Dubai Launches Virtual Business Licence For Overseas Entrepreneurs, Freelancers, Investors
Dubai has launched a new Virtual Company Licence that will make it possible for investors from across the road to conduct business digitally and without needed to live in the Emirate.
Launched by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, the license is available to businesses in 101 countries and is expected to attract more than 100,000 companies to the Emirate. Eligible countries include the U.S., U.K., Spain, France, Germany, Italy, Saudi Arabia, India, China, Pakistan and Indonesia.
State news agency WAM reported that the licence will allow freelancers and business people across the world access to a regulated e-commerce platform and easily work with Dubai-based companies, while also exploring new markets and investment opportunities digitally.
The licence, a joint initiative of Dubai Economy, Dubai International Financial Centre (DIFC), General Directorate of Residency and Foreigners’ Affairs, GDRFA, Smart Dubai, and the Supreme Legislation Committee, focuses on three main sectors: creative industries, technology and services.
The virtual city is designed in full compliance with international agreements, the statement added. The program allows only verified non-resident individuals to register a company, and the owners have to be the nationals or tax residents of countries that have implemented the Convention on Mutual Administrative Assistance in Tax Matters and share tax information about their citizens and residents.
Virtual Company Licence owners can manage all their business-related activities, the statement said, including document signing and submission digitally, and the signatures are legally binding in the UAE.
Dubai Economy will start receiving applications for the Virtual Company Licence from business people and investors in 101 countries through the website www.vccdubai.ae or through the offices of VFS Global across 11 locations worldwide.