Dubai – Masaader News
A Virtual Company Licence will allow investors worldwide to do business in Dubai digitally without requiring residence and in accordance with the highest international legal standards. 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, according to Gulf News.
Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, Tuesday announced the launch of the region’s first ‘Virtual Company Licence’.
The Virtual Company 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 initiative, which offers vast opportunities for investors around the world to work digitally in Dubai without having to be in Dubai, will enhance confidence among businesses and investors while also opening new horizons for business competitiveness and growth in Dubai and the UAE.
The programme allows only verified non-resident individuals to register a company, and the owners of such companies 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.
The official website has a heatmap showing the eligible and non-eligible countries across the globe. India, Pakistan, Saudi Arabia, China, Russia, North Americas, South Africa, Nigeria, Cameroon, Uganda, Brazil, Argentina, Chile are some of the countries on the eligible list. Yemen, Oman, Sri Lanka, Thailand, Venezuela, Algeria, Egypt are on the non-eligible list according to the map online.
The Virtual Company Licence will enable freelancers and business people worldwide to have access to a regulated e-commerce platform and easily work with Dubai-based companies while also exploring new markets and investment opportunities digitally.
Dubai Economy will start receiving applications for the Virtual Company Licence from businessmen and investors in 101 countries through the website www.vccdubai.ae or through the offices of VFS Global across 11 locations worldwide. VFS Global, headquartered in Dubai, is the world’s largest technology services specialist for governments and diplomatic missions worldwide. The initiative is expected to attract more than 100,000 companies and offer new opportunities for innovators and local companies, accelerating economic activity and the knowledge economy in Dubai.