You Can Now Get a Virtual Company License in Dubai
- March 30, 2023
- Posted by: axiom_admin
Dubai’s economy is highly appealing to investors from all over the world. Now, with the Deputy Ruler of Dubai, Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, announcing the first virtual company license in Dubai, foreign business owners can digitally set up a company in Dubai without relocating to the Emirate.
The Virtual Company License Industries
Besides the fact that only foreign investors can establish a company in the city with a virtual company license without residing in the UAE, the said License focuses on three key industries: the creative industries, technology, and services. Moreover, virtual corporations can be 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?
The virtual commercial license gives foreign business owners the ability to digitally set up a company without relocating to Dubai. These owners can manage all business-related tasks digitally, including signing and submitting documents. The signatures will be recognized as valid in the Emirates.
Who Is Eligible for the Virtual Company License?
The license is available to citizens of 120 nations with which the UAE has a Double-Taxation Avoidance Agreement. Residents of the UAE are not eligible to apply for the Virtual Company License. Here are the requirements to qualify for virtual commercial licenses in Dubai:
- Virtual business owners in Dubai must be citizens or tax residents of one of the approved nations.
- Virtual companies can only be established if they fall under one of the pre-defined industry categories.
Additional Things to Keep in Mind:
- Virtual companies will still be subject to the taxation of the Emirates.
- Dubai virtual company license does not automatically grant any company members physical entry into the UAE via a business, visitor, or resident visa.
- In terms of opening a business bank account, commercial banks will have the sole discretion over whether to allow account opening.
The Objectives of the Initiative
Dubai aims to become the world’s best virtual city with innovative services and a regulatory framework. The current goal of the initiative is to have 100,000 businesses be part of the virtual city. The virtual commercial license will grant business owners and freelancers worldwide access to a regulated e-commerce platform. The entrepreneurs can then easily work with Dubai-based companies and digitally explore new markets and investment opportunities.
Advantages of the Virtual Company License
The following are the advantages of the virtual company license:
- Benefit from Dubai’s business opportunities and investment chances.
- Low startup costs.
- Low administrative burdens for expanding your business.
Starting a Dubai Virtual Company
The steps for applying for a Dubai virtual company license are as follows:
- Filling out an online registration application form.
- Going through a background investigation.
- An identification and validation visit.
- Paying the fees.
Documents Required for the Virtual Company License
- Passport-size photograph on a white background.
- Passport copy.
- Phone number and email address.
- A utility bill or official letter no older than three months serving as proof of residency.
- A tax residency certificate.
Costs of the Virtual Commercial License
- AED200 for the reservation of a trade name.
- AED680 is the annual cost of the virtual license.
- AED300 for the identification and validation.
Axiom Mark Helps You Establish Your Company in the Virtual City
The license enables business owners to operate cheaply in one of the world’s most auspicious cities because it allows them to start without having a lot of capital. If you satisfy all requirements for the virtual license and are seeking to enter new markets and take advantage of the city’s incredible opportunities, Axiom Mark can assist you and take the hassle out of the whole business setup process. Our business setup consultants have the expertise to make your launch in the virtual city as easy as possible.