Dubai Virtual Commercial City (vcc)

[user9823671]

https://vccdubai.ae/
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?

 

[patituanez]

The type is "sole proprietor", right? Not LLC/LTD

 

[Spinat]

Looks not to bad if it is a real service and not a scam.

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.

But you are right, no information about pricing nor how to contact them or what to do!! strange service!

 

[user9823671]

The type is "sole proprietor", right? Not LLC/LTD

I got the impression from a quick read was more for freelancers / one person business types, not 100% sure though

 

[curiousmarv]

Some news article about this thing:
https://gulfnews.com/business/dubai...siness-people-and-freelancers-1.1569863099064

 

[WoWNull]

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!

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

 

[Spinat]

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.

 

[WoWNull]

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 .

 

[WoWNull]

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.

 

[pinkshores]

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!

 

[WoWNull]

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!

you need to call ded - +971 4 4455555 and then ask for virtual license

 

[Martin Everson]

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.

 

[Martin Everson]

Trying to figure out one advantage vccdubai setup...but can't.

https://vccdubai.ae/Page/how_do_i_qualify_for_a_virtual_company_business_li.aspx

• 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.

 

[WoWNull]

Otherwise its a complete white elephant of a project.

it is somehow, but its still new and even customer service dont have that much information, banks are still without preparation for it.

Trying to figure out one advantage vccdubai setup...but can't.

https://vccdubai.ae/Page/how_do_i_qualify_for_a_virtual_company_business_li.aspx

• 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.

yes that why i mention this

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.

 

[sub0]

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!

 

[WoWNull]

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

 

[Spinat]

Trying to figure out one advantage vccdubai setup...but can't.

https://vccdubai.ae/Page/how_do_i_qualify_for_a_virtual_company_business_li.aspx

• 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.

So we are back to Georgia and the few other countries which are not participating in the CRS game or what you think?

 

[funk]

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.

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.​

 

[WoWNull]

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.

Yes, true.
Its only if you need to have the name as dubai license that's all

 

[Martin Everson]

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