Dubai issues 4,692 Instant Licenses within 5 minutes
Dubai - The initiative set out to increase the ease of business in the country.
The Business Registration and Licensing services sector of the Dubai Economy has reported that 4,692 Instant Licenses were issued since the service launched in July 2017.
Among the Instant Licenses issued, 3,448 were Commercial (73.5 per cent), and 1,244 were in the Professional (26.5 per cent) category.
The number of Instant License owners reached 16,935 and 87.6 per cent (14,842) of them are men, while women account for 12.4 per cent (2,093).
Businessmen who have secured Instant Licenses so far include those from Britain, Turkey, Saudi Arabia, India, China, Pakistan, Egypt, Jordan, and Sudan.
An Instant License can be obtained for four legal forms of businesses - Limited Liability Company (LLC), Single Member LLC, Sole Proprietorship and Civil Company.
The Instant License initiative has contributed to the nation's standing on the sub-indicator 'Starting a Business' in the Ease of Doing Business Index 2020 issued by the World Bank, which ranked the UAE ranked 17th globally.
The Instant License service provides a convenient model for businessmen who can now obtain a commercial license within five minutes, enabling them to establish and conduct business in Dubai easily.
Through the Instant License, Dubai Economy seeks to highlight the sustainable economic development and competitiveness of Dubai.
The Instant License offers the option of an electronic Memorandum of Association (eMOA), in addition to obtaining the license and entry in the Dubai Economy commercial registry.
The licensee is also given membership in the 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 license is issued.
All business activities can benefit from the service, except public and private shareholding companies, through eServices (ded.ae/instant), the various outsourced service centers in Dubai, or the Happiness and Smart Lounges.
Holders of general trade licenses can only use electronic services. All business partners or one of them must be present while applying through the outsourced service centres or the Happiness Lounge and must provide a valid passport copy of all parties (partner and manager), residence visa copy and no-objection letter from the sponsor to the foreign parties.
The registration of 'Native' workers in the Ministry of Human Resources & Emiratisation is done while issuing the Instant License. If the partners wish to appoint the employees before the issuance of the Instant License, they need to follow a few steps or skip the screen to complete the procedures.