Dubai is the only city in the world that offers the advantage of establishing a company remotely to foreign investors, through an initiative it launched in 2018, which is the Dubai Virtual Trade City initiative, which facilitates the process of establishing companies in Dubai.
The process of creating Business online in Dubai is relatively simple, especially if the company is registered with the Dubai Economic Department. The first step is to obtain a business license, which can be done online. After that, the company must be registered with the Department of Economic Development. Once these two steps are completed, the company can start operating.
There are a few things to consider when starting an online company in Dubai. First, the company must have a physical address in Dubai. Secondly, the company must have a UAE national as a shareholder or general manager. Third, the company must have a UAE bank account. Fourth, the company must comply with UAE laws and regulations. Finally, the business should consider hiring a professional service provider to help set up and run the business.
Online company formation in Dubai:
Create a company Online in Dubai is a simple and straightforward process. There are a number of e-commerce platforms available to entrepreneurs, and the process of setting up a company on one of these platforms is relatively simple. Once you have registered your business on the e-commerce platform, you will need to obtain a trade license from the Dubai Economic Department. The process for obtaining a business license is relatively simple and can be completed online. Once you have obtained your business license, you will need to open a bank account in Dubai. The process of opening a bank account in Dubai is relatively simple and can be completed online.
Advantages of setting up a company in Dubai:
There are many The advantages of establishing a company in Dubai, including: its distance from artificial islands, self-driving cars, and other unique components that make it one of the most desirable cities to live and work in. and investment. In addition, Dubai is a great city to escape from the pressures of life elsewhere.
Dubai has a strong economic infrastructure that is designed to help business owners take advantage of the many opportunities in the city. The city provides smart electronic services and digital infrastructure, making it easier for business owners to stay connected and manage their companies remotely. There are also free zones in Dubai that do not impose import or export duties, and do not restrict foreign ownership. This makes it an ideal place for foreign investors to own 100% of the company.
If you are a startup owner looking to grow or a founder looking to expand your business, Dubai is an ideal location, as it is a trade gateway between East and West filled with entrepreneurs, expats, tourists and shopaholics. In addition, it is one of the most important global centers for attracting exhibitions and conferences, which makes it a huge international market.
Dubai has a very stable economy - socially, politically and economically. In fact, Dubai has outperformed other cities during the pandemic by maintaining prosperity. The Dubai government is constantly working to ensure that businesses have a safe and profitable environment, by developing laws and regulations that support investment and growth. In addition, Dubai has made it easier for companies to operate - with long-term visas and low-cost set-up processes.
What is the Dubai Virtual Company license?
The Dubai Virtual Company License is a license that allows business owners to establish their business in Dubai digitally, with full legal recognition. This license allows foreign businessmen from more than a hundred countries to establish their businesses in the emirate in pre-defined sectors related to innovation, technology and services.
The initiative allows the completion of Establishing a company in Dubai for foreigners remotely, including submitting and signing documents, which saves the burden of moving on the founder and requires lower costs compared to establishing a company in Dubai by road traditional. However, the permitted legal form for virtual companies is sole proprietorship, which means that the company is 100% owned by one individual who controls all its operations, reaps all profits, and takes responsibility for paying debts and any material obligations.
The company indicated that it has a license that grants it the governing controls, including that the license does not automatically open a commercial bank account in the UAE. However, it will facilitate the account opening process for businessmen in accordance with the controls of each bank. The company's revenue is also subject to value-added tax at a rate of 5% per annum, and the company is still subject to the taxes of the country where the founder resides. In addition to the above, the license does not grant a work, visit or residence visa to any of the company members who guarantee their arrival in the United Arab Emirates.
Countries where the default license can be obtained:
The official website of the initiative contains a heat map indicating which countries are eligible to participate and which are not. We can see from the map that many countries in Europe, Asia and North America are eligible, as well as some GCC countries, Palestine, Lebanon, Tunisia and Morocco.
Includes business activities permitted in the virtual license that allows foreigners to establish a company in Dubai has three main sectors:
- Computer programming sector: designing software and communication devices, developing chips, creating web designs, running social media campaigns, developing social media applications, creating cyber security.
- Design sector: fashion design, interior design, painting and calligraphy, product design, advertising and printing.
- Advertising and Printing Sector: Typesetting, designing promotional cards and gifts, color separation, letter arrangement (typesetting), bookbinding.
Open a corporate account online:
Dubai is a great place for foreign investors and business owners to set up shop. Opening a corporate bank account in Dubai is an easy and straightforward process, as long as you have the proper paperwork. Itqan can help you get started by providing the documents needed to open a bank account. During the account opening process, bankers may ask for more information or request additional documents to be provided.
List of usual documents for opening a bank account in Dubai, UAE:
- Copy of trade license.
- Copy of MOA / AOA;
- Copy of share certificate;
- Copy of Certificate of Incorporation;
- Copy of the shareholder's passport page with UAE entry stamp;
- Copy of the shareholder's Emirates ID (if the shareholder resides in the United Arab Emirates);
- Copy of the visa page for the shareholder (if the shareholder is not resident in the UAE);
- List of some potential/existing clients;
- Copy of shareholder bank statement (not older than 6 months);
- Copy of shareholder utility bill with proof of address;
- Copy of corporate legal documents and bank statements (for the shareholder if they have other companies outside the UAE).
How do you find the right team to help build your new online company?
Fortunately, freelancing made it possible to find a qualified team through the use of freelance platforms. Moustakal is one such platform that allows companies to find professionals in a wide range of fields.
The platform features a large pool of talented freelancers who are eager to work for companies of all sizes. This way, your new company can find the resources it needs without having to compromise the rights of either party.
For more information, you can contact with our team to get To consult and assist you in starting your business in the most important cities in the world economically. Our company provides many services in the field of establishing companies in Dubai and for all Gulf and foreign investors.
