Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, announced the launch of the region's first 'Virtual Company Licence’.
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.
Eligible countries
The official website has a heatmap showing the eligible and non-eligible countries across the globe. India, Pakistan, Saudi Arabia, China, Russia, North Americas, South Africa, Nigeria, Cameroon, Uganda, Brazil, Argentina, Chile are some of the countries on the eligible list. Yemen, Oman, Sri Lanka, Thailand, Venezuela, Algeria, Egypt are on the non-eligible list according to the map online.
What does this mean?
The Virtual Company Licence will allow investors worldwide to do business in Dubai digitally without requiring residence and in accordance with the highest international legal standards. Virtual Company Licence owners can manage all their business-related 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 Sheikh Mohammed 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.
The Virtual Company Licence will enable freelancers and business people worldwide to have access to a regulated e-commerce platform and easily work with Dubai-based companies while also exploring new markets and investment opportunities digitally.
