You no longer need to be physically in Dubai to do business in Dubai, as the emirate has launched the region’s first virtual licences.
The virtual company licences, announced by Deputy Ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, allow for investors worldwide to do business in Dubai digitally – without requiring residence in the emirate.
The licences are a joint initiative of Dubai Economy, Dubai International Financial Centre (DIFC), the General Directorate of Residency & Foreigners’ Affairs (GDRFA), Smart Dubai, and the Supreme Legislation Committee. Open to businesses and investors from more than 100 countries, the virtual licences focus primarily on creative industries, technology and services.
Sami Al Qamzi, director-general of Dubai Economy, said the virtual licences mark “a quantum leap in the concept of doing business and will be a major attraction for the next generation of entrepreneurs” in the emirate. He added the “public and private sectors are integral to Dubai’s diversified economy,” and the virtual licences could help enhance Dubai’s profile as a global business and investment destination.
Hoped to attract at least 100,000 companies, the licences can be applied for by visiting vccdubai.ae or through the offices of VFS Global at 11 locations worldwide (at present).