Dubai rolls out virtual business licences for global investors

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Source: The National

Dubai rolled out on Monday virtual commercial licences that allow investors from across the globe to establish commercial operations without the need to set up a base in the emirate as it looks to boost foreign direct investment.

“This licence is the first of its kind and you can get this without [the requirement of] residing in Dubai,” Sami Al Qamzi, director general of Dubai Economic Department told the delegates at the launch of Dubai Investment Week. “The initiative corresponds with the third article of Dubai’s 50-year charter, which promises policies and initiatives that will ensure progress, growth and Dubai’s sustainability and prosperity.”

Under the new arrangement, investors can obtain a virtual commercial license from anywhere in the world, including opening bank accounts and securing e-residencies. The virtual commercial city aims to attract at least 100,000 companies from across the globe.

The fifth edition of Dubai investment Week, a series of conference and meetings, under the theme of Investing in the City of the Future, highlights opportunities for international investors to invest in innovation as the emirates pushes its economy into the new phase of sustainable growth driven by emerging technologies.

“Dubai is keeping pace with investors’ expectations, innovations and emerging technologies,” Mr Al Qamzi said, adding that a multitude of international indicators in recent years have ranked Dubai at the forefront of the drive for innovation and economic diversification.

In May, the UAE overall was ranked among the top five competitive economies out of 63 countries ranked by IMD business school in its World Competitiveness Rankings. The country now ranks first globally for business efficiency, as its economy made advances in productivity, digital transformation and entrepreneurship.

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