An investor visa is issued to an individual who wills to invest in a new or an already established business entity in a foreign nation. Currently, the United Arab Emirates (UAE) can be termed as the most flexible nation to invest and set up a business in UAE. The Emirates has business ground ranging from technology, retail, oil, service etc. The main aim of the Emirates is to convert itself into a business nation. One of the key ingredients is that it embraces free trade zones that attract foreign investors to come forward and invest in different business entities and also provides a chance for budding entrepreneurs to establish their business.
One of the key components for foreign investors is an investment visa valid for 3 years. Imagine that you have set up your business, or your business as a partner or an investor in one of the UAE business entities. Huge investments have been made with an expected rate of return. After a specific period, you observe that the company fails to meet the any of your expectation ultimately affecting your business investment portfolio. Now, if you want to cancel the investor visa, you need to know the answer to certain essential questions.
What Are the Documents Required for Investor Visa Cancellation in UAE?
The documents required for the cancellation of investor visa in UAE include the following:
- Original Passport and Emirates ID
- Trade License Copy and Partner List (for LLC)
- Immigration Establishment Card copy
- Share sale agreement original attested by Notary Public
- License cancellation certificate by the Department of Economic Development (in case of company liquidation)
What Is the Process of Cancelling an Investor Visa in Dubai?
In order to cancel an investor visa in Dubai, the following steps are to be followed:
- Attach all the essentials mentioned above and submit it to the Immigration Counter with the original passport
- Original Emirates ID needs to be attached. If in case it is lost, you need to obtain an IDN certificate by submitting your original passport and it will be issued by the Emirates ID center free of charge
The visa will be canceled immediately.
What Is the Process of Dubai Residence Visa Cancellation for Investors?
Dubai residence visa for investors can be canceled by proceeding with the following process:
- Fill the cancel application form and pay the fee at the typing center
- Submit the printed application along with the essential documents
- Receive the cancellation by post or directly if you submit an urgent application
Now, let’s have a look at the essentials required for the cancellation process.
Documents Required to Cancel Residency Visa for Investors
- Residency visa cancellation form
- Residency visa cancellation application issued by the DED
- Trade License registered under the name of the new owner
- Contract sale or assignment or commercial license cancellation
- Investor card
- Termination of the service agent contract
The fee for canceling an investor visa in Dubai is AED 60. The grace period for the investor visa is 30 days from the date of visa expiry.
Investor Visa cancellation without Selling Shares
An investor visa can be cancelled without selling shares. To do so, he/she needs to abide by the following procedure:
- NOC needs to be submitted in Arabic, stating that the local sponsor has no objection for canceling the Partner Visa
- The local sponsor needs to be present at the Immigration Centre and sign the same in front of the officer, which then needs to be attached to the cancellation form
Investor Visa Cancellation if Investor is outside UAE (Less than 6 Months)
The following guidelines are to be followed if the investor is outside UAE for less than 6 months:
- The investor would need a Power of Attorney to authorize another partner to sell the shares on his behalf, proceed towards investor visa cancellation process at the Immigration Department to receive the investor deposit amount
- The Power of Attorney needs to be attached by the UAE Embassy in the Foreign Affairs of both the nations
- The Attorney can finally sign all the necessary essentials and complete the cancellation process
Investor Visa Cancellation if Investor is Outside the UAE (More than 6 Months)
The following guidelines are to be followed if the investor is outside UAE for more than six months:
- Fill an application effecting the visa cancellation
- Fill the visa cancellation form
- Submit these, along with any other requisite documents, at the Immigration
The visa should be canceled within 30 days from the expiry date.
- The applicant has the flexibility to stay for 29 days in UAE from the date of cancellation if the visa wasn’t canceled at the time of cancellation
- If the cancellation took place during the grace period, the remaining days will be allowed to stay without any fine
- If the visa holder overstays, Dh 25 will be charged for Residency Visa Overstay. It needs to be paid at the Immigration Centre or Airport
Thus, you have got an idea that the cancellation process involves many sub-processes called for mandatorily. To ease the process, one can have a word with visa consultant who has got in-depth knowledge about the cancellation process. Wondering whom to contact? Your visa guide is right here to help you.
Commitbiz | Your Visa Guide
Commitbiz is one of the top business consultants in UAE. Since its inception it has been dedicatedly performing and delivering its services to multiple clients across the globe, helping them to initiate and establish their business foundations. Our services range from the incorporation process, accounting, taxation, legal, and visa services. Our visa experts will help you in canceling your investor visa hassle-free. If you have any query or want to initiate your step towards canceling your investor visa, do contact us – we’d be happy to assist you or clear any doubts.