Yesterday, Dubai introduced a virtual company license which will cost Dh 850 per year, a senior official said.
According to Dir/Gen. Sami Al Qamzi of Department of Economic Development in Dubai, “I would like to announce the launch of the virtual commercial license. The first of its kind, the license is granted without residence visa in Dubai. The initiative corresponds to the 50-year charter announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to ensure Dubai’s sustainability and prosperity.”
The virtual license amounts to Dh 850 for a year, which includes a Dh 200 start-up fee for sole proprietorship and dirhams. On the other hand, the cost of two-year license is Dh 411, and Dh 589 for three years.
Residents of at least 120 countries can obtain the virtual commercial license with whom the government signed double-taxation avoidance agreements. Virtual companies are registered in the country in a person who don’t live in the UAE and the owner of the companies must be Emiratis or tax residents of a country.
“Dubai Government authorities are working on a simplified visa process for the holders of virtual company license. A virtual company license doesn’t automatically guarantee a business bank account in the UAE and it will at the discretion of the commercial banks. However, we can facilitate access to account opening process,” according to the website of Virtual Commercial City.
The Emirate aims to have at least 100,000 companies in the virtual city. However, this newly launched license will not automatically assure physical access to the UAE, may it be in business, visitor, and resident visa to any partners employees.