The Dubai Department of Economic Development is planning to issue trade licences to investors on application, allowing them to open for business immediately. However, they will have to comply with all licensing requirements — such as securing the necessary approvals from relevant government departments — within 120 days. This will ensure that they provide safe, quality goods and services in line with government regulations.
The new licensing procedure is the kind of bold move to cut red tape that will increase the ease of doing business in Dubai and make it an attractive destination for foreign and domestic investment. And, by making it easier and cheaper for small companies to start-up, it will provide an important boost to the economy and for job creation in the emirate, as they are responsible for most of the expansion of business activity in Dubai.
As Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, said: "It is critical that the key sectors of our economy — trade, logistics, finance, knowledge sector, tourism, retail, and manufacturing and industry — are made stronger and more competitive in this globalised age."
While some of the practicalities around the initiative must still be spelt out, it sends the right message to investors: as always, Dubai is open for business.
