Dubai’s economy is open and dynamic, enabling companies to operate anywhere in the world. The first Virtual Company License in Dubai was announced by Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, the Deputy Ruler of Dubai. A joint project of Dubai Economy, Dubai International Financial Centers (DIFC), General Directorate of Residency and Foreigner’s Affairs (GDRFA), Smart Dubai, and the Supreme Legislation Committee. However, the Virtual Company License focuses on three key industries: the creative industries, technology, and services.
A virtual license lets foreigners start a business in the UAE without having them to live in the UAE. Learn about the requirements and the process to apply for a virtual license.
What do virtual businesses do?
Virtual corporations are registered in Dubai only for people who don’t live in the Emirates because the owners of these corporations must be citizens or tax residents of specific nations.
What is a virtual company license in Dubai?
A new regulation called a “Virtual Company License”, or “Virtual Commercial License” enables foreign business owners to digitally establish a company in Dubai without relocating there. As a result, owners of Virtual Company Licenses can manage all business-related tasks digitally, including document signing and submission, and the signatures are recognized as valid in the UAE.
The virtual company license in Dubai is available to citizens of about 120 nations with which the UAE has DTAA. Furthermore, the UAE wants 100,000 businesses to be part of the virtual city through this initiative.
Eligibility requirements for Dubai’s new business license
Here are a few prerequisites for entrepreneurs to qualify for virtual company licenses.
- Residents of the UAE are not eligible to apply for the Virtual Company License.
- Virtual company owners in Dubai must be citizens or tax residents of one of the 101 approved nations. Though some approved countries are India, Pakistan, Saudi Arabia, the United States, Canada, Russia, China, Japan, and other countries. (For a complete list of nations, go to VCC’s official website.)
- In Dubai, virtual businesses can only be established if they fall under one of the pre-defined industry categories. Therefore, the predefined sectors include printing and advertising-related service activities, computer programming, consulting, design-related activities in the fashion, jeweler, and interiors industries, etc.
In addition to these, virtual business owners in Dubai should keep in mind that their organizations will still be subject to the various taxation of the nation. However, another crucial point to keep in mind is that the Dubai Virtual Company License does not automatically grant any of the company members physical entry into the UAE via a business, visitor, or resident visa. Additionally In the UAE, opening a business bank account is similar. Commercial banks will have sole discretion over whether to allow account opening.
Advantages of Virtual Company License in Dubai
Through the following provisions, this license will make businessmen jobs and lives easier:
- Low startup costs and administrative burdens for expanding your business.
- Access to your business online.
- Benefit from Dubai’s business opportunities.
- Approach to fresh clients, markets, and investment chances.
- Participation in the directory of virtual businesses.
How to start a virtual business in Dubai?
The business owner must submit an application for a Virtual Company License in order to launch a virtual enterprise. Following the steps for applying for a Dubai Virtual Company License-
- Filling out an online registration application form is the first step.
- There will be a background investigation, which takes one to thirty days.
- An identification and validation visit.
- Lastly, Get the license by paying the fees.
Documents required for virtual company license in Dubai
- Passport copy
- A utility bill or official letter that is no older than 3 months serving as proof of residency
- A tax residency certificate
- Phone Number & Email Address
- Recent passport size photograph on a white background.
Conclusion
Although, it’s exciting for business owners to start turning a profit without having a lot of capital. Indeed every entrepreneur’s dream is now a reality thanks to virtual company license in Dubai, which enables businesses to operate more cheaply in one of the world’s most promising cities.
Therefore, you satisfy all requirements for Dubai’s virtual license and are seeking to grow your company, enter new markets, and take advantage of the incredible business opportunities. Eventually now is the time for you to launch your business in Dubai, connect with Shuraa, call +971 44081900, send us a WhatsApp message at +971 507775554, or send us an email at [email protected]Â
