Dubai issues investors instant trade licences
Dubai Investors will soon receive instant trade licences to conduct business in Dubai. The new 120-day hassle-free licence initiative, to be launched later this year by the Department of Economic Development (DED), will drastically simplify the investment and business registration process depending on the business risk, a press note from the department said.
It allows an investor to start his business immediately and complete the rest of the licensing requirements, such as approvals from other government authorities, within 120 days.
Implemented under the directives of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the scheme aims “to give businesses a head start and promote the emirate’s competitiveness”.
The UAE has improved its rank in Ease of Doing Business to 33 in 2012, up from 35 in 2011, under the World Bank’s annual Doing Business Report, DED said.
“It is critical today that we ensure that the key sectors of our economy — including trade, logistics, finance, knowledge sector, tourism and retail, as well as manufacturing and industry — are made even stronger and more competitive in this globalised age,” Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, said.
DED, the trade licensing and regulatory body in Dubai, renews and issues roughly 120,000 active trade licences every year.