HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, has launched the “Virtual Business License”, the first of its kind in the region, within the framework of the implementation of the “Fifty Document” issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, at the beginning of this year, specifically the third item, which is related to the establishment of the first virtual commercial area, through which will be granted virtual business licenses without requiring residence in Dubai, in accordance with the highest international legal regulations to conduct business digitally, starting from Dubai.

first place

The Deputy Ruler of Dubai said that the development of the business environment in Dubai is making great strides in modernizing the economic regulatory frameworks to reach the first position among the best business environments in the world, thanks to the vision and directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Chairman of the Board His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, has taken a number of influential decisions and initiatives to keep pace with the global developments. As one of the most important maracas G economic world.

Infrastructure

His Highness explained that the strength and integration of the infrastructure in Dubai, which is one of the finest and most reliable in the world, has contributed to open unlimited prospects for the future development of our economic capabilities, especially as the rapid technological development has contributed to fundamental changes in the concepts and rules of doing business around the world, in When Dubai continues to keep pace with this development, with a keen interest to take advantage of the new features of technology in the service of strategic interests, as well as to serve the interests of business partners of different sizes and diversity of activities.

Looking ahead

Sami Al Qamzi, Director General of Dubai Economy, said: “Dubai Economy is proud to establish the first virtual commercial zone in the region, which will provide virtual business licenses for digital business, without requiring physical residence in Dubai, in cooperation with the General Directorate of Residency and Foreigners - Dubai ».

He continued: “This launch comes to emphasize our role in foreseeing the future of business and implementing the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai,” pointing out that this achievement constitutes a qualitative leap in the concept of doing business and a major attractive station. For the next generation of entrepreneurs.

Al-Qamzi stressed that the launch of the Virtual Business License confirms Dubai's economic endeavors to overcome obstacles to the private sector, which is considered a strategic partner in sustainable development, and that doing business in Dubai has become one of the simplest procedures for other businessmen and investors around the world. It will also enhance public-private partnership within Dubai's diversified economy and enhance the emirate's position as a global financial and business destination.

Three segments

The virtual business license, a collaboration between the Dubai Economic Department and the General Directorate of Residency and Foreigners Affairs in Dubai, the Dubai International Financial Center, the Supreme Committee for Legislation - Dubai and Dubai Smart City, focuses on three key sectors: creative industries, technology and services. This gives many rewarding opportunities for investors around the world to work digitally in Dubai remotely, without the need to reside in it. Emirate of Dubai and the UAE in general.

Receiving applications

Dubai Economy will start receiving applications from businessmen and investors who want to start their virtual business from 101 countries through the website www.vccdubai.ae or through the offices of VFS Global, which is located in more than 11 locations around the world. Major companies specialized in providing technological services to governments and diplomatic missions, based in Dubai.

The virtual business license will play a role in attracting more than 100,000 companies, which will open the door for many local companies of an innovative and innovative nature to expand their business, to support the future of the knowledge and business economy in Dubai.

Signatures are legally binding in the UAE

The design of the Virtual Business Zone takes into account international agreements to which the UAE and Dubai are a party. Individuals who do not reside in Dubai will be able to obtain a virtual license once their data is verified. Company owners are required to reside in those countries that have signed the Mutual Administrative Assistance Agreement on tax matters, and the names and owners of registered companies will be available on the virtual public platform in recognition of the principle of transparency.

Dubai Economic Department explained that the owners of virtual business licenses will be able to conduct their activities and manage them digitally without the need to travel to Dubai, for example: documenting and signing contracts and documents digitally with potential partners, stressing that these signatures are legally binding in the UAE.