The United Arab Emirates (UAE) stands out as the most investor-friendly country among all the global investment destinations. For investors in Dubai, one of the key components of a successful business journey is the investor visa. The visa, which is typically valid for three years, is issued to individuals who plan to invest in new ventures or want to expand in a foreign country.
Securing the investor visa opens the door to numerous opportunities. However, there might be situations where you need to initiate investor visa cancellation in Dubai.
Why Consider Investor Visa Cancellation in Dubai?
When investing significantly in a company, either as a partner or a shareholder, or planning business incorporation in Dubai, you definitely expect to yield specific returns. However, if after a certain period of time, due to certain circumstances the venture is not meeting the expectations, it impacts the overall investment portfolio. In such a scenario, investor visa cancellation in Dubai is a feasible option.
Additionally, there may be other reasons for cancellation of investor visa. It could include relocating to another country, liquidating business, or restructuring investments. Regardless of the reason, investors must know the correct process of visa cancellation in Dubai to avoid fines or delays.
What is the Process of Investor Visa Cancellation in Dubai?
The process of visa cancellation in Dubai is systematic and requires strict adherence to the immigration guidelines. To cancel an investor visa in Dubai, the following steps are to be followed:
Step 1: Arrange Required Documents
To initiate investor visa cancellation in Dubai, the first step is to arrange all the necessary documents. Proper paperwork ensures that the process is smooth and free of errors and administrative issues. Let us see the two scenarios of visa cancellation and the documents required for it:
Documents Required for Visa Cancellation in Dubai (Investor Visa)
The documents required for the cancellation of an investor visa includes the following:
- Original passport and Emirates ID
- Copy of trade license and partner list (for a Limited Liability Company in Dubai)
- Copy of Immigration Establishment Card
- Original share sale agreement attested by Notary Public
- License cancellation certificate by the Dubai Department of Economic Development (DED), in case of company liquidation
Documents Required for Dubai Residence Visa Cancellation
The documents required for Dubai residence visa cancellation are as follows:
- Application form for residency visa cancellation
- Trade license registered under the name of the new owner
- Investor card
- Copy of the cancelled service agent contract
Having all the above documents ensures a hassle-free submission at the Immigration Counter.
Step 2: Submit Documents
Attach all the essential documents along with the application and submit them to the Immigration Counter with the original passport.
Step 3: Obtain IDN Certificate, if Required
It needs to be mentioned here that the original Emirates ID must be attached with the application. If it is lost or unavailable, you can request an IDN certificate by submitting the original passport to the Emirates ID centre. The certificate is issued free of charge, and it allows the visa to be cancelled immediately.
Step 4: Pay Visa Cancellation Fee
The UAE partner visa cancellation fee is currently AED 60*. The grace period for the investor visa is 30 days from the date of visa expiry.
Step 5: Note Grace Period
Applicants have a 30-day grace period from the date of visa expiry. If the cancellation happens during this period, you can spend the remaining days in the UAE without worrying about any penalties. However, if you overstay beyond the grace period you have to pay a residency visa overstay fine of AED 25* per day.
*Note: Please note that fees are subject to change. Connect with our advisors for complete information.
Other Visa Cancellation Procedures in Dubai
The rules surrounding investor visa cancellation in Dubai can vary depending on a number of circumstances. With the help of visa services in Dubai, an investor visa can be cancelled under the following circumstances:
Cancelling Without Selling Shares
If you wish to cancel the investor visa without selling shares, a No Objection Certificate (NOC) in Arabic must be submitted. The document confirms that the local sponsor has no objection to the UAE partner’s visa cancellation. The local sponsor must be present at the Immigration Centre and sign the same in front of the officer, which must be attached with the cancellation form.
Cancelling When the Investor is Outside of UAE (Less Than 6 Months)
The investor would need a Power of Attorney (POA) to authorize another partner to sell the shares on his behalf and proceed towards investor visa cancellation. The POA must be attested by the UAE Embassy in the respective country, allowing the attorney to finalize the cancellation.
Cancelling When the Investor is Outside of UAE (More Than 6 Months)
Investors who have been outside the UAE for more than six months can fill out the visa cancellation form and submit it along with all necessary documents to the Immigration Counter.
Now that you know the cancellation process involves many sub-processes, it is important to have a word with our consultants who have in-depth knowledge about investor visa stamping in Dubai and the cancellation process.
How Can I Check My Visa Cancellation Status in Dubai?
After initiating the process of investor visa cancellation in Dubai, many applicants ask, ‘how can I check the visa cancellation status in Dubai?’ You can monitor the application status online for updates on each stage, ensuring transparency and reducing unnecessary follow-ups.
If you are taking the help of Commitbiz experts, you do not need to worry as we shall provide updates on the status of the application.
How Commitbiz Can Help?
Cancelling an investor visa in Dubai requires careful planning, submitting proper documentation, and adherence to immigration regulations. Contacting professional consultants of Commitbiz simplifies the process and ensures compliance.
With the help of Commitbiz business setup consultants in Dubai, you can ensure quick and hassle-free investor visa cancellation in Dubai. Contact us today!
Why do investors need investor visa cancellation in Dubai?
You may opt for investor visa cancellation if you plan to close the business, transfer ownership, relocate, or restructure investments. It ensures that the legal and financial ties with the company are formally terminated.
How long does it take to complete the process of investor visa cancellation in Dubai?
Generally, the process takes one to two working days, once all documents are submitted and the fees are paid. However, the timeline may vary based on the type of application and approval timeline.
What happens after I cancel my investor visa?
After the investor visa cancellation process is done, you receive a grace period of 30 days to either leave UAE or apply for a new visa. Overstaying beyond the grace period can result in daily fines.
Can I authorise someone with power of attorney for investor visa cancellation?
Yes, a notarized and UAE-attested power of attorney allows an authorized person to complete the investor visa cancellation.
What happens if I don’t cancel my investor visa after business liquidation?
Failing to complete investor visa cancellation in Dubai after company liquidation may lead to fines, legal complications, or immigration blacklisting.