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Dubai issues 10,707 Instant Licences in 2021
Bur Dubai accounted for the largest share with 9,451 licences; Professional category accounted for 63 per cent of the total licences while the remining 37 per cent belongs to commercial category
The Department of Economy and Tourism aims to drive the sustainable economic development and competitiveness of Dubai through the instant licence that can be obtained within five minutes through invest.dubai.ae platform. — File photo
Dubai issued 10,707 instant licences during the first 10 months of 2021 as investors reposed trust in the emirate’s consistent economic policies, successful Covod-19 strategy and bright outlook.
In a statement on Saturday, the Business Registration and Licensing (BRL) sector at the Department of Economy and Tourism in Dubai reported that professional category accounted for 63 per cent of the total licences while the remaining 37 per cent belongs to commercial category.
Saad Maniar, senior partner at an audit and consulting firm Crowe, said the increase in number of licence reflects the trust in Dubai's economy.
“Time and again Dubai has shown resilience to bounce back after the effect of global economic downturn. Dubai remains a first choice of investment and the latest data shows economic resilience of the emirate,” Maniar told Khaleej Times.
The Department of Economy and Tourism aims to drive the sustainable economic development and competitiveness of Dubai through the instant licence that can be obtained within five minutes through invest.dubai.ae platform. The investors and businessmen can establish and conduct business in Dubai easily with the option to issue an electronic memorandum of association and a virtual site for the first year only.
Under the instant licence, an investor may have four legal options to start his business in Dubai as it can choose from Limited Liability Company, One Person LLC, Sole Proprietorship and Civil Company.
Bur Dubai is a top choice
Bur Dubai accounted for the largest share with 9,451 licences followed by Deira (1,256), according to the report. Al Fahidi, Burj Khalifa, Al Marrar, Al Karama, Al Mankhool, Trade Centre 1, Naif, Port Saeed, Al Nahda 1 and Al Muraqqabat were the top areas preferred by the investors to establish their businesses in Dubai.
The report showed that Civil Companies topped the list with 38 per cent, followed by Sole Establishment (25per cent), Limited Liability Companies (23 per cent) and One-Person Limited Liability Companies (14 per cent).
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.
— muzaffarrizvi@khaleejtimes.com
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