A top official of the Dubai Department of Economic Development said that next month Dubai prepares to introduce instant trade licenses to investors under a new “120 days hassle-free license”.
The 120-day license will let the investors to start businesses right away and complete the rest of the licensing requirements within the time. This mid of May, the new proposal would be launched.
Further clarifying 120 days, the investor will get the trade license instantly and after that he or she will have 120 days to fulfill all the requirements but this plan has not been implemented.
DED explained that prior to 120 days the inspector has no right to give any fines. They should accomplish all the listed requirements however after 120 days if the company did not complete the inspector will have the right to fine them.
This would definitely attract investment and improve competitiveness of Dubai and enhance its global ranking in doing business.
The number of business licenses issued by the DED reached 18,757 last year. It shows that an increase of 12% over the 16,791 licenses issued in 2012.