Just saw this, maybe is new (or just new to me). Not that much info on the site and some dead links. Maybe is similar to estonian e residency. Couldn't find out much about the tax situation.
Thoughts?
As a holder of a virtual license, VCC can facilitate access to bank account opening services with participating banks. However, banks will use their own discretion in opening and managing bank account services. Having a virtual company license does not guarantee a bank account for you or your company.
I got the impression from a quick read was more for freelancers / one person business types, not 100% sure thoughThe type is "sole proprietor", right? Not LLC/LTD
The virtual license costs Dh850 ($233) for one year which includes a Dh200 startup fee for sole proprietorship and Dh650 for the licence. While two-year licence will cost $411 (Dh1,508) and $589 (Dh2,161) for three years.Looks not to bad if it is a real service and not a scam.
But you are right, no information about pricing nor how to contact them or what to do!! strange service!
Would be great to learn much more about all of this. If it is a way to kick start a business setup in Dubai it would be awesome. The pricing you listed seem to be reasonable.
you need to call ded - +971 4 4455555 and then ask for virtual licenseThis can be an interesting setup. The website sucks, and the emails dont work. I tried to register a few days ago and got errors in the server. I have successfully applied today. Lets see what happens. I also emailed regarding a bank account.
Can someone give me some insight on this proper setup. If you are a tax resident in Malta (or another country which doesnt tax income generated outside and not remitted back to country), you can open this and do all your invoicing through this company in UAE. Hopefully to get a bank account in UAE and the setup would be a good one for a business. Please correct me if i am wrong in any way? Also, can someone supply the phone number of this organisation? I could not find a phone number to call and inquire!
it is somehow, but its still new and even customer service dont have that much information, banks are still without preparation for it.Otherwise its a complete white elephant of a project.
yes that why i mention thisTrying to figure out one advantage vccdubai setup...but can't.
- Virtual companies remain subject to corporate, individual income and social taxation in the country of incorporation and/or residence, depending on the location of economic activities and international tax agreements.
- Virtual companies operate in a transparent manner including a full public registry of the names of the owners, which will be shared with the tax authorities of relevant jurisdictions upon request.
small note
EU to remove UAE from tax haven lists
reff : EU to remove UAE from tax haven lists
so just check if uae licenses can help u anymore or no.
Yes non have any information and this is what DED tell me when i call them they said it will take time and it's newi called MashreqBank UAE, EMiratesNBD and RAK Bank UAE - none of them has any information regarding this new type of license, MashreqBank particularly also provided me email id to send them Virtual Dubai license so they can have a look at it. I believe it requires more time to make things clear. However, it looks interesting. If any of you get more information on this please post here. Thanks!
So we are back to Georgia and the few other countries which are not participating in the CRS game or what you think?Trying to figure out one advantage vccdubai setup...but can't.
- Virtual companies remain subject to corporate, individual income and social taxation in the country of incorporation and/or residence, depending on the location of economic activities and international tax agreements.
- Virtual companies operate in a transparent manner including a full public registry of the names of the owners, which will be shared with the tax authorities of relevant jurisdictions upon request.
Sounds interesting but yeah you need to know 100% what banks or EMI's are available - at least 2-3. Otherwise its a complete white elephant of a project.
Yes, true.As @Martin Everson correctly said this project is a white elephant where lots of people will end up losing money to Dubai govt in licensing fees.