An investor visa is issued to an individual who will invest in a new or an already established business entity in a foreign nation. Currently, the United Arab Emirates (UAE) can be termed the most flexible nation to invest in.
One of the key components for foreign investors is an investment visa valid for 3 years. If you want to cancel the investor visa, you need to know the answer to certain essential questions for your visa cancellation in Dubai.
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 your expectations, ultimately affecting your business investment portfolio. Therefore, in this situation canceling the visa is a feasible option.
What is the Process of Visa Cancellation in Dubai?
To cancel an investor visa in Dubai, the following steps are to be followed:
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Documents Required for Visa Cancellation in Dubai
Cancellation of Investor Visa in Dubai
The documents required for the cancellation of an investor visa in Dubai include the following:
- Original Passport and Emirates ID
- Trade License Copy and Partner List (for a Limited Liability Company in Dubai)
- 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).
Dubai Residence Visa Cancellation
The documents required for a Dubai residence visa cancellation are as follows:
- 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.
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Submit the Essentials to the Immigration Counter
Attach all the essentials and submit them to the Immigration Counter with the original passport. Submit the printed application along with the essential documents.
Receive the cancellation by post or directly if you submit an urgent application.
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Obtain an IDN Certificate if Required
Original Emirates ID needs to be attached. If it is lost, you need to obtain an IDN certificate by submitting your original passport it will be issued by the Emirates ID center free of charge, and the visa will be canceled immediately.
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Visa Cancellation Fee in Dubai
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.
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Make a Note of the Grace Period
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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.
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If the cancellation occurred during the grace period, the remaining days would be allowed to stay without fines.
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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.
*Fees are subject to change. Kindly connect for confirmation.
Other Visa Cancellation Procedures in Dubai
According to the rules of visa services in Dubai, an investor visa can be canceled under the following circumstances:
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Without Selling Shares
An investor visa can be canceled without selling shares. A No Objection Certificate must be submitted in Arabic, stating that the local sponsor has no objection to canceling the Partner Visa.
The local sponsor must be present at the Immigration Centre and sign the same in front of the officer, which must be attached to the cancellation form.
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If the Investor is Outside UAE (Less than 6 Months)
The investor would need a Power of Attorney to authorize another partner to sell the shares on his behalf and proceed toward the investor visa cancellation process at the Immigration Department to receive the investor deposit amount.
A power of attorney needs to be attached by the UAE Embassy in the Foreign Affairs of both nations. The Attorney can finally sign all the essentials and complete the cancellation process.
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If the Investor is Outside the UAE (More than 6 Months)
Fill out the visa cancellation form and submit it, along with any other requisite documents, to the Immigration Counter.
Thus, you have an idea that the cancellation process involves many sub-processes called for mandatorily. To ease the process, one can have a word with a visa consultant who has in-depth knowledge about investor visa stamping in Dubai and the cancellation process.
Wondering whom to contact? Your visa guide is right here to help you.
Commitbiz is one of the top business consultants in the UAE. Since its inception, it has been dedicatedly to performing and delivering its services to multiple clients across the globe, helping them to initiate and establish their business foundations.
If you have any queries 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.
How can an investor visa be cancelled without selling the shares?
A No Objection Certificate must be submitted in Arabic, stating that the local sponsor has no objection to canceling the Partner Visa. The local sponsor must be present at the Immigration Centre and sign the same in front of the officer, which must be attached to the cancellation form.
What all are to be noted during the grace period?
The following should be taken note of:
- 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 would 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.
When do you need to obtain an IDN certificate?
If the original Emirates ID is lost, you need to obtain an IDN certificate by submitting your original passport it will be issued by the Emirates ID center free of charge, and the visa will be canceled immediately.
What are the essential documents for a Dubai residence visa cancellation?
The documents required for a Dubai residence visa cancellation are as follows:
- 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.
How to cancel the visa if the investor is outside UAE for more than six months?
The investor would need a Power of Attorney to authorize another partner to sell the shares on his behalf and proceed towards the investor visa cancellation process at the Immigration Department to receive the investor deposit amount.
A power of attorney needs to be attached by the UAE Embassy in the Foreign Affairs of both nations. The Attorney can finally sign all the necessary essentials and complete the cancellation process.