Germany's visa for self employment is alternate to Golden visa; Here's how you can avail

11:30 PM | 8 Feb, 2023
Germany's visa for self employment is alternate to Golden visa; Here's how you can avail
Source: Image by Jörn Heller from Pixabay

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:  

  • There should be an economic interest in or a regional demand for your product or service
  • It is foreseeable that your company will positively impact the economy
  • You are able enough to finance the implementation of your business concept with your own capital or through a loan commitment
  • If you are over 45 years of age, this visa can only be issued if you can provide proof of adequate old age pension provisions

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:   

  • You can prove having sufficient funds to finance your projects
  • You have the requisite license to perform the job in question
  • If you are over 45, you must provide proof of adequate old age pension provision

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.


Rupee remains stable against US dollar, Euro, Pound, Dirham and Riyal; check forex rates

Pakistani rupee remained stable against US dollar in the open bank market on Friday.

Dollar Rate in Pakistan Today

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.

Today's currency exchange rates in Pakistan – 1 December 2023

Currency Symbol Buying Selling
US Dollar ‎USD 285.3 288.15
Euro EUR 311 314
UK Pound Sterling GBP 358.5 361.5
U.A.E Dirham AED 78 78.7
Saudi Riyal SAR 76.2 77
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 759.67 767.67
Canadian Dollar CAD 209 211
China Yuan CNY 39.59 39.98
Danish Krone DKK 41.38 41.78
Hong Kong Dollar HKD 36.63 36.98
Indian Rupee INR 3.39 3.5
Japanese Yen JPY 1.49 1.56
Kuwaiti Dinar KWD 926.7 935.7
Malaysian Ringgit MYR 60.38 60.98
New Zealand Dollar NZD 173.44 175.44
Norwegians Krone NOK 26.25 26.55
Omani Riyal OMR 741.26 749.26
Qatari Riyal ‎QAR 77.63 78.33
Singapore Dollar SGD 211 213
Swedish Korona SEK 26.93 27.23
Swiss Franc CHF 325.9 328.4
Thai Bhat THB 8.23 8.38

Gold rates drop in Pakistan; Check today’s gold rates 1 December 2023

KARACHI – The gold price continues to climb up in the local market in line of upward trend in international market.

Gold Rates in Pakistan Today - 1 December 2023

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.

Today Gold Rate in Pakistan

City Gold Silver
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


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