Dubai launches virtual business license for non-resident entrepreneurs and freelancers in 101 countries
Today, the Emirate of Dubai has launched a license for businesses that is virtual allowing all freelancers, investors, and entrepreneurs to do business in Dubai digitally without requiring residence in the Emirate. This launch was announced by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum (Deputy Ruler of Dubai) yesterday.
The license, per the statement, will enable freelancers and businesses worldwide to have access to a regulated e-commerce platform (apparently DubaiStore.com) and easily work with Dubai-based companies in accordance with the highest international legal standards.
The statement notes that the initiative is expected to attract more than 100,000 companies.
The Sectors
According to the website of DVCC, it is available for businesses and freelancers operating in three sectors.
Computer programming, consultancy, and related activities:
Computer Systems & Communication Equipment Software Design, Electronic Chips Programming, Web Design, Social Media Applications Development & Management, Cyber Security Architecture Public Networking Services, Cyber Risk Management Services Auditing, Reviewing and Testing Cyber Risks, Managed Cyber Security Services Provider, and Marketing Services Via Social Media.
Design activities:
Fashion Design, Jewelry Design, Design Services (interior design, garden design), Calligraphers & Painters, and Product Design.
Service activities related to printing and advertising:
Books Binding, Typesetting Services, Color Separation Services, Design & Artwork Services, Greeting Cards Production & Distribution Services, and Promotional Gifts Preparing.
Will the license holders also get a bank account?
Opening a business bank account in UAE is not easy even for the businesses/startups that are registered in the country’s free zones. So it will obviously be more difficult for those with this virtual license.
The website of Dubai Virtual Commercial City explains that the Virtual Company License does not guarantee a business bank account in the UAE, “Bank account opening will be at the discretion of commercial banks. However, we can facilitate access to account opening processes.”
What about visa(s)?
“A Virtual Company License does not automatically guarantee physical access to the UAE to be it in the form of a business or visitor or resident visa to any of the company’s partners, directors or employees. However, Dubai Government authorities are working on a simplified visa process for the holders of Virtual Company License.”
How to apply?
The applications can be submitted online on Dubai Virtual Commercial City or through VFS offices all over the world. The authorities involved will take up to 30 days for a background check and then will have the business/individual complete the rest of the documentation before they’re given the license.
How much does it cost?
The license will cost $231 (AED 850) for one year, which includes a $54 (AED 200) startup fee for sole proprietorship and $177 (AED 650) for the license. The two-year license will cost $411 (AED1,508) and three-year $589 (AED 2,161).
