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DUBAI SEES 25% GROWTH IN NEW BUSINESS LICENSES—BY FAR

Last modified on 21st July 2022. Dubai Real Estate Blog

DUBAI SEES 25% GROWTH IN NEW BUSINESS LICENSES—BY FAR

Dubai issued 45,653 new business licenses in the first half (H1) of 2022, a growth of 25% compared to H1 2021, when 36,647 licenses were issued.

The numbers reaffirm the success of the government's creative, refreshed strategic approaches and procedure revisions that have revitalized the economy and produced a powerful flow of local and foreign investment, allowing the emirate to accelerate its sustainable financial maturing and diversification.

Helal Saeed Al Marri, Director General of Dubai's Department of Economy and Tourism, said: "The latest figures released by the Business Registration and Licensing (BRL) sector at the Department of Economy and Tourism (DET) in Dubai underline the success of measures taken to ensure business continuity and provide the option of full ownership to foreign investors, both significant steps that support the vision and directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to attract foreign direct investment (FDI) into vital sectors.

These efforts have also improved Dubai's growth-friendly and transparent investment environment, characterized by outstanding comfort of doing business and high levels of security and safety. The latest data reflects Dubai's vibrant entrepreneurial landscape, its globally competitive offerings for businesses, and local, regional, and global investors' trust in its growth possibilities.

According to the BRL sector data, 55% of the latest business licenses given during H1 of 2022 were professional, and 45% were commercial. Bur Dubai accounted for the most significant percentage with 31,604 new licenses issued, followed by Deira with 14,022 licenses, and Hatta (27), while the highest sub-regions were: Al Fahidi, Burj Khalifa, Al Marrar, Port Saeed, Dubai Investment Park 1, Naif, Al Quoz 3, Trade Centre 1, Al Barsha 1, and Jebel Ali Industrial 1.

Among the legal forms of the new licenses issued during H1 of 2022, Sole Establishment companies topped the list with 30%, Civil Companies with 25%, and Limited Liability Companies with 22%. The legal forms also included: One-Person Limited Liability Companies, Branches of companies based in other emirates; Branches of Foreign Companies; Branches of Free Zone Companies; Branches of GCC Companies, General Partnership Companies; Public Shareholding Companies; and Private Joint-Stock Companies.

A total of 261,958 business registration and licensing transactions were completed in H1 2022, a growth of 33% compared to H1 2021 when total transactions reached 197,052. Further, the number of renewal transactions during the first half of 2022 reached 92,948, a growth of 22% compared to the first half of 2021, in which 75,950 transactions were recorded.

Initial Approvals reached 39,303, a growth of 54% compared to H1 of 2021 (25,491), while Trade Name Reservations reached 41,731, an increase of 32% compared to H1 of 2021 (31,693). Commercial Permits reached 5,805 permits in H1 2022.

The BRL sector reported that 14,654 Instant Licenses were issued during the first half of 2022. Through the Instant License, which is issued within five minutes on invest.dubai.ae platform, with the option to issue an electronic MOA and a virtual site for the first year only, the Department of Economy and Tourism aims to drive Dubai's sustainable economic development and competitiveness.

The Department of Economy and Tourism aims to provide solutions that improve ease of business in the emirate and boost investment and expansion, strengthening Dubai's status as a global hub and the world's finest place to live and work. Promoting collaboration between the government and private sectors is a priority for DET as the private sector's competitive and value-added projects play a crucial role in advancing the emirate's economic development.

Investors can get any license or establish a firm in a matter of minutes via 'Invest in Dubai,' the first integrated digital business set-up platform which facilitates the business journey. To begin a business today, visit invest.dubai.ae.

News Source: Dubai Media Office