32,564 Instant Licences Issued by DET Since Launch of The Initiative in August 2017Source: www.export-egypt.com 5/18/2022, Location: Middle East |
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The Business Registration and Licensing (BRL) sector at the Department of Economy and Tourism (DET) in Dubai reported that 32,564 Instant Licences were issued since the launch of the initiative in August 2017. Out of the total, 59% were Professional and 41% were Commercial licences.
The Instant Licence service enables business owners to secure their licences in one step within five minutes through invest.dubai.ae platform. Entrepreneurs can establish and conduct business in Dubai easily with the option to issue an electronic Memorandum of Association (MoA), and a virtual site for the first year only. The service reduces human interaction through automated licensing procedures and easy access to a business licence. It guarantees that entrepreneurs can start their business activity immediately after the licence is secured, and then complete the remaining requirements of the commercial licence, such as approvals from other relevant government entities. According to the report, Bur Dubai accounted for the largest share with 27,200 licences followed by Deira (5,363), and Hatta (1 licence), while the top sub-regions since the launch of the initiative in August 2017 to date were: Al Fahidi, Burj Khalifa, Al Marrar, Port Saeed, Trade Centre 1, Dubai Investments Park 1, Al Karama, Al Mankhool, and Al Garhoud. An Instant Licence can be obtained in four different legal forms - Limited Liability Company, One Person L.L.C, Sole Proprietorship and Civil Company. Among the legal forms of the Instant Licences issued since the launch of the initiative in August 2017 to date, Civil Companies topped the list with 36%, followed by Limited Liability companies with 27%, Sole Establishment with 23%, and One-Person Limited Liability Companies with 14%. The licensee is also given membership in Dubai Chamber instantly, an establishment card of the General Directorate of Residency & Foreigners Affairs as well as three work permits for employees from the Ministry of Human Resources & Emiratisation once the trade licence is issued. The registration of "Native" workers in the Ministry of Human Resources and Emiratisation has been added while issuing the Instant Licence. This comes within the framework of implementing Emiratisation decisions adopted by the Cabinet headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to encourage the private sector to attract UAE Nationals and develop their capabilities and skills to confidently lead the competitive knowledge economy. Investors can obtain any trade licence or launch a business in a matter of minutes through ‘Invest in Dubai,’ the first integrated digital business set-up platform, which simplifies the business journey. |
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