore has a similar programme and it serves as a substitute for a business visa.Andrew Reid, Staff Writer, Gulf Jobs Market News