Business setup in Dubai from a distant land and your country without moving to Dubai is a real thing now. To know more, read further.
Setting up a business in Dubai without being physically present or without a residency is now a possibility. The courtesy of a virtual business license is a door to new business opportunities for business aspirants around the world, who are willing to have a business in Dubai. The permit will allow investors from around the world to have a business, operate, and work in Dubai establishments digitally.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, on Monday announced the launch of the region's first virtual company license. The license is 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.
What is a virtual business license?
A virtual business license or a virtual company license is a digitally obtained working, establishment, and business license, which is a new initiative from the Dubai government. The license will allow investors from 101 countries to digitally invest, establish, and operate businesses in Dubai without obtaining a residence or being physically present.
For the new generation of entrepreneurs, the initiative aims at removing barriers of doing business with ease in Dubai. It will establish a virtual commercial city as a global business and investment destination.
The virtual business license initiative, along with the establishment of the virtual commercial city, will mainly focus on the sectors of creative industries, technology, and services.
Advantages of the virtual business license
It will enable investors and people in business to operate from their homeland
Digital registration, paperwork, documentation and more
Easy access to work with Dubai-based companies as freelancers
Access to regulated e-commerce platforms and business markets
World-class business exposure without moving
Criteria and technicality of the virtual business license
There are a few predefined criteria for obtaining a virtual business license in Dubai, and others will be in light of the procedure of the same. The main are listed down below:
The applicant of the license cannot be a UAE resident
Only pre-defined sectors will be up for the virtual license
The establishment will be virtually in Dubai but will be based in the home country of the applicant
Companies and establishment will continue to remain subject to various taxation of the country they are based
Exceeding revenue's of the virtual establishment from a certain amount will attract taxes in Dubai
These licenses cannot be assumed to be physical access to Dubai that is visa and more
These are the few technicalities, rules, and regulations related to the virtual business license. There will be a lot more, and only a professional Pro Service in Dubai or business set up consultant in Dubai can assist you thoroughly to explain and help you in the same. It is expected that the initiative is likely to attract 100,000 companies, which is quite a competition and seizing the opportunity as early as possible, will be advised.
So, look for professional help at early as possible for your business setup in Dubai or company set up in Dubai and make the most of the opportunity.
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