Starting of business in Dubai got easier with the recently launched Virtual Company License in Dubai. This new license will permit foreign business owner/investors to set up a business in the city without residing in the UAE! Interested to know more? Keep reading to get some answers regarding the new Virtual Company License and how you might begin a business in Dubai from your region!
WHAT IS A VIRTUAL COMPANY LICENSE?
The virtual company license is a joint initiative of Dubai economy, Dubai International financial centre, General Directorate of Residency and Foreigners Affairs, Smart Dubai, and Supreme Legislation Committee. Dubai Virtual Company License enables overseas entrepreneurs to digitally establish a business in Dubai, without acquiring a residence in the city. People from 101 countries are eligible to apply for a virtual company license.
ELIGIBILITY CRITERIA FOR THE NEW BUSINESS LICENSE IN DUBAI
Here are some of the virtual company license requirements entrepreneurs have to meet to be eligible.
CRITERIA TO START VIRTUAL COMPANIES IN DUBAI
- Virtual Company License applicants cannot be issued to resident of the UAE
- Owners of virtual companies in Dubai must be national or tax resident from any of 101 approved countries. This includes India, Pakistan, Saudi Arabia, Unites States, Canada, Russia, China, Japan etc.
- Only business activities from the pre-defined sectors can set up a virtual business in Dubai. The predefined sectors include service activities related to printing and advertising; computer programming, consultancy and related activities; and design activities in fields fashion, jewellery, interiors amongst others.
Apart from these, virtual company owners in Dubai must remember that their companies will continue to remain subject to corporate, individual income and social taxation of the country where they are based.
The company will be subjected to VAT if the revenue of a virtual company in the UAE exceeds $100 per annum. In this scenario, the virtual company license holder will have to register the company with the UAE’s Federal Tax Authority.
HOW TO APPLY ONLINE FOR THE DUBAI VIRTUAL COMPANY LICENSE
Follow the steps given below to apply for a virtual business license in Dubai:
1. REGISTER YOUR COMPANY
To initiate the process, visit the Dubai Virtual Commercial City’s official website, fill the application form, and provide all the required information. At this stage, you will also need to provide your trade license name and define the business activity that you intend to carry out.
2. UPLOAD YOUR DOCUMENTS
Following are the documents required to apply for a virtual company license:
- A copy of your passport (with more than 3 months validity)
- Proof of address (any utility bill or official letter, not more than 3 months old)
- Proof of tax residency (if you are not from any of the approved countries)
- A recent photograph with a white background (not more than 3 months old)
3. TRACK THE STATUS OF YOUR APPLICATION
The authentication process will start once your application is submitted. The Dubai Government will carry out a background check. This virtual company license verification step can usually take a month, so ensure that all the submitted information is accurate. After the screening process, the owner will receive an email notifying them of either an approval or rejection.
4. CONFIRM YOUR IDENTIFICATION AT VFS GLOBAL
After receiving the approval the owner will need to go in person to VFS Global for identification and passport verification. A visit to VFS Global must be pre-booked by making an appointment from their website or sending an email on email@example.com. A charge of AED 300 + applicable taxes in the selected country, must be paid as a service charge for this step.
5. PAY THE COST OF THE VIRTUAL BUSINESS LICENSE
After successfully validating the identification at VSF Global, owners will have to pay the Dubai Virtual Company License cost. The fee can be paid via ePay, which is the VCC’s official payment gateway, provided by the Dubai Government’s Smart Dubai. The total cost of the Virtual Company License is AED 850, that is, AED 650 per year for the virtual company license and AED 200 for the company name.
For more information on all the details mentioned here, make sure to visit https://primedubai.com/. Call us on +971 52 1054028 or message us on WhatsApp on +971 52 1054028. You can also drop us an email at firstname.lastname@example.org