Dubai is the land of a business person’s dream. Every thriving conglomerate, entrepreneur, and investor looks upon the City of Gold for opportunities to launch their own business. Now, the dream can be even closer than ever. Thanks to the first-of-its-kind licensing that will allow interested investors to conduct their business without the need to reside in Dubai. Sounds amazing? It is, by all means. On 7th October 2019, Dubai Virtual Company License has launched. This will, as the name sounds, allow businesses to thrive in Dubai without the owner needing to be physically present. business setup in Dubai
What is this Virtual Company Licence in Dubai?
According to the announcement made by the director-general of the Department of Economic Development of Dubai: this virtual company license will extend business license without the dependence on residence visas for Dubai, Sami Al Qamzi stated, the Khaleej Times reports.
This means you can conduct a business setup in Dubai without obtaining a residence visa first. Not only this, if media reports are to be believed, all the other procedures will be online as well. Indeed, no strings attached! business setup in Dubai
What will be the cost of the Virtual Company Licence in Dubai?
As reported by the media outlet, the Dh850 ($223) license cost for one year will include Dh200 startup fees and the remaining Dh600, fees for a sole proprietorship.
One can obtain two years license as well for Dh1,508 ($411) and Dh 2,161 ($589) for three years.
Who Can Obtain this Virtual Company Licence in Dubai?
There are precise specifications as to who can apply for the license for virtually conducting business in Dubai. However, they’re mostly applicable, and nothing is unattainable.
The person applying for the virtual license must be a non-resident of Dubai (obviously); he/she should be a tax resident of that country. As of now, there are 120 nations applicable for this facility, and with time Dubai aims to have 100,000 companies on the virtual list.
Does Obtaining this Virtual Company Licence entail Automatic Approval for Visas for Dubai?
For the uninitiated, there are around one hundred and twenty countries, residents of which can apply for the virtual company license. This is because, with those 120 countries, the United Arab Emirates had signed the “double-taxation avoidance agreements,” according to the report.
That said, the virtual license will be initially subjected to terms of availability, and it doesn’t imply the licensees will automatically get any grant to physical access to Dubai- be it business, visitor, resident, or any visa for that sake. Not even as the company’s employee or partner.
However, according to the website of Dubai Virtual Company City-
“Dubai Government authorities are working on a simplified visa process for the holders of virtual company license (…) However, we can facilitate access to the account opening process,” the Khaleej Times reports. business setup in Dubai
Will I be Able to Obtain this Virtual Company Licence in Dubai Being a Resident?
Unfortunately, No. This license design for the global audience, looking forward to working in Dubai digitally.
Responding to media outlet Gulf News‘ request for comment, a Dubai Economy spokesperson wrote in an email that for Dubai residents, there is already ‘DED Trader license. This allows Dubai residents to do business on Social media.
You may also like: