A new and hassle-free licence means that entrepreneurs will experience far less red tape when starting up a new business in Dubai
If entrepreneurs have to name obstacles to starting a new business, lengthy paperwork generally comes at the top of their lists. As part of its ambition to become one of the smartest city in the world, Dubai is planning to make administration easier for people to start a new venture in the emirate.
We are creating confidence in the economy so that if you come to Dubai to start a business, we will give you the tools to do it
The Department of Economic Development (DED) will issue instant trade licences to investors under a new ‘120 days hassle free licence' initiative that will be launched this year. The scheme will "give businesses in Dubai a head start and promote the emirate's competitiveness", said the DED, which issues 120,000 trade licences every year. The 120-day licence allows businessmen to start low-risk businesses immediately and complete the rest of the licensing requirements, such as approvals from other government authorities concerned, within the subsequent 120 days.
“Dubai is becoming a multi-layered economy. We already have good hard and soft infrastructures and travel and tourism platforms, and are now trying to establish retail, financial and medical hubs. We will give you anything you need to help you start a business,” said Mohammad Shael Al Saadi, Chief Executive Officer of the Business Registration and Licensing (BRL) Division at the Dubai Department of Economic Development.
According to the World Bank's annual ‘Doing Business’ report, the UAE is constantly improving the ease of doing business there. This year, the country improved its rank yet again, jumping to 23 from 26 in 2013. In a global market where the world’s largest cities are competing for business and top talent, Dubai is proving it can produce innovative solutions to nurture entrepreneurship and attract international businesses.
“We are creating confidence in the economy so that if you come to Dubai to start a business, we will give you the tools to do it,” said Mohammad Shael.