Dubai launches ‘Virtual Company Licence’ for investors worldwide

Focus on 3 sectors: Creative industries, technology, services

Dubai yesterday launched the region’s first ‘Virtual Company Licence’ that will allow investors worldwide to do business in Dubai digitally without requiring residence and in accordance with the highest international legal standards.

The licence owners can manage all their activities, including document signing and submission digitally, and the signatures are legally binding in the UAE.

This initiative is aligned with the third Article of the 50-Year Charter of His Highness Shaikh

Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, which aims to build a ‘Virtual Commercial City’ in Dubai, Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, who launched the licence, said. The Virtual Company Licence, a joint initiative of Dubai Economy, Dubai International Financial Centre, General Directorate of Residency & Foreigners’ Affairs, Smart Dubai, and the Supreme Legislation Committee, focuses on three sectors: creative industries, technology and services.

The programme allows only verified non-resident individuals to register a company, and the owners of such companies have to be the nationals or tax residents of countries that have implemented the Convention on Mutual Administrative Assistance in Tax Matters and share tax information about their citizens and residents.

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