Dubai launched a region first Virtual Company Licence for entrepreneurs in the three sectors of creative industries, technology and services, to incorporate a virtual company in the UAE.
The joint initiative between Dubai Department of Economic Development, Dubai International Financial Centre, General Directorate of Residency & Foreigners’ Affairs, Smart Dubai and Supreme Legislation Committee reflects the UAE leadership’s commitment to ensuring continued and sustainable growth for the private sector, as well as enhancing the ease of conducting business in the country and beyond.
Entrepreneurs can avail of the opportunities to be a part of the local economy, whilst not having to setup a physical presence in the country and the associated costs with maintaining a residency amongst other things.
As one will note, this is not quite an offshore entity, but also not technically an onshore company, existing in between both legal statuses, with neither the full advantages of either, lacking in an allowance of residency, yet with the provision to conduct business activities within the country.
Nevertheless, this forward-looking initiative is not to be taken lightly, for there exists certain segments of entrepreneurs that could find this structure appealing, and accordingly see fit to incorporate such for their businesses.
If you are an individual that might have use for such a license and would like to know more, do get in touch with Freemont for further clarifications today.
