His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, today launched the 'Virtual Business License', the first of its kind in the region, as part of the implementation of the 50th document issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE. Prime Minister and Ruler of Dubai, at the beginning of this year, specifically the third item, which is 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 from Dubai.
The Deputy Ruler of Dubai said that the process of developing 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 Prime Minister of the UAE and Ruler of Dubai. In the past few months, a number of influential decisions and initiatives have been taken to keep pace with the global developments and use its data to confirm Dubai's leadership and establish itself as one of the most important economic centers. In the world.
His Highness explained that the strength and integration of 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, while Dubai continues to keep pace with this development with a keen interest to take advantage of the new features of technology to serve its strategic interests as well as the interests of its business partners of different sizes and diversity of activities.
The virtual business license, the fruit of cooperation between the Dubai economy and the General Directorate of Residency and Foreigners Affairs - Dubai, the Dubai International Financial Center, the Supreme Legislation Committee - Dubai and Dubai Smart City, focuses on three key sectors: creative industries, technology and services. There are many rewarding opportunities for investors around the world to work digitally in Dubai remotely without the need to reside in it, a feature that in itself is one of the most important elements that raise confidence in the reality of business and investment and reduce the cost of starting a business, and open new horizons for growth and business competitiveness. Dubai and the UAE in general.
Dubai Economy will start receiving applications from businessmen and investors as well as those who want to start their virtual business from 101 countries, through the website or through the offices of VFS Global, which is located in more than 11 locations around the world, and VFS Global is one of the 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.
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 This launch is a testament to our role in shaping 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. For the next generation N business. "
"The launch of the Virtual Business License confirms Dubai's economic endeavors to overcome obstacles to the private sector, which is a strategic partner in sustainable development, and that doing business in Dubai has become one of the simplest measures for other businessmen and investors around the world." Public and private sector within Dubai's diversified economy and strengthening the emirate's position as a global destination for finance and business. '
It is noteworthy that the design of the virtual business zone takes into account the 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. Companies owners are required to reside in those countries that have signed the assistance agreement. The names and owners of registered companies will be available on the virtual public platform in recognition of the principle of transparency. Virtual business owners will be able to operate and digitally manage their activities without having to travel to Dubai, for example: digitally sign and sign contracts and documents with potential partners, which are legally binding in the UAE.