SOURCE: Gulf News
Virtual Company Licence will allow investors worldwide to do business in Dubai digitally
Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, today announced the launch of the region's first 'Virtual Company Licence’.
What does this mean?
The 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.
This initiative is aligned with the third Article of the 50-Year Charter of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, which aims to build a ‘Virtual Commercial City’ in Dubai.
Sheikh Maktoum Bin Mohammed said that Dubai is making major strides in enhancing business regulatory frameworks and emerging as one of the world’s best business environments, thanks to the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum and the directives of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council. Dubai’s leadership has taken a number of innovative decisions and initiatives to further cement Dubai’s position as one of the world’s major business hubs.
Infrastructure and technology
Sheikh Maktoum said that Dubai’s sophisticated infrastructure, which is among the most advanced and reliable in the world, has opened new opportunities to develop our economic capabilities at a time when technological developments have changed the way business is conducted. Dubai has always kept pace with technological developments and taken advantage of them to advance its strategic objectives and support all businesses regardless of their size, he added.
Who is the licence for?
The Virtual Company Licence, a joint initiative of Dubai Economy, Dubai International Financial Centre (DIFC), General Directorate of Residency & 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.