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27 February, 2020

Dubai Economy issues 4,692 instant licenses in last 3 years

Dubai Economy recently reported that since July 2017, their instant licenses issued have been 4,692 in number.

The Business Registration and Licensing Department of the Dubai Economy released the figures, highlighting the interest of business owners in availing instant licensing services. Out of the 4,692 licenses issued, commercial licenses accounted for 73.5% while professional licenses made up the remaining 26.5%.

The 4,692 licenses had a total of 16,935 owners, of which 87.6% were men while 12.4% were women. The owners hailed from the countries of Britain, Turkey, Saudi Arabia, India, China, Pakistan, Egypt, Jordan and Sudan.

The instant licensing service of the Dubai Economy is available for companies that fall under one of four legal forms – civil company, sole proprietorship, single-member LLC and LLC. Public and private shareholding companies are exempted from availing the instant licensing service.

Under the instant licensing service, the businesses may obtain a trade license instantly, without the need for the company’s office leasing or location. The issuance is subject to the company’s legal form and business activities, which would be quicker of there is no external approval required. The services may be availed online, through outsourced service centers, at the Happiness Lounge or the Smart Lounge.

The process warrants all owners (partners) and managers to be physically present at the Happiness Lounge or the outsourced service centers. All necessary documents such as the passport, residence visa and the NOC from sponsor must be furnished. The memorandum of association would be electronically generated, facilitating issue of the license across the counter.

The service was developed by the Dubai Economy to enhance the “ease of doing business” in Dubai, reducing paperwork and turn-around-time for the licensing.

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