Dubai launched the first virtual company license in the region on Monday, which will allow investors and freelancers around the world to conduct business in Dubai without a UAE residence, an access to a regulated e-commerce platform, and the opportunity to explore new markets digitally. The license will cost Dh850 per year and currently focuses on three main sectors: creative industries, technology and services. Candidates from 101 eligible countries will soon be able to apply for it online.
Dubai strengthens the #entrepreneurial ecosystem further by activating virtual commercial licenses for tech companies in #design #media and #tech industries to enable global startups from 101 countries to access the United Arab Emirates market.An interesting option for entrepreneurs worldwide to explore opportunities in tech and media, without having to invest much ($230).
A big leap forward for the UAE in the digital environment! Will be Interesting to see how these Virtual Company Licenses enable tech startups to enter the market with minimal investment. Great opportunity to get a foot in the door!
More doors are being opened to attract new business in Dubai through a new virtual company license initiative. An exciting time for new business opportunities in the Emirates! Dubai’s Virtual Commercial License was just announced at Dubai Investment Week summit organized by Dubai FDI.This is a new initiative to propel the business environment.
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. Focuses on three main sectors: creative industries, technology and services for Eligible countries.
The official website has a heat map 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.
Non-resident businesses to get Dubai licences online. Virtual Company Licence will allow investors worldwide to do business in Dubai digitally.
HOW TO APPLY DUBAI COMPANY LICENSE ?
The applications can be submitted online on Dubai Virtual Commercial City or through VFS offices all over the world. The authorities involved will take up to 30 days for background check and then will have the business/individual complete rest of documentation before they’re given the license.
HOW MUCH DOES IT COST FOR DUBAI COMPANY LICENSE ?
According to Khaleej Times, the license will cost $231 (AED 850) for one year, which includes a $54 (AED 200) startup fee for sole proprietorship and $177 (AED 650) for the license. The two-year license according to the report by Khaleej Time, will cost $411 (AED1,508) and three-year $589 (AED 2,161).