Lately it seems that wealthy Russians are trying to move their funds to the UAE, more specifically to Dubai. All this follows the ever-increasing number of sanctions against Russia due to the invasion of the Ukraine.
Most of these individuals are lawyers, merchants, or entrepreneurs, and it seems that there are more and more people planning to sneak into the financial hub of Dubai. Many are also looking to obtain Russian Visa or, for that matter, seek business consultants in Dubai.
Then again, what better city to secure their funds or start a profitable new business?
In this article we will look at some of the main reasons why Russians are choosing Dubai as a business hub.
Why Russians are choosing Dubai?
Dubai is well-known to be appealing for entrepreneurs and business owners who want to boost their profits. In addition, given the geopolitical situation between Russia and Ukraine, the UAE has made it clear that it has no intention of siding with Westerners.
As a result, most wealthy Russians are trying to obtain a Russian visa, even if they only speak Russian language and don’t know how to communicate with UAE citizens.
Many of these Russians have their funds stored in Swiss or London banks, countries that have joined the USA sanctions. It is by no means a coincidence that the number of Russian language speakers seeking business consultants in Dubai has nearly doubled in view of the opening of new start-ups.
Specifically, many are looking to open new businesses in the so-called IFZA, an acronym for the International Free Zone Authority. This is an area aimed at attracting foreign entrepreneurs who, given the opportunity in several perspectives, want to invest in Dubai.
How to get a Russian Visa in Dubai
If you are Russian and you are reading this article, before you think about your business you should see how to get a Russian Visa in Dubai. Some countries could be exempt from visa requirements, but this does not apply with Russian citizens.
In addition, everyone who wants to open a business in Dubai must meet specific criteria to be eligible. First, according to the UAE Government Portal, you must:
- be able to substantiate your experience as an entrepreneur
- have been a majority shareholder of a start-up or a member of its senior leadership
- be willing to relocate to the UAE and legally establish a business in one of the seven emirates
- have a business idea or a business plan that you wish to bring to life in the UAE.
Moreover, you must pass the requirements of the Federal Authority for Identity and other assessments for Citizenship and healthcare.
To apply for a Russian Visa for business, entrepreneurs must have their nomination approved by an incubator supported by the UAE government.
After the approval, professionals are invited to apply and, by the end of the completion of the process, you can receive your Visa.
You can also visit the official website of the Government for more information about this process.
It’s clear that using Dubai as a hub for Russian businesses can be convenient for Russian language speakers who want to save their funds and, at the same time, be able to expand their business area without even speaking Arabic.
Of course, they have to meet strict requirements, but this does not seem to be a problem for the wealthy Russians that are moving their funds in the UAE. Given the actual geopolitical situation, how will Dubai become in the near future?