Recent updates in UAE
Jay Krishnan, Partner
World Logistics Passport
The world logistic passport is the recent initiative by the government of UAE, which is a part of the implementation of the first phase of the Dubai Silk Road strategy. It offers certain operational and financial advantages to businesses, specifically the ones into shipping.
The passport aids in connecting government bodies, such as Dubai Customs and Dubai Trade, with logistics service providers like DP World and Dnata, and it also eases the process of commercial transactions among different authority bodies in the city.
With the passport, Dubai’s products, services and integrated transportation systems will witness a rise in its demand. It will also enhance the roles played by Dubai customs in trade, regional as well as global.
According to Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, said, “Dubai’s sophisticated logistics services will further enhance its value offering for investors and businesses by saving time and effort and reducing their operational costs. This is a powerful tool that will eventually lead to increased revenues. We are keen to offer investors and businesses new advantages in conducting global trade.”
Nine initiatives and 33 projects will be included in the strategy. This will be in collaboration with authorities that include Emirates airlines, Dubai Airports, Dubai South, Dubai Free Zones (DFZ) Council, Dubai Maritime City Authority, Dubai Roads and Transport Authority, DP World, Dubai Municipality and Jebel Ali Free Zone.
With the recently launched virtual scheme, residency in Dubai is no more mandatory for you to obtain a license. The first of its kind, virtual license is granted to individuals who don’t stay in Dubai, at a cost of Dh850 per year. For two-year visa one will have to pay Dh1,508, and Dh2,161 for three years.
Nationals of countries that have double taxation avoidance agreement with UAE can avail virtual license. According to the Dubai Virtual Commercial City, “Dubai Government authorities are working on a simplified visa process for the holders of virtual company licence. A virtual company licence doesn’t automatically guarantee a business bank account in the UAE and it will at the discretion of the commercial banks. However, we can facilitate access to account opening process.”
Virtual companies can conduct selected professional activities that include services related to printing and advertising; computer programming, consultancy and related activities; and design activities.
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