Technological progress and globalization that connects the entire world is shifting the economy to the virtual space. Virtual economics still brings relatively new concepts, one of which is virtual project teams. Such teams work on geographically remote locations with numerous differences between members but with the same common goal and purpose. There are a number of defects in virtual teams that pose challenges but, there are also benefits. Considering all aspects of virtual teams, it can be concluded that they work positively for organizations and improve their business. Thanks to advancing technology, there are numerous programs and applications through which members communicate as if they are physically located in the same place. Technology is not the key to the success of virtual project teams, it is the leader of such a team. The leader must be a carefully selected individual who will follow all the rules and apply good organizational culture to team members, to facilitate their collaboration with colleagues and point their knowledge and ambition in the right direction. In support of the fact that such teams bring the multinational companies a great advantage, goes the fact that some of the largest and most famous corporations in the world such as SAP, IBM and General Electric have virtual teams that increase their performance. This paper emphasizes the importance of such teams in today's corporations and the benefits they bring to their business.