The way COVID-19 has changed the process of business setup in the UAE is noteworthy as it led to the emergence of certain sunrise sectors. Even though the pandemic nearly crushed many of the traditional industries such as hospitality and tourism, sectors such as virtual education leveraged the lockdowns and social distancing norms. Even though virtual education platforms were in existence before the pandemic, the demand surged post-pandemic.
The demand for online education is witnessing an uptrend among both children and adults. The online education services industry is still in a nascent stage in the UAE, which means the investors can be upbeat about profitability. If you want to leverage the opportunities in this sector, obtain a virtual education license from the Ras Al Khaimah Economic Zone (RAKEZ) free zone. This article deals with the benefits, requirements and features of the RAKEZ virtual education license. Read ahead.
Cost of RAKEZ Virtual Education License
The cost of the RAKEZ virtual education license package starts from AED 10,500, which is cost-effective for investors and entrepreneurs. The RAKEZ virtual training license comes in both one and three-year packages which provides much flexibility for you as an entrepreneur. The three-year visa package comes with a free all-inclusive UAE visa. Also, RAKEZ guarantees that the license holders can enjoy the same renewal rate for life. If the cost of the RAKEZ online training license seems attractive, you can consult with business consultants in the UAE to proceed further.
Activities under Virtual Education License
The digital twist to education has made it easier for educators to deliver their services to their target audience. The RAKEZ virtual training license has brought all the major educational activities under a single umbrella. They are
- Virtual Tutoring for tutoring students
- Virtual Training for training professionals of all backgrounds
- Virtual Education Consultancy to provide solutions for institutions
- Virtual Test Preparation to coach and prepare students for various examinations
Opportunities in RAKEZ Academic Zone
RAKEZ Academic Zone licenses and regulates the education businesses in the free zone. The Academic Zone was established to attract qualified educational institutions and service providers that are committed to delivering market-driven, educational, training and professional development services. The RAKEZ Academic Zone offers cost-effective solutions and services to investors who want to set up online training institutions in the UAE. Investors are provided with options to lease or build a facility, depending on their business requirements.
Enjoy Access to RAKEZ Compass Co-working Space
Obtaining a virtual education license from RAKEZ solves your worries of setting up an office space. The entrepreneurs can rent suitable co-working spaces offered by the RAKEZ Compass co-working space. The shared working spaces in RAKEZ Compass come with facilities such as open workspaces, private workspaces, meeting rooms, café, fun areas, event spaces. Moreover, the entrepreneurs can access a sophisticated recording studio, which is critical for the functioning of virtual education businesses.
Growth Prospects of E-learning Sector
Online learning was in demand even before the unexpected onslaught of the Coronavirus. Market experts predict the online learning market will rise to reach USD319 billion in value by the end of 2025. In 2019, around 120 million adults were engaged in online learning but it spiked to 180 million at the end of 2020 thanks to the pandemic.
However, this global demand for digital education has not translated to the Middle East, as the region accounts for only 1.5 percent of the 180 million students. This statistics is exciting for foreign investors as it allows them to hit the market first and pioneer it. Furthermore, another report states that major international players in the EduTech sector have seen a five-fold jump in the number of subscribers to their platforms from the Middle East in 2020. This adds to the shine of the online learning sector and RAKEZ virtual education license is your entry point to business success.
How to Obtain RAKEZ Virtual Education License?
Obtaining a RAKEZ virtual education license is easier and involves minimal approvals as it’s a free zone license. The license can be obtained in the following steps:
- Select the activity
- Identify the legal structure
- Submit company name options
- Apply with required documents
- Rent the co-working space or other required facilities
- Receive the RAKEZ virtual education license
Educate the World with the Help of Business Setup Consultants in the UAE
The online training industry in the UAE is a less crowded but highly lucrative sector. The growth forecasts look optimistic and foreign investors are recommended to obtain the RAKEZ virtual education license to tap into the sector. Unlike other countries, the process of business setup in the UAE is aligned with the requirements of the foreign investors, especially the ease of doing business, tax-free regime, and full foreign ownership.
However, the assistance of business setup consultants in the UAE such as Jitendra Business Consultants (JBC) will come in handy for foreign investors while applying for a business license. We can impart more clarity towards the legal requirements concerning selecting the activities, drafting documents, opening bank accounts and navigating labour and immigration requirements. Consult with us today to simplify the process of company formation in the UAE.