BERLIN - Countries like United Arab Emirates and Portugal have launched the Golden Visa for foreigners to allow them more liberty in terms of residence but another country which provides a substitute is Germany.
Though the Golden Visa scheme does not exist in Germany as such, another alternate is Visa for Self Employment which allows investors to start a business in the country and pave the path to long term residency in the country.
Benefits of Visa for self employment
The most important benefit of this visa type is that visa or residence permit for self-employment is initially issued for up to three years but if your business idea is successful and you are able to cover the costs of living for yourself and your family, the residence permit can be extended.
With a visa for self-employment, you can execute your start-up project in Germany. Different conditions apply based on whether you are planning on setting up a business or working as a freelancer.
Let's explore different options you can opt under this visa category.
Setting up a business
You can secure a residence permit for self-employment if you meet the following conditions:
If you are starting your own company, you can apply for a settlement permit after three years. The settlement permit has permanent validity and allows its holders to exercise gainful employment. People applying for a settlement permit have to satisfy specific requirements which are outlined in the Residence Act.
If you would like to work as a freelancer in one of the liberal professions, you are able to obtain a residence permit for self-employment but you must meet the following requirements:
How to Apply
After having checked the eligibility in terms of age and whether you are financially sound, one needs to make an appointment at the German embassy and prepare the documents like passport, business plan, proof of financial means and visa application etc. The possible waiting times can be checked from the website of the embassies.
The next step is to bring along all the required documents and apply at the embassy. The visa processing time can last from few days to several weeks. If you are given a visa, you are ready to go to Germany.
After landing in Germany the final step is to make appointment with foreigners authority and apply for residence permit for self-employment. The foreigners authority would inform about the required documents. It is to be mentioned that the residence permit must be applied for before the entry visa expires.
The fee for applying for visa in the country of residence is EUR 75 while the handling fee for residence permit could be up to EUR 100.
Pakistani rupee remained stable against US dollar in the open bank market on Friday.
On Friday, the US dollar was being quoted at 285.3 for buying and 288.15 for selling.
Euro moves down to 311 for buying and 314 for selling. British Pound rate stands at 358.5 for buying, and 361.5 for selling.
UAE Dirham AED stands at 78 whereas the Saudi Riyal rate stands at 76.20.
|UK Pound Sterling||GBP||358.5||361.5|
|Hong Kong Dollar||HKD||36.63||36.98|
|New Zealand Dollar||NZD||173.44||175.44|
KARACHI – The gold price continues to climb up in the local market in line of upward trend in international market.
On Thursday, the single tola of 24 Karat gold was available at Rs217,400, and the price for 10-gram gold reached Rs186,390.
Meanwhile, the 22 Karat Gold price stands at Rs199,282, 21 karat rate for each tola is Rs190,225 and 18k gold rate hovers around Rs163,050.
In international market, the price of precious metal hovers around $2,045 per ounce.
|Lahore||PKR 217,400||PKR 2,696|
|Karachi||PKR 217,400||PKR 2,696|
|Islamabad||PKR 217,400||PKR 2,696|
|Peshawar||PKR 217,400||PKR 2,696|
|Quetta||PKR 217,400||PKR 2,696|
|Sialkot||PKR 217,400||PKR 2,696|
|Attock||PKR 217,400||PKR 2,696|
|Gujranwala||PKR 217,400||PKR 2,696|
|Jehlum||PKR 217,400||PKR 2,696|
|Multan||PKR 217,400||PKR 2,696|
|Bahawalpur||PKR 217,400||PKR 2,696|
|Gujrat||PKR 217,400||PKR 2,696|
|Nawabshah||PKR 217,400||PKR 2,696|
|Chakwal||PKR 217,400||PKR 2,696|
|Hyderabad||PKR 217,400||PKR 2,696|
|Nowshehra||PKR 217,400||PKR 2,696|
|Sargodha||PKR 217,400||PKR 2,696|
|Faisalabad||PKR 217,400||PKR 2,696|
|Mirpur||PKR 217,400||PKR 2,696|