– Setting up a company and then giving the residence based on that – would be a little bit more flexible – and will be a little bit more faster – Hi guys, I’m visiting today Marsel – Hi Marsel. How are you? – Hi Denis. I’m fine. How are you? – I’m good as well. – Marsel is the person to whom I’m always referring my clients – when they are asking me questions related to the company setup in Dubai – and today, I will ask a few questions. – So you will be able to get a better understanding about this process. – Marsel, can you please say a few words about your company and what you do in Dubai? – Sure, Denis, as you may know, we are in the Corporate business. – We are helping people to set up businesses. – We’re processing the residence visas. – We are trying to help people find the right banking solutions – and everything that is related to business operations and administration. – Our company is Garant Business Consultancy. – We are in the local market since 2014. – Which means the last five years – and we’ve been watching the market changing different policies and procedures and we’re always up to date with the new regulations. – There is one common question that I keep on receiving from my clients and it’s related to the visas. Okay? – So some of them are planning to buy a property and get an investor visa – and there is always a solution to open a company -and get a visa as well and as usual, I recommend them this option – because they have more flexibility with visas and they will have as well a commercial bank account. – After that, I’m usually sending them your number – Can you please explain how does this process work and what are the fees related to this? – How long it takes to open a company as well, and what are the options in the market? – Sure, as you just mentioned, these are the most common ways to obtain the residence in the UAE – Which is being an investor in the property, – which is worth more than AED 1million or $350 000. – And another way of gaining a residence visa is to set up a company – and being a shareholder of this company obtain the residence visa. – If we’re talking about these two different options, of course – setting up the company and then giving the residence based on that would be a little bit more flexible. – and will be a little bit more faster. – If we’re talking about the budget – we can say it may start from $11 000 – all-inclusive but you’ll be required to renew this company on a yearly basis – and the renewal fees would be around $6 000. – Okay – So that’s the general concept of having the company and residence visa under that company. – If we’re discussing the case of the property visa, yes, it’s a little bit more complicated – and the fees would be slightly different as well. – The property should be as just mentioned. – It should be worth more than AED 1 million – In that case, the timeframe of processing visa will take around one month – and the cost of that is roughly $7500 – and the visa is granted for two years. – One of the reasons why I’m suggesting to my clients to open a company and get the visa – rather than obtaining an investor visa is because they will have a commercial bank account – and when you have a company you can as well open a visit to the third parties – because when you have an investor visa – you can open it only for your kids, for your wife, and for your parents. – You even can’t open it for your brothers and sisters. – So you said it will cost around $11 000 to open and $7 000 for the renewal. – That’s correct. – So let’s say I paid $11 000. – Is it included the entire package for visas or … – let’s say I want to open a visa for my wife as well. How much do I need to pay extra for this? – Yeah. Thank you for this question. – Well, the budget of $11 000 includes only the company license, – processing of one residence visa of the shareholder and opening a bank account for the company. – Now if we want to extend the visa to the family members such as wife and children. – Those are the only close relatives that may obtain the visa being you as a sponsor. – Of course, this will require some additional budget – and I would say it would be roughly $2200 per person. – Ok and every year I will have to pay this again, right? – No, actually every day you will have to pay the renewal fees for the company license. – Every year because this is only for 12 months. – Every 12 months it should be extended. – And visa is granted for three years. – So the visa renewal should be done after three years from the initial date of stamping. – I see, ok. And let’s say if I will apply today and I will provide the payment – how soon can I get my license and my visa? – Well, technically speaking company incorporation takes only 3-4 working days. – It’s quite a quick process, – but the residence visa processing time frame is about 2 weeks. – I can say in general terms. – So basically in 3 weeks, we can say everything can be ready? – What are some common mistakes that you see that people are making – when they are opening the companies to get the visa? – Can you point some? – Well, yeah, I think the most common mistake they do – is probably they are not planning which jurisdiction they need to choose correctly. – As we may know there are more than 50 different jurisdictions across the UAE – and all of them have different price structures, different policies, and procedures. – Let’s say if we are going for the most budget jurisdiction. – It will be one of those in the Northern Emirates – and if let’s say a client wants to come and live in Dubai for instance, – and he wants to go for the driving school in order to receive the driving license and everything. – But having a residence visa from the Northern Emirates it automatically makes him compulsory to go – and take the driving classes in that particular Emirate while he is living in Dubai. – So this is I think one of the most common issues – that you need to look into and plan well. – I see and is there a big difference in price between opening a company in the Northern Emirates like Ras Al Khaimah I assume – Fujairah, Ajman so this is all the northern part. – Yeah, I got the question. – The budget will be significantly higher if we’re talking about Dubai options. – For instance, DMCC Free Zone is budgeted as much as $22 000 for a common company set up and one residence visa. – And the renewal costs will be approximately half of this amount. – So if we compare the Northern Emirate option to the Dubai option, it’s just double. – So do you usually suggest your clients to go for the cheaper option which is like the Northern Emirates? – Am I right? Or there is a reason for people who just need a visa to pay more and get it in Dubai? – I got the point that you will need to go to driving school here as well. – But does this difference justify it or not? – Well, it depends. We, of course, assess the goals and objectives of the client. – If let’s say it’s just only about the driving license – we can compromise on the option of being registered in the Northern Emirates. – Because it’s just only a temporary requirement for you to go through the classes and everything. – Because ultimately it’s a long-term goal for 3-4 maybe more years. – If a company needs real operations along with the purpose of serving the residence visas, – of course, we always suggest Dubai options because this is more sustainable – and from the perspective of bank accounts, it will be more secure – Because the Northern Emirates are risking not having the bank account at all. – Understood. And is it possible to have a visa but not to have a bank account? – Yes, it is possible. – Okay, Marsel, thank you so much for clarifying few points related to the visa. – And guys we will make one more video about registering the property under the company’s name. – So you can find it later on this channel or maybe it’s already uploaded. – Thank you Marsel. – Thank you Denis.