When Umbrella Corps was revealed, many instantly brought up Operation Raccoon City, seeing as how that game was also focused more on multiplayer. Operation Raccoon City did have a story, though, despite being a “what if?” scenario.
It’s already been revealed that Umbrella Corps won’t have any single player offering to speak of, with the package being focused instead on providing a multiplayer experience as opposed to a traditional narrative. But that doesn’t mean that the game lives outside of the series’ canon.
In an interview between Gamespot and Umbrella Corps producers Masachika Kawata and James Vance, it was revealed that the game actually takes place after the events of Resident Evil 6. Here’s the full statement:
The game is not a hypothetical, “what-if” side scenario. Umbrella Corps is set in the present day of Resident Evil, which means it’s after the events of Resident Evil 6. It’s almost in an ironic way that we’re using the title Umbrella Corps. If you know your Resident Evil lore, Umbrella no longer exists at this time in the universe; it’s been destroyed. There’s definitely a kind of a background of the Resident Evil universe that forms the basis of the game’s premise.
[Source]