Dubai virtual licenses set to attract investments, 100,000 firms worldwide

The virtual commercial license is the first set of services offered under the Virtual Commerical City (VCC) program

  
Image used for illustrative purpose. Employment in Dubai's non-oil private sector rose only fractionally in May, well below the long-run trend.

Image used for illustrative purpose. Employment in Dubai's non-oil private sector rose only fractionally in May, well below the long-run trend.

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A new license rolled out by Dubai will now enable investors worldwide to start commercial operations in the emirate without having to set up a base.

The virtual commercial license is the first set of services offered under the Virtual Commerical City (VCC) program. The commercial licences will give businesses access to use a regulated e-commerce platform and work with Dubai-based companies, while also exploring new markets and investment opportunities digitally.

The new initiative, launched by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, enables investors to open bank accounts, secure e-residences and will essentially focus on three main sectors including creative industries, technology and services.

The license, a joint initiative of Dubai Economy Department, Dubai International Financial Centre (DIFC), General Directorate of Residency and Foreigners’ Affairs (GDRFA) and Smart Dubai, is expected to drive in more foregin direct investment as it plans to attract at least 100,000 companies globally.

“This licence is the first of its kind and you can get this without [the requirement of] residing in Dubai. The initiative corresponds with the third article of Dubai’s 50-year charter, which promises policies and initiatives that will ensure progress, growth and Dubai’s sustainability and prosperity,” Sami Al Qamzi, director general of Dubai Economic Department said in a statement.

Dubai Economy will start receiving applications for the Virtual Company Licence from businessmen and investors in 101 countries through the website www.vccdubai.ae or through the offices of VFS Global across 11 locations worldwide.

(Writing by Seban Scaria, editing by Mily Chakrabraty)

(seban.scaria@refinitiv.com)

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© ZAWYA 2019

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