Dubai unveils virtual company licences

Dubai has introduced virtual commercial licences for non-residents.

They allow investors from just about anywhere in the world to do business in the city even if they don't live there.

The new initiative also lets non-residents open bank accounts and secure e-residencies.

The announcement is aligned with the third Article of the UAE's 50-Year Charter, which aims to build a ‘Virtual Commercial City’ in Dubai.

It was unveiled at the launch of Dubai Investment Week by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai.

تنفيذاً لوثيقة الخمسين التي أصدرها صاحب السمو الشيخ محمد بن راشد آل مكتوم فيما يخص البند الثالث المختص بإنشاء أول منطقة تجارية افتراضية، أطلقنا اليوم "الرخصة التجارية الافتراضية" لثلاثة قطاعات رئيسية وهي الصناعات الإبداعية والتكنولوجيا والخدمات. pic.twitter.com/k5tHIAXFc6

— Maktoum Bin Mohammed (@MaktoumMohammed) September 30, 2019

The move is expected to attract more than 100,000 companies to Dubai and offer new opportunities for innovators and local companies.

It's also aimed at accelerating economic activity and the knowledge economy in the emirate.

Dubai Economy says it'll start receiving applications for the licence from businessmen and investors through the website www.vccdubai.ae or through VFS Global offices across 11 locations worldwide.