Abu Dhabi: The UAE is considering introducing long-term business licences, including 10-year golden licences and five-year silver licences, aiming to boost government revenues, stimulate business activities, and foster sustainable growth and prosperity in the country.
The proposal to introduce new regulations for trade licences in the country was discussed during the inaugural 2024 Economic Integration Committee meeting on Wednesday.
Abdulla bin Touq Al Marri, Minister of Economy, chaired the meeting, which was attended by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and representatives from all emirates' economic development departments. The discussion focused on enhancing economic initiatives and fostering collaboration.
The committee mulled the introduction of new regulations for trade and business activities in the country, including issuing a five-year silver license and a 10-year golden license, both priced competitively.
These measures aim to bolster government revenues, stimulate business continuity, and help business activities economic growth and prosperity in alignment with the "We are the UAE 2031" vision.
Additionally, the committee reviewed the progress in implementing the outcomes of its inaugural 2024 meeting in February.
Bin Touq emphasised that the UAE's flexible and competitive economic policies, guided by the wise leadership, have fostered a conducive environment for businesses and economic ventures. This approach has attracted diverse opportunities and facilitators for entrepreneurs, investors, and capital owners globally. As a result, the country has witnessed a remarkable increase in the number of companies, surpassing 788,000 by the end of 2023, along with a growth in foreign direct investment inflows. These developments are pivotal in sustaining and bolstering the national economy.
Bin Touq highlighted the pivotal role of the Economic Integration Committee in elevating the UAE's business environment competitiveness. By developing a robust economic and legislative framework aligned with international standards, the committee has proposed policies and recommendations to expedite business processes, increase the country's appeal to investors and talents, and establish a comprehensive database of companies utilising cutting-edge technologies.
