Is Business Setup in Dubai Without Residence is Possible? Yes, It is. Know More Here

Business Setup in Dubai Without Residence | Business Link UAE

Now it is possible to conduct business in one of the most prosperous regions of the world, without being physically present there. Sounds unbelievable? Well, you've got to believe.

The Deputy ruler of Dubai- Sheikh Maktoum bin Mohammed bin Rashid Maktoum launched the Virtual Company Licence. As the name sounds, it is an initiative aimed at allowing prospective business visionaries globally to set their foothold in the City of Gold.

This virtual licensing will enable people from across the globe to set up their business via all digital procedures, and even conduct the same without needing to reside in Dubai, according to multiple media reports.

Such an initiative is expected to attract a massive one hundred thousand companies in the region. The Virtual Company Licence is also the first-in-kind in the area, reports Arabian Business.

How Far the Allowances of this Digital Licence Goes When it comes to Business Setup in Dubai?

The Virtual Company Licence is designed to enable the new-age mechanics of doing business, abolishing the need to reside in a particular somewhere to do so physically.

This means investors won't have to stay at Dubai to do their businesses, as the very license for business can be acquired digitally, and so are the other nuances.

Quantum Leap in Business Setup in Dubai?

Investors looking for business setup in Dubai are now offered with substantial commercial benefits.

"The initiative underlines the role of Dubai Economy in shaping the future of business as envisioned by His Highness sheikh Mohammed bin Rashid Al Maktoum," the director-general of Dubai economy Sami Al Qamzi was quoted as saying.

According to the Director-General of DE, such a concept is a significant attraction for the new-age entrepreneurs, and is a "quantum leap" in doing business, he added.

Which industries this digital marvel will particularly benefit?

The Virtual Company Licence as an initiative is the fruit of the joint effort between a few of Dubai's regulatory bodies.

The Dubai Economy, Smart Dubai, the Supreme Legislation Committee, Dubai International Financial Center (DIFC), General Directorate of Residency and Foreigners' Affairs (GDRFA) are the backbone of this digital quantum leap.

If the media reports are to be believed; this virtual company license scheme is being aimed at three main factors: services, technology, and creative industries, media outlet Albawaba reports.

The virtual licensing will allow freelance entrepreneurs and business people from across the globe to explore the regulated e-commerce platform alongside being able to work with other Dubai based businesses.

Other Important things you need to know about the virtual license for business setup in Dubai

The aspiring entrepreneur must be:
  • A verified non-resident of Dubai
  • Belong to a country that has adopted the Convention on Mutual Administrative Assistance in Tax Matters
  • The concerned country of the applicant must share tax information about the resident
  • The person concerned must be a tax resident and a national of the country
Applications for acquiring the license will reach the Dubai Economy via the official website www.vccdubai.ae or from the eleven offices of VFS Global, situated in the eleven locations globally. 

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