Virtual Company License for Overseas Investors and Entrepreneurs
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Virtual Company License for Overseas Investors and Entrepreneurs
The government of UAE has introduced a new Virtual Company License aiming to attract foreign entrepreneurs who are eager to explore the business opportunities of UAE sitting in their home country.
Virtual Company License will enable freelancers and business people abroad to have access to a regulated e-commerce platform and easily work with Dubai – based companies and explore new market opportunities.
Benefits of Having a Virtual Company License?
It helps entrepreneurs who work remotely from other nations to expand their reach to the UAE market and leverage the exceptional opportunities UAE offer.
- Low costs and no administrative burden to start and grow your company
- Access to business opportunities in Dubai
- Access to new customers, markets and investment opportunities
The Virtual Company License is a joint initiative of Dubai Economy, Dubai International Financial Centre, General Directorate of Residency and Foreigners’ Affairs (GDRFA), Smart Dubai, and the Supreme Legislation Committee.
The license is focused on three main sectors: Creative industries, Technology, and Services.
The program is eligible for only non-resident individuals to register a company.
The owner has to be the national or the resident of countries that have implemented the convention on mutual administrative assistance in tax matters and share tax information about their citizens and residents.
Applying for Virtual Company License in Dubai
There are 3 steps in applying for the Virtual Company License in Dubai.
Step1: Choosing the Business Activity
There is an extensive list of permitted activities for the Virtual Company License. Your business activity must fall into any of those listed categories to be qualified for the license.
You can check with our consultants for the detailed activity list.
Step 2: Company Name Approval
The company name has to be submitted to the authorities. There is a strict guideline for the naming conventions. Our consultants will assist you in choosing the right naming for your company.
Step 3: License Application
As part of the License Application, one must submit the following documents
- Passport Copy
- Proof of Address
- Proof of tax residency
- A recent photo on white background
- Completed application including your name in Arabic.
- Any previous association with UAE (Previous residence visa, employment details, etc)
For any query on the Virtual Company License process, talk to our experts right away!
Other Business License Types Available in the UAE
License Types for Social Media Influencer in Dubai
To make the profession of social media influencers more legalized and protected, the licensing authorities decided to create a permit for them.
The National Media Council (NMC) is the regulatory body that supports all media-related initiatives and activities in the UAE.
There are two options to get a media license as social media influencer in the UAE
1. Get an Individual License from the NMC
Obtain a trade license from the economic department as a commercial entity willing to do business in UAE. Then get an individual license from NMC.
The license will enable you to freely post and promote blogs and vlogs. You can establish your influencer marketing channel into a full-fledged business with this license type.
2. Get into a Contract with an NMC Certified Agency
Get a contract with an NMC certified agency, it includes a few costs but would be a cheaper option.
It will be almost like working with a large agency, it might hamper your creative and though the process. The agency will be having its own set of requirements, guidelines, and operations.
Freelance Permits are now available in many Free Zones based in Dubai, Abu Dhabi and the other Northern Emirates.
These Permits allow for specialized individuals in the media, technology, and education sectors to offer their services.
Freelancer Permit has helped to boost diverse skills in the UAE market.
Freelance Permits can be obtained from Twofour54, Dubai Media City (DMC), Dubai Knowledge Park (DKP), Dubai Internet City (DIC), Dubai Development Authority (DDA) and Ras Al Khaimah Economic Free Zone Authority (RAKEZ)
How to Apply for a Freelancer Permit and Visa
While applying for the Freelance Permit, if you currently do not hold a residence visa, you must apply for the Freelance Permit with the visa quota.
If you already have a residence visa through your employer, you will need to provide an NOC and the residence visa details.
The freelance visa processing follows the same procedures of the residence visa – entry permit to visa stamping.
You will have the medical examination and followed by submitting the application for Emirates ID.
Once you have your visa, you can apply for sponsoring your dependents. It can be your spouse, child, and parents, or domestic staff.
Freelance Permit issued by Free Zones of UAE is a game-changer. For the younger generation who wish to be entrepreneurs of the future, it is the perfect way to enter the world of business.
To know more, read: Freelance Options Available in UAE
UAE Free Zone Business License
Based on your business activity you can choose the license types from 40 plus free zones of UAE.
There are business setup packages starting from Flexi-desk to Executive office with multiple visa quotas, warehouses, business center access and a host of business benefits.
Free Zones of UAE – Key Benefits
- 100% Foreign Ownership
- No Personal or Corporate Tax
- No Customs Duty
- World Class Infrastructure
- Easy business setup
- Wide range of business activities to choose
- Customs Clearance and Warehouse facilities
- Easy access to the Airports and Seaports
To know more, read: Company Formation in UAE Free Zones
UAE Mainland Licence
LLC Company formation is a lucrative business license type of trading companies and retailers who wish to enter into the local UAE and GCC markets.
You can form limited liability company establishments with a local sponsor holding 51% of shares and the foreign investor can hold up to 49% of the share.
Mainland business establishments – Key benefits
- Ability to trade in the local UAE market and GCC Countries directly without the requirement of local distributors
- Expand your business seamlessly to cater to growing business requirements and demand
- Unlimited visa quotas as your register new offices and warehouses in the mainland
- Diversify your offerings as your business grows, add business activities to an existing license
- Work on government projects and contracts by setting up a mainland company
To know more, read: Mainland Company Formation in UAE
For any further assistance on Company Formation in the UAE, give us a call right away!
Contact: Aurion Business Consultants