Dubai Economy will be at the Gitex Technology Week being held at the Dubai International Convention & Exhibition Centre (DICEC), 6-10 October 2019, with the recently launched ‘Virtual Commercial City’ initiative as the centerpiece of its participation. Launched in line with the 3^rd article of the 50-Year Charter of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Virtual Commercial City offers a ‘Virtual Company Licence’ that allows non-residents to do business in Dubai digitally and in accordance with the highest international legal standards.

Visitors will also see a series of smart initiatives from Dubai Economy at Gitex this year, including services and projects being implemented by its various business units and agencies, to facilitate doing business, improve efficiencies and accelerate digital transformation.

“We are delighted to be part of GITEX Technology Week 2019. As the region’s premier event, it is an ideal platform to present the Virtual Company Licence to businesses and investors across the Middle East and all over the world. It will enable us to explain the concept, mechanism and requirements of the virtual licence, the application process and how it allows to do business digitally in three key sectors, namely, creative industries, technology and services,” said Omar Khalifa, Deputy CEO of the Business Registration & Licensing (BRL) sector in Dubai Economy.

“Dubai Economy is keen to offer new solutions and opportunities for business communities locally and worldwide. The Virtual Company Licence presents a unique platform to conduct business in Dubai digitally and remotely without having to reside in Dubai. It’s an important initiative that constitutes to improving business and investor confidence in Dubai, reduces cost of doing business and opens new prospects for business competitiveness and growth in Dubai and across the UAE,” added Khalifa.

Residents of Dubai already have the facility to engage in home-based and digital business activities across social media platforms by virtue of the ‘DED Trader Licence’ of Dubai Economy. Overall, 400 business activities are now covered under the DED Trader licence. Khalifa said the goal of Dubai Economy is to ensure that the business community in Dubai can go past obstacles and do their business easily, transparently, and competitively.

“Visitors can get more information on the Virtual Company Licence from our team that will be present at the Gitex Technology Week across all five days. Businessmen and investors from 101 countries can already apply for the Virtual Company Licence through the website www.vccdubai.ae or through the offices of VFS Global across 11 locations worldwide,” said Khalifa. Headquartered in Dubai, VFS Global is the world’s largest technology services specialist for governments and diplomatic missions worldwide.

The virtual city is designed in full compliance with international agreements that Dubai and the UAE are party to. The programme allows only verified non-resident individuals to register a company, and the owners of such companies have to be the nationals or tax residents of the countries that have implemented the Convention on Mutual Administrative Assistance in Tax Matters and share tax information about their citizens and residents. Virtual Company Licence owners can manage all their business-related activities, including document signing and submission digitally, and the signatures are legally binding in the UAE.