Font Size

- Aa +

Tue 1 Oct 2019 09:02 AM

Font Size

- Aa +

Dubai launches virtual business licence for overseas investors, entrepreneurs

Dubai's new Virtual Company Licence - available to 101 countries - is expected to attract more than 100,000 companies to the emirate

Dubai launches virtual business licence for overseas investors, entrepreneurs
Launched by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, the initiative is expected to attract more than 100,000 companies.

Investors worldwide can now do business in Dubai digitally without having to live in the emirate, thanks to the region’s first Virtual Company Licence.

Launched by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, the initiative is expected to attract more than 100,000 companies.

The Virtual Company 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.

Three sectors

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.

Sami Al Qamzi, director-general of Dubai Economy, said: "The initiative underlines the role of Dubai Economy in shaping the future of business as envisioned by His Highness Sheikh Mohammed bin Rashid Al Maktoum. It also marks a quantum leap in the concept of doing business and will be a major attraction for the next generation of entrepreneurs."

Verified

The virtual city is designed in full compliance with international agreements that Dubai and the UAE are party to. The programme 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, including document signing and submission digitally, and the signatures are legally binding in the UAE.

Al Qamzi added: "The public and private sectors are integral to Dubai’s diversified economy and the Virtual Commercial City will further strengthen public-private partnerships in enhancing Dubai’s profile as a global business and investment destination."

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.