Business Licence in Dubai – up to 58% in 2022

In 2021 businesses were looking at Dubai as one of the most attractive spots for commercial and professional activity. The number of business registration and license transactions increased by 36% in Q1 2022, demonstrating Dubai’s expanding prominence as a global center for start-ups and investors.

The Department of Economy and Tourism (DET) in Dubai recently revealed the data in its Q1 2022 report created by the DET’s Business Registration and Licensing division (BRL).

Overall, already in Q1 2022, Dubai granted 24,662 new business licenses, a 58% increase over 2021, when 15,580 licenses were issued. A total of 136,034 business registration and license transactions were done during the first quarter of 2022, an increase of 36% over the first quarter of 2021, when a total of 99,741 transactions were completed. Initial Approvals increased by 43% to 19,835 from 13,914 during the same period in the previous year, while Trade Name Reservations increased by 29% to 22,112 from Q1 2021 (17,133).

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What are the issued business licences in Dubai?

In Q1 2022, 57% of new company licenses were professional, and 43% were commercial, according to the report.

In terms of the legal structures of the newly issued licenses, sole establishment firms came out on top with 33% of the total, followed by civil companies with 26% and limited liability companies with 19%. Branches of businesses with headquarters in other emirates, branches of foreign businesses, branches of free zone businesses, branches of GCC businesses, and public shareholding firms were also among the legal forms of business that applied for business licence in Dubai.

Bur Dubai accounted for the largest share (16,577) of the new licences issued, followed by Deira (8,066) and Hatta (19), while the top sub-regions were Al Fahidi, Al Marrar, Burj Khalifa, Dubai Investment Park 1, Port Saeed, Al Quoz 3, Naif, Trade Centre 1, Hor Al Anz East and Al Barsha 1.

Instant licences in UAE grow in popularity

7,492 instant licenses were issued during the first quarter of 2022, according to the BRL sector, representing a 310 percent increase year over year. As per the data, 1,828 licenses were issued during the same period in 2021.

The major goal of this action was to draw in new investors and make it simpler and easier for them to establish businesses in Dubai and the United Arab Emirates. Through a digital portal that the government has set up, instant business licenses in Dubai may be processed, and instant business licenses can be given in 5–10 minutes. However, the investor must bear in mind that organisations with corporate shareholders are not eligible for instant business licenses; instead, instant licenses are only available to individual shareholders.

Dubai – best business destination in 2022

The DET emphasized the value of tight cooperation between the public and private sectors in order to promote economic growth and the aspirational goals of Dubai and the UAE. The DET works to provide solutions that aid in supporting Dubai’s economic growth and ease of doing business.

The remarkable rise highlights Dubai’s economy’s solid foundation, resilience, and sustainability, which are supported by a forward-thinking vision and a strong capacity to endure obstacles and maintain a healthy growth rate. The significant increase in new company licenses also demonstrates the confidence of firms and investors in Dubai’s potential for growth in a variety of industries.

Getting your business licence in Dubai

Obtaining a commercial license in Dubai doesn’t have to be extremely difficult if you have the necessary skills. However, some prior understanding of the procedure is necessary. Furthermore, it’s crucial to keep in mind that the application procedure is only simple if your license application is finished and error-free at the time of submission.

When forming a new business in the UAE, it’s a good idea to deal with a company formation specialist like EU LAW FIRM to assist you make sure that the application is successful.

In addition to managing your license application, EU LAW FIRM can help you open corporate bank accounts and provide advice on the best financial institution in UAE to meet your personal and company needs.

We manage all government procedures, approvals, work permits, and visa applications needed to conduct business in the United Arab Emirates. We also provide visa and immigration services, real estate purchase assistance and other legal services in United Arab Emirates.

Focus on operating your business – we can form your company on your behalf, apply for your license and visa, and handle all the necessary paperwork to obtain business licence in Dubai.

Contact our lawyers in UAE to obtain business licence in Dubai

E-mail: info@eulawfirm.eu

Telephone: +371 26742086