Dubai introduces ‘Virtual Company Licence’ for non-resident freelancers and entrepreneurs

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Photo by paweldotio on Unsplash

On Tuesday, October 1, the Deputy Ruler of Dubai, Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, unveiled the region’s first ‘Virtual Company Licence.’ This will enable approved investors from 101 countries to carry out business in Dubai (without obtaining a residency permit) and help in attracting foreign investment and global entrepreneurs from all over the world.

According to Gulf News, this project is a joint initiative of Dubai Economy, Dubai International Financial Centre (DIFC), General Directorate of Residency and ‘Foreigners’ Affairs (GDRFA), Smart Dubai, and Supreme Legislation Committee, and it will focus on the creative, technology, and service sectors. The announcement is aligned with the Third Article of the 50-Year Charter put forth by Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and intends to build a ‘Virtual Commercial City’ in Dubai.

A map showing eligible countries for Dubai's Virtual Company Licence
Eligible countries for Dubai’s ‘Virtual Company Licence’ / via: Dubai Virtual Commercial City

This license will only allow verified investors to register their companies, and it will be necessary for them to be nationals or tax residents of countries that have implemented the Convention on Mutual Administrative Assistance in Tax Matters and have no reservations in sharing tax information of their citizens. The virtual company license owners will be able to conduct all their business-related activities, including document-signing and digital submissions, with their signatures being legally binding in the UAE.

Not only business people but freelancers will also benefit from this venture, as an e-commerce platform will become available to them, providing excellent growth and investment opportunities digitally.

Dubai’s remarkable infrastructure has created new opportunities for economic development, thus allowing it to take advantage of technological advancements and paving the way for achieving its strategic objectives.

Entrepreneurs and freelancers from Pakistan will also get benefit from this initiative as Pakistan is listed among eligible countries. It will resolve many issues that entrepreneurs and freelancers have been facing.

The virtual license can be applied for on Dubai Virtual Commercial City’s official website here or through the offices of VFS Global across 11 locations worldwide.

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