Saudi Arabia has recently introduced new visa categories with the aim of attracting investors and skilled individuals globally. Within these categories, the Premium Residency initiative provides an opportunity for entrepreneurs to acquire long-term residency visas and enjoy various benefits while contributing to the kingdom’s development.
Here’s everything you need to know about the premium residency scheme as an entrepreneur:
The Entrepreneur Residency programme offers a spectrum of advantages for entrepreneurs and their families, including:
- Residency for family members: Entrepreneurs can reside in Saudi Arabia alongside their parents, spouses, and children under the age of 25.
- Flexibility of establishment: Entrepreneurs have the flexibility to transition from one establishment to another.
- Exemption from expatriate fees: Holders of premium residency, along with their dependents and companions, are exempt from expatriate fees.
- Visa-free exit and return: Entrepreneurs and their family members can exit and return to Saudi Arabia without the need for a visa.
- Visit visa privileges: Premium residency holders have the entitlement to obtain visit visas for their relatives.
- Expedited airport procedures: Entrepreneurs and their families can utilize dedicated tracks for citizens at airports.
- Private sector employment: Premium residency holders, their spouses, and dependents have the right to work in the private sector and move between establishments.
- Business conduct under investment law: Entrepreneurs can conduct their business operations following the guidelines outlined by the Investment Law.
- Real estate ownership: Entrepreneurs have the privilege to own and rent real estate in commitment to the Kingdom.
Distinct advantages of the premium residency visa include special benefits beyond the general ones offered by the Entrepreneur Residency programme:
- Staff nomination: Entrepreneurs can nominate two staff members for the “Special Talent” Residency, exempting them from standard criteria. This provision is particularly advantageous for executives and key personnel crucial to the entrepreneur’s venture.
- Nitaqat exemption: Entrepreneurs and their entities are exempt from the “Nitaqat” system during the initial three operational years.
Eligibility for the Entrepreneur Premium Residency programme is based on specific criteria in two categories:
First category:
- Hold an entrepreneur license from the Ministry of Investment.
- Secure a minimum investment of SAR400,000 from an accredited entity.
- Obtain a recommendation letter from the investment entity.
- Possess a minimum 20 percent share in the company.
Second category:
- Hold an entrepreneur license from the Ministry of Investment.
- Secure a minimum investment of SAR15 million from an accredited entity.
- Obtain a recommendation letter from the investment entity.
- Possess a minimum 10 percent share in the startup.
- Create at least 10 jobs during the first year, and an additional 10 jobs during the second year.
Residency duration and fees vary based on the category:
- First category: Entrepreneurs in this category receive a fixed-term residency for five years, renewable for one additional term upon continued adherence to eligibility standards. They are also eligible for a residency of 30 months within a span of five years.
- Second category: Entrepreneurs in this category are directly granted permanent residency, contingent on creating at least 10 jobs in the first year and an additional 10 jobs in the second year.
To apply for the Entrepreneur Residency programme, entrepreneurs must pay a one-time fee of SAR4,000. Interested and eligible individuals can submit their applications through the official premium residency website, according to Arabian Business.
