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How to Set Up a Virtual Company in Dubai and Its Advantages
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UAE Dubai is famous for expanding opportunities for entrepreneurs. They attract expatriates from different countries where suitable conditions for business have not been created or the chosen niche is occupied. They create the conditions to bring new, promising business ideas and innovations to life. The feature of the new program is that foreign investors or business owners who do not live in UAE Dubai can engage in entrepreneurial activities.
It is important to note that the issuance of a permit for the right to implement projects has become possible thanks to the joint initiative of various government departments in Dubai. Which departments participated in the decision:
An important addition is that they do not need to obtain a residence permit. Owners of foreign companies from different countries, whose list is approved at the government level, can take advantage of unique opportunities. The program is designed for the development of specific areas of the economy, which will be detailed below.
It's no secret that Dubai is on its way to being recognized as the city of the future. Recently, a plan was announced for the creation of the world's largest economically developed center within 10 years, where the latest virtual technologies will be used. The introduction of the Dubai virtual company license is one of the main steps towards this goal. It was initiated by the President and government of UAE Dubai.
According to experts, the uniqueness of virtual licenses is that the business owner does not have to leave their main place of residence. Anyone can issue a permit to do business from anywhere in the world if a number of conditions are met.
License holders have the opportunity to access the thriving economy of UAE Dubai without being present in the country. The license provides access to the economic resources of a wealthy region and an easy way to organize business processes with low fees and minimal costs.
Individuals who dream of starting a profitable business from home without making a large investment can benefit from the license. It can be used instead of a residence visa. Entrepreneurs can start implementing their project without obtaining a freelance work permit.
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To receive a guaranteed virtual company license, it is important to pay attention to the entrepreneur's compliance with a number of requirements. They include:
If you have become the owner of a virtual license, you need to keep in mind that the business activity will be subject to different types of taxes in the country where it is officially registered.
If the annual income of the business project exceeds $100,000, a 9 percent tax will be levied. This is called value-added tax in UAE Dubai. To conduct legal activities, the entrepreneur is obliged to officially register the company with the Federal Tax Authority.
It is important to consider that setting up a virtual company in Dubai is only possible in specific sectors approved at the government level. Among them are the creative industries, the service sector, and promising and rapidly developing technology industries.
The application process is simplified as much as possible for the convenience of the applicants. To start, they only need a laptop and a good Internet connection. Officially, investors and businesspeople from 101 countries can apply to the Dubai Economy Department for a permit to establish a virtual company.
The entrepreneur first needs to come up with a suitable name. In UAE Dubai, there are a number of restrictions regarding its selection. In short, it is unacceptable to use names containing offensive language and religious terms. You should not opt for well-known abbreviations. Additionally, it is desirable to specify the full form, not the abbreviated version. Make sure the chosen name is available before you start filling out the license application.
Registration must be done through the project's website supported by the UAE Dubai government. It is called the Virtual Commercial City of Dubai. You can find the abbreviated name DVCC in various sources. The online registration form is available on the website.
What documents should be prepared for upload:
It is important that the documents have a validity period of at least 3 months.
You will also need to provide the results of a background check. The verification process takes 1-30 days. This practice is common all over the world to eliminate document forgery and to determine the reliability of an entrepreneur.
It is important to track the application so as not to miss the moment when the approval will be granted. In about 30 days, an official letter will be sent to the applicant via email.
The cost of a virtual license in Dubai is not fixed. It varies according to the validity period of the business permit. For example, the cost of a 1-year license is $533. The cost consists of a 200 dirham UAE Dubai entry fee and $950 for obtaining the permit. The cost of a 2-year license is $1100, and a 3-year license will cost $2489.
If you feel that applying online is not secure or if you have any other concerns, you can apply for a licence through World Company Setup's office centres. You can also find information about their locations on the website.
+90 542 381 3868
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