Dubai has introduced its first ‘Virtual Policy’ to allow investors from across the world to do business there without acquiring a residence. Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, the Deputy Ruler of Dubai, announced this on Tuesday.
He said that the decision was in line with the ambition of Sheikh Mohammed Bin Rashid Al Maktoum, Prime Minister of the UAE and Ruler of Dubai, to build a ‘Virtual Commercial City’ in Dubai.
What is a Virtual Company Licence?
Under this initiative, interested firms will be issued a ‘Virtual Company Licence’ which will let them run their businesses digitally without any physical presence.
The owners can fulfill all the business-related requirements online, including the signing and submission of essential documents without having to appear in person. Note that the signatures are legally binding in the UAE.
The vision of Sheikh Mohammed Bin Rashid and the directives of His Highness Sheikh Hamdan Bin Mohammed have helped Dubai stand among the world’s best business environments in the world, he said.
Who Can Apply?
According to the Deputy Ruler of Dubai, companies associated with the creative industries, technology and services sectors can apply for the license.
This will allow them to operate their business activities in Dubai without having to be in Dubai.
He mentioned that the program is only meant for verified non-residents of Dubai.
The official website has presented a heatmap categorizing the eligible and non-eligible countries across the world.
Currently, eligible countries include:
- Saudi Arabia
- North Americas
- South Africa
Countries whose residents cannot apply for the license include:
- Sri Lanka