Investors maintained to trail new prospects in Dubai during 2014 as the emirate registered more than 13% progress in business licenses issued last year compared to 2013, the Department of Economic Development (DED) in Dubai.
The entirety of licenses amplified to 21,358 in 2014 as against 18,848 in 2013, with industrial licenses confirming the biggest upsurge which is 27% followed by commercial and tourism licenses at 16% each and professional licenses at 5%.
The tactical regulation imparted by Dubai’s leadership in motivating diversification and eliminating obstacles for entrepreneurs and investors in fundamental divisions is contributing to quickened economic improvement. The recent facts on business licensing verify the investor concentration on Dubai and the emirate’s local and international competitiveness.
The business registration and licensing division intends to merge and improve the sustainability of economic development in Dubai through pursued proposals and the application of best practices.
According to the DED’s data on 2014 proves the number of modified licenses obtained 85,548 in 2014 compared to 74,859 in 2013, an upsurge of 14%, as the complete licenses renewed improved 4% to arrive at 118,953 from 114,218 in the same time. The total dealings completed in 2014 were 577,400.
In terms of licenses classified under the legal form, Limited Liability Companies (LLC) accounted 14,701 of the licenses in 2014 compared to 12,549 in 2013, a growth rate of 17 per cent. Lone proprietorship licenses escalated 6%, from 5,375 in 2013 to 5,090 in 2014.
Licenses issued to branches of free zone firms in 2014 proved a 129% upsurge, from 45 in 2013 to 103 in 2014, as number of private shareholding firms amplified by 43%, public shareholding firms by 36% and branches of foreign companies licensed soared 15%.
LLCs accounted for 67% of the total licenses issued in 2014, followed by sole proprietorship companies (27 per cent) and Civil Works firms 4%.
The top 10 among activities licensed credited for 15,383 licenses in 2014, with an increase of 24% compared to 14,484 licenses in 2013.