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?
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Dubai Virtual Commercial City (vcc)
- Thread starter user9823671
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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?
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!
But you are right, no information about pricing nor how to contact them or what to do!! strange service!
I got the impression from a quick read was more for freelancers / one person business types, not 100% sure though
Some news article about this thing:
gulfnews.com
Dubai: 'Virtual Company Licence’ for non-resident business people and freelancers
Virtual Company Licence will allow investors worldwide to do business in Dubai digitally
gulfnews.com
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.
ref : Dubai launches virtual company licence, costs Dh850
but i dono why they make it =_=, no bank account, also even for me as residence i cant apply for it hhhh because its required to be outside, anyhow this is new license and things will be clear next week, I may call them 2moro and check what is the updates about it
also, this is a reference website
https://vccdubai.ae/Page/register_your_company.aspx
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.
I just call them, its ok for applying but not all banks have process for it so you may get license but no bank account, also as per the website there is some information about residence tax country so this need to be take care about, as the Government they will not take taxes on income.
Also for resident ppl are not allowed to apply .
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.
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.
This 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!
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!
you need to call ded - +971 4 4455555 and then ask for virtual license
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.
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.
it is somehow, but its still new and even customer service dont have that much information, banks are still without preparation for it.
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.
i 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!
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 new
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.
Currently company account for VCC dubai seems impossible. Just had a word with someone I know at CBD bank and he said that they are not even opening bank accounts for freezones so VCC company accounts are impossible with their bank.
My opinion: Dubai banks are not interested in working with VCC company as they will have to do lot of backoffice compliance like CRS reporting, AEOI etc and that compliance is not worth their business time. Until and unless government steps in with a mechanism of providing bank account to VCC companies it makes no sense to start such a company. Also, website clearly mentions "A Virtual Company License does not automatically guarantee a business bank account in the UAE." which means that you are on your own when it comes to banking.
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.
Why does Dubai always get these things wrong. I know the ruler of Dubai is a brutal guy whose own wife is seeking asylum in London and daughter is in jail for trying to escape Dubai but someone needs to tell that skinny a*s old twat dictator not to approve such projects in future.
P.S I'm not expecting any feedback from our Dubai resident friends as they will probably be locked up after reading this
P.S I'm not expecting any feedback from our Dubai resident friends as they will probably be locked up after reading this
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